VIDEO:The retail sales? Impressive. It keeps the Fed on target. What about the technicals? | Forexlive

The retail sales data came in better than expectations this morning – inflation adjusted too – and that will keep the Fed playbook of continued hikes in the near term in motion. The Fed may slow the pace, but they will continue to fight inflation.

The EURUSD moved higher earlier today but has backed off after the data. The 200 day MA is key resistance on the topside that is helping to limit the moves. It will take a move above. There is also good support below. So traders are awaiting the next shove.

The USDJPY is also defining the risk on the downside and the upside. The 38.2% was sniffed yesterday on the downside at 137.24. The 100 day MA is the resistance on the topside at 140.86. The falling 100 hour MA at 140.167 will be eyed as close resistance today. Be aware

The GBPUSD is trading above and below a key swing area going back in time between 1.1865 and 1.1900 (look at your 4 hour chart and go back to mid-July to outline the importance of the area.

The USDCAD has the 100 day MA at 1.3254 below and the 100 hour MA above at 1.3297. Traders are waiting for the next shove.