The US dollar may strengthen if US data on inflation and producer price index comes in better than expected. The direction of the EUR/USD and GBP/USD will depend on the US data and risk sentiment. USD/JPY could continue its upward trend if the US data is strong. AUD/USD is waiting for direction from the RBA meeting. Gold may experience a technical correction but could rebound if it finds support at key levels.

Euro (EUR/USD):

  • Neutral outlook with potential for both upside and downside.
  • Traded flat yesterday with focus on US data releases today.
  • Key factors to watch: US inflation data, Janet Yellen speech.
  • Support levels: 1.0775, 1.0748
  • Resistance levels: 1.0826, 1.0852, 1.0880
  • Bullish scenario: Weak data strengthens EUR, with buy signals around 1.0811.
  • Bearish scenario: Strong data weakens EUR, with sell signals around 1.0781.


British Pound (GBP/USD):

  • Leaning bearish, but potential for bullish reversal if US data is weak.
  • Dipped yesterday on weak UK GDP data.
  • Key factors to watch: US inflation data, BoE meeting next week.
  • Support levels: 1.2736, 1.2707
  • Resistance levels: 1.2797, 1.2828, 1.2858
  • Bullish scenario: Weak data strengthens GBP, with buy signals around 1.2788.
  • Bearish scenario: Strong data weakens GBP, with sell signals around 1.2797.


Japanese Yen (USD/JPY):

  • Mild bullish bias, but monitor US data and Janet Yellen speech.
  • No major movements yesterday, waiting for US data.
  • Support levels: 156.58
  • Resistance levels: 157.40, 1.5781
  • Bullish scenario: Weak data weakens JPY, with buy signals around 157.40.
  • Bearish scenario: Strong data strengthens JPY, with sell signals around 157.10.


Australian Dollar (AUD/USD):

  • Mixed signals, potentially in a range between 0.6627 and 0.6690.
  • Edged lower despite strong Australian employment data.
  • Key factor to watch: RBA meeting next week.
  • Support levels: 0.6655, 0.6605
  • Resistance levels: 0.6690, 0.6713, 0.6763
  • Rate cut expectations are delayed until early 2025.


Gold (XAU/USD):

  • Neutral bias, with potential for a technical rebound.
  • Support levels: 2,317, 2,275, 2,250
  • Resistance levels: 2,334, 2,375
  • Buy signal: Price falls to support around 2,317-2,320.
  • Sell signal: Price falls below 2,312, breaking the bullish trend channel.


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