A1 Trading Company

Ticker tape by TradingView

April 12, 2021

USD: Time to Buy?

Frank Cabibi

USD- The Dollar

Fundamental Analysis

COT Reports:

At the time of writing this, COT reports on the dollar show that the majority of non-commercial positions are long (71% long). The number of long futures contracts open are actually the highest they have been YTD suggesting that there will be some more bullish momentum to the upside.

CPI and Core Retail Sales:

CPI is to report early on in the week in the hopes of breaking last month’s numbers at 0.4% for March. Core retail sales are expected to be significantly higher than last month's going from a -2.7% to +4.7%. Retail sales data will come out Thursday as investors are expecting considerable volatility on that day. The majority of which think that the USD will see further upside in demand.

Technical Analysis

USD/JPY 1D chart

USDJPY on the daily chart showing a quick bounce on this pair after hitting support and bouncing off on the same daily candle. The orange area marks a previous high the pair had last year at around 109.831. Friday's candle from last week had trouble coming up above that level, but the pair is testing it once more. Additional support lies on a rising trend line created at the start of 2021.

Retail Sentiment

For the majority of major pairs, traders are overall short on USD which could be a sign that a potential reversal in demand is coming, but last week's analysis on the Canadian loonie said otherwise. And CAD kept increasing in demand. USD still looks like it has a lot of momentum to last a while longer.

A1 Edgefinder

#1 Market Scanner Tool
Take 10% off using code "READER"
GET ACCESS NOW
Want to See Our Trades?

Join The VIP Community!

Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Exclusive Trading Guides
Use Code "READER" for 10% OFF!
JOIN NOWJoin FREE Discord
Listen to More Episodes
Why the New FOMC Decision Matters

Yesterday, the Federal Open Market Committee (FOMC), the Federal Reserve’s policy-making body, implemented yet another 75 basis point interest rate hike. While this move was perfectly in line with market forecasts, Chair Powell’s comments following the subsequent press conference, in which he discussed the FOMC’s new set of economic projections, were significant. He continued to […]

Read More
Shocking CAD Inflation News

Statistics Canada released a surprising new batch of inflation data this morning: month-over-month CPI failed to meet market forecasts, declining by 0.3% instead of the anticipated 0.1%. Rather than being an outlier, the other measurements of CPI mostly followed suit, as both year-over-year Trimmed CPI and Median CPI likewise failed to meet expectations. Trimmed CPI’s […]

Read More
2 Paths for Aussie Bears

At 9:30 pm Eastern Time tonight, the Reserve Bank of Australia (RBA) will be publishing their latest round of monetary policy meeting minutes. While there is a chance that their intentions could come across as more hawkish than expected, they currently have little reason to be. Despite relatively low unemployment at 3.5%, steady GDP growth, […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
VIP
Menu
homesmartphonelaptopmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram