On Thursday, March 13th and Friday March 14th, several key releases will be made available. Among these are the initial jobless claims report, preliminary US consumer confidence report, retail sales, and business inventory data. Analysts expect US retail sales to rise by 0.2% as well as an increase in unemployment to 330,000. Business inventories are set to decrease to 0.4% and consumer confidence is forecast to come in at 81.9 points compared to 81.6 in the previous month.
There will be an interesting result for the USD as well its major crosses such as EUR/USD, USD/CNY, and AUD/USD because those nations will also see vital data coming out around the same time. For the EUR/USD, buying or selling on the breakout would be a wise move. For AUD/USD, selling around 0.9070 would also be a wise move as the pair is likely to see rough resistance around 0.9056, which is the 38.2 Fibonacci level.
Written by Daniel Elo, www.EconomicCalendar.com