The global forex market is currently in a wait-and-see mode, with key data releases from the US expected to provide direction. This report covers several key currency pairs, including GBP/USD, USD/JPY, EUR/USD, and XAU/USD (Gold). Here’s a breakdown of the main points:
GBP/USD:
- The pound initially rose after positive UK labor market data, but the outlook remains uncertain.
- The next key data point is US inflation, which could trigger further movement in the pair.
- Technical analysis suggests potential for a decline towards 1.2039.
- Trading scenarios include selling below 1.2650 and buying above 1.2680.
USD/JPY:
- The pair is testing the 150 level, with a potential upside target of 151.25.
- US inflation data will be crucial, with a higher-than-expected figure boosting the dollar.
- Technical analysis suggests potential for a decline towards 148.8 if the bulls fail to hold the current level.
- Trading recommendations include buying at 149.58 and selling at 149.33, with stop-loss and take-profit levels specified.
EUR/USD:
- The euro is facing renewed selling pressure after failing to break above 1.0785.
- US inflation data could trigger further weakness in the euro if it comes in lower than expected.
- Technical analysis suggests potential for a decline towards 1.0644.
- Trading recommendations include selling on a rebound from 1.0823 and buying on a rebound from 1.0725, with caution due to low trading activity.
Gold:
- Technical indicators suggest potential for strong correction
- Inflation data from the United States could impact price movement
- Sell GOLD below $2,030 (200 EMA – 1/8 Murray)
Bitcoin:
- Bitcoin has recently surpassed $50,000, but there is uncertainty about whether this rally can be sustained.
- Bitcoin could reach $600,000 by 2026 but a correction may be imminent.
- The overall outlook for Bitcoin is uncertain.
Key events to watch:
- US inflation data on February 14
- Bank of England meeting on March 23
Categories: ARFX News
