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.

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.