Ticker tape by TradingView

Want Trade Alerts?

See all of our entries, exits, and analysis. 
Use code READER for 25% OFF!
Join VIP

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.

new trade alert

Join The VIP Community!
Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Use Code "READER" for $5 OFF!
JOIN NOW

FREE broker quiz

Need Help Finding The Perfect Broker?
Take our broker quiz and find out your best broker match!
FIND A BROKER

free Trading PLan

Download Now
Create a Trading Plan Using Our FREE Template
DOWNLOAD
A Market Surge Could Be About To Happen

A potential stock market surge could be gearing to happen soon as investors and analysts stay bullish. Some analysts are calling for a bottoming-out soon where price finds itself at a key level of support. Buyers look like they are ready to step in although stuck in volatile behavior that is rocking the discipline of […]

Read More
Read This Now Before You Buy Gold

Gold flies higher today amid inflation concerns in the US and globally. Even as treasury yields hit a 2-year high, the metal jumped above a key resistance level and is looking to test another. Gold Outlook Although we are seeing considerably high gains for gold in the short term, it still seems unlikely that the […]

Read More
How Much Money Do You Need to Trade Forex?

One of the most common questions we hear from beginner traders is "How Much Money Do You Need to Trade Forex?" and our answer is: well, it depends. The amount of money you need depends on your goals as a trader. Is your goal to make a lot of money or are you going to […]

Read More

Create a Trading Plan Using Our FREE Template

DOWNLOAD FREE
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
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram