The US retail sales fell 0.4% in January, while it was expected the sales to hold steady. USD had mixed results against other currency pairs this week. Last week, the non-farm payroll data did not encourage the US dollar to move higher. The dollar index is still forming a triangle coming back to the lower line at 79.70. In the technical side, a double top made more weakness towards the price movement in the daily chart. RSI is still in the downside. But if we go through the hourly chart, RSI gave a pullback from oversold levels. In the hourly chart we recommend buying.
Intraday:
Support 80.15.
Resistance 80.45, 80.5, 80.83.
The material has been provided by InstaForex Company – www.instaforex.com
The US retail sales fell 0.4% in January, while it was expected the sales to hold steady. USD had mixed results against other currency pairs this week.
Last week, the non-farm payroll data did not encourage the US dollar to move higher. The
dollar index is still forming a triangle coming back to the
lower line at 79.70. In the technical side, a double top made more weakness towards the price movement in the daily chart. RSI is still in the downside. But if we go
through the hourly chart, RSI gave a pullback from
oversold levels. In the hourly chart
we recommend buying.
Intraday:
Support 80.15.
Resistance 80.45, 80.5, 80.83.
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