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📈 Get ready for a week of Forex action! US data takes the spotlight with PPI, CPI, and Retail Sales on deck. Will we see USD strength or surprises Down Under? Stay tuned for market insights and analysis! 💼💰 #Forex #Trading #EconomicIndicators

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Forex Week Ahead Analysis

All eyes are once again turning to the United States as a slew of crucial economic data is set to be released. With indicators like Producer Price Index (PPI), Consumer Price Index (CPI), and Retail Sales on the slate.

First up, the US PPI m/m is anticipated to exhibit a slight uptick, projected to climb to 0.3% compared to the previous 0.2%. This modest increase could signal growing inflationary pressures, prompting traders to adjust their positions accordingly.

Following closely behind is the US CPI m/m, expected to hold steady at 0.4%. However, any surprise to the upside in this metric might fuel fresh buying of the US dollar, as investors react to signs of stronger-than-expected inflation.

Meanwhile, in the land Down Under, Australia’s employment data is also set to make waves. Projections suggest a notable improvement from -6.6k to 25.3k, potentially offering insights into the health of the Australian economy and influencing trading sentiment in the region.

Strength and weakness analysis this week shows the USD continuing to weaken and now at -1 after being in the reversal zone at +5. If the USD data comes in higher then this may change.

USD Index

USD Index - Forex week ahead analysis 13th may

The price on the chart has traded through multiple technical levels and some observations included:

  • The USD Index rejected the 105.00 handle last week which could be perceived as bullish. 
  • The 107.00 resistance highs which formed in October of last year have still yet to be tested, so a rally may not be too out of reach. A break below 105.00 would put this into doubt. 

GBPUSD

GBPUSD forex week ahead analysis- 13th may

The price on the chart has traded through multiple technical levels and some observations included:

  • The price of cable (GBPUSD) closed bearish on the week, but price remains above the key 1.2500 handle. 
  • If price breaches the 1.2466 lows on the H4 timeframe, we could see a continuation towards the weekly lows of 1.2300.
  • A break above 1.2600 would likely see the bears disappear and rally towards 1.2900 could occur.

AUDUSD

AUDUSD Forex Week Ahead Analysis- 13th May

The price on the chart has traded through multiple technical levels and some observations included:

  • The Australian Dollar ( AUD) is typically the worst performing currency this time of year. Against the USD it is trading at the range highs around 0.6650. 
  • A break below the current week’s lows of 0.6550 would invite further selling pressure. 

USDCAD

USDCAD- Forex Week Ahead Analysis 13th May

The price on the chart has traded through multiple technical levels and some observations included:

  • The USDCAD price continues to consolidate above the key 1.3600 level of support. 
  • A lot of volume was built below that key level of 1.3600 so a break of the minor consolidation to the downside could be significantly bearish for price. 

Have you watched our latest video update? You can see it here. 

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