The US dollar is strengthening on the back of strong economic data. The Euro, British Pound, and New Zealand Dollar are weakening against the USD. Bitcoin is consolidating after its recent rally. Investors are awaiting key events this week, including the FOMC meeting and the Bank of England meeting.
EUR/USD
- Euro is currently trading around 1.0941 within a downtrend channel.
- Bears are looking to break below 1.08 level.
- Further downside targets are 1.0864 and 1.0830.
- Upside potential is capped at 1.0955 and 1.10.
GBP/USD
- GBP/USD is trading around 1.2800 within a 100-pip range.
- The pair is expected to remain range-bound until the Bank of England meeting on March 21st.
- Upside resistance is at 1.2850 and downside support is at 1.2750.
USD/JPY
- USD/JPY is currently trading around 147.77.
- Further upside depends on strong US data today (retail sales, producer prices).
- Downside target is 147.17 if data disappoints.
- Entry points for long positions: buy when the price hits 147.93 (target at 148.43).
- Entry points for short positions: sell when the price reaches 147.67 (target at 147.17).
NZD/USD
- NZD/USD is trading at 0.6136, down after stronger-than-expected US PPI data.
- Support is at 0.6154 and resistance is at 0.6240.
- New Zealand Manufacturing PMI data is expected on Friday.
Bitcoin (BTC/USD)
- Bitcoin is trading around 71,719, consolidating after failing to break 73,500.
- Support is at 68,750 and resistance is at 72,500.
- Bitcoin is expected to consolidate between 68,750 and 75,000 this month.
- Bullish targets are $75,000 and $80,000.
- Bearish targets are 62,500 and $60,000.
Categories: Market News
