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GBP/USD Bullish Momentum Remains in Play- AUD/USD Breakout on Horizon

GBP/USD Bullish Momentum Remains in Play- AUD/USD Breakout on Horizon

David Song, Strategist

Talking Points:

- GBP/USD Bullish RSI Break in Focus Ahead of BoE Minutes, 3Q U.K. GDP.

- AUD/USD Vulnerable to Dovish RBA Minutes, Slowing 3Q China GDP.

- USDOLLAR at Risk for Larger Correction on Subdued Consumer Price Inflation.

For more updates, sign up for David's e-mail distribution list.

GBP/USD

GBP/USD Daily Chart
  • GBP/USD looks poised for a more meaningful rebound as it threatens trendline resistance; bullish breakout in Relative Strength Index (RSI) continues to favor topside targets, with the next level of interest coming in around the 1.6250 pivot to 1.6290 (61.8% expansion).
  • Bank of England (BoE) Minutes may continue to drag on interest rate expectations should they show another 7-2 split, while the 3Q Gross Domestic Product (GDP) report may warn of a slowing recovery.
  • The DailyFX Speculative Sentiment Index (SSI) shows the retail-crowd remains net-long on GBP/USD since the beginning of the month as the ratio currently stands at +1.15.

AUD/USD

AUD/USD Daily Chart
  • AUD/USD may break out of the wedge/triangle formation & resume the downward trend on dovish Reserve Bank of Australia (RBA) Minutes along with a marked slowdown in China’s 3Q GDP print.
  • Looks as though Governor Glenn Stevens will continue to implement the verbal intervention on the Australian dollar as the headline reading for inflation is expected to slow to an annualized 2.3% from 3.0% in the second-quarter..
  • Keeping a close eye on the RSI for conviction/confirmation; next downside target comes in around the 0.8600 pivot to 0.8610 (38.2% expansion).

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

Weekly Trading Forecast: Complacency Cracks, Is this the Long-Await Reversal?

Crude Oil Recovery Loses Steam, Copper Braces For Top-Tier China Data

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10975.28

110009.09

10969.86

-0.19

55.82%

GBP/USD Bullish Momentum Remains in Play- AUD/USD Breakout on HorizonUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • The Dow Jones-FXCM U.S. Dollar Index remains vulnerable to a larger correction as the bearish RSI momentum continues to take shape.
  • With the headline reading for U.S. inflation to slow further in September, subdued price growth may drag on interest rate expectations as the majority of the Federal Open Market Committee (FOMC) remains in no rush to normalize monetary policy.
  • As the downward trending channel remains in play, 10,869 (78.6% retracement) to 10,887 (61.8% retracement) remains the next downside region of interest.

Join DailyFX on Demand for Real-Time SSI Updates!

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

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