Financial markets experienced mixed signals this week, with the Eurozone showing signs of sluggish growth and the Japanese Yen appreciating in anticipation of a potential Bank of Japan rate hike. The US dollar’s direction remains unclear pending key economic data releases later this week. The coming days will be crucial for gauging the direction of major currencies and commodities as key economic data from the US and policy decisions from the BoJ unfold.

GBP/USD:

• Trend: Downward (short-term), potentially bullish in the long term
• Support: 1.2878, 1.2824 (short-term)
• Resistance: 1.2898, 1.2976 (short-term)
• Key factors: Upcoming UK PMIs, potential BoE rate hikes
• Forecast: Similar to EUR/USD, GBP/USD could experience short-term buying on support, but the overall direction depends on the upcoming UK PMIs. Strong PMI data could signal a reversal in the downward trend and support a potential GBP rise in the long term.

USD/JPY:

• Recent Performance: Held steady on Tuesday.
• Support: 154.60, 153.36 (short-term)
• Resistance: 155.84, 156.86 (short-term)
• Key factors: BoJ meeting next week, potential rate hike rumors
• Forecast: USD/JPY faces strong selling pressure due to rumors of a BoJ rate hike next week. A break below 154.60 could lead to further decline towards the psychological 150.00 level. However, strong US data releases could cause temporary upward movements.

XAU/USD (Gold):

• Trend: Bearish
• Support: 2400, 2391 (short-term)
• Resistance: 2434, 2451 (short-term)
• Key factors: US economic data (GDP, PMI, PCE), potential Fed rate cuts
• Forecast: Gold could see some short-term buying if it breaks above the 2434 resistance level. However, the overall trend remains bearish, and weak US data suggesting no rate cuts could put downward pressure on gold prices.

Oil:

• Trend: Short-term decline, potentially bullish in the medium term
• Support: 81.58, 80.00 (psychological level)
• Resistance: 83.00, 84.72
• Key factors: US data (PMI, GDP, PCE), Chinese economic stimulus, OPEC+ production decisions
• Forecast: Oil prices could find support at 81.58 and potentially rebound in the medium term due to expected supply deficit later in the year. However, US data and the impact of China’s rate cut remain factors to consider.