Market sentiment cautious ahead of Powell’s speech. US data releases this week will be key for currency movements. Currencies like EUR, GBP, and JPY could weaken on hawkish Fed signals. AUD expected to strengthen in the long term. USD/CAD remains rangebound but a breakout is possible. Geopolitical tensions and inflation remain major risks.

British Pound (GBP/USD):

• Forecast: Bearish in the short-term.
• Resistance: 1.2661, 1.2693
• Support: 1.2623, 1.2602
• Key factors: UK PMIs, Federal Reserve Chair Powell speech.
• Trading ideas: Sell below 1.2646 with a stop-loss at 1.2661 and target at 1.2617; Buy above 1.2670 with a stop-loss at 1.2646 and target at 1.2703.

Japanese Yen (USD/JPY):

• Forecast: Bullish with caution due to potential intervention by Bank of Japan.
• Resistance: 162.00
• Support: 161.12, 160.80, 160.00
• Key factors: US data, possibility of intervention by Bank of Japan.
• Trading ideas: Buy above 161.70 with a stop-loss at 1.0740 and target at 1.0800; Sell below 161.48 with a stop-loss at 161.70 and target at 1.6112.

Australian Dollar (AUD/USD):

• Forecast: Bullish in the medium-term.
• Resistance: 0.6660, 0.6699
• Support: 0.6630, 0.6591
• Key factors: Australian retail sales data, RBA minutes.
• Higher inflation in Australia could lead to rate hikes.

Canadian Dollar (CAD/USD):

• Forecast: Rangebound with potential breakout later.
• Resistance: 1.3736, 1.3790, 1.3846
• Support: 1.3650, 1.3600, 1.3550
• Key factors: Oil prices, rate differentials between US and Canada, US data (Jolts job openings, NFP), Canadian PMI data.
• Wedge pattern on the chart indicates potential breakout.

Gold (XAU/USD):

• Forecast: Neutral in the short-term, long-term uncertain.
• Resistance: 2330, 2339, 2351, 2370, 2387
• Support: 2319, 2295, 2276
• Gold prices testing resistance, unclear direction.
• Limited upside potential due to potential rate hikes.
• Trading strategy: Wait for clearer direction before entering a trade.