The USD mostly consolidated in the month of February, and failed to make new highs. The same can be said for the EURUSD.

Fundamentals have shifted a bit, with a focus on inflation in recent guidance from the FED. But the markets quickly dismissed it after a good CPI reading, which has left the Dollar Index to close at monthly highs once again.

There will need to be some form of a catalyst to drive the USD higher, and thus until such break occurs Dollar shorts may be the obvious trade.

The Currency Futures show that several of the currencies have recently bottomed out on the Monthly charts. However, they are all in different cycles in their corrective structure. The NZD has been quite bullish as the higher yield was attractive during the period of USD weakness experienced for a larger part of the month.

The GBP has recently had a somewhat hawkish statement from the BOE, as well as the CAD from the BOC.

There should also be a big focus on the AUD with expectations of a rate cut perhaps showing signs of starting to diminish.

And lastly, the JPY has been trading in a rather tight range for over a month now. Whichever way it breaks, should certainly provide some follow through.
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