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  • US Senate confirms former Fed Chair Janet Yellen as Treasury Secretary -AFP
  • 🇰🇷 GDP Growth Rate YoY Adv (Q4) Actual: -1.4% Expected: -1.7% Previous: -1.1% https://www.dailyfx.com/economic-calendar#2021-01-25
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  • Brief update on my $AUDNZD analyst pick: The pair has confirmed the break under near-term rising support from December 20-day SMA has been taken out 50-day sits below still, may still come into play as key support if losses extend https://t.co/y4quXCd177 https://t.co/6kyGLO7BnR
  • 🇰🇷 GDP Growth Rate YoY Adv (Q4) Actual: -1.4 Expected: -1.7% Previous: -1.1% https://www.dailyfx.com/economic-calendar#2021-01-25
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  • Heads Up:🇰🇷 GDP Growth Rate YoY Adv (Q4) due at 23:00 GMT (15min) Expected: -1.7% Previous: -1.1% https://www.dailyfx.com/economic-calendar#2021-01-25
  • Heads Up:🇰🇷 GDP Growth Rate QoQ Adv (Q4) due at 23:00 GMT (15min) Expected: 0.7% Previous: 2.1% https://www.dailyfx.com/economic-calendar#2021-01-25
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GBP/USD Bullish RSI Momentum in Focus- Gold Downside Targets Favored

GBP/USD Bullish RSI Momentum in Focus- Gold Downside Targets Favored

David Song, Strategist

Talking Points:

- GBP/USD Bullish Momentum Takes Shape Ahead of U.K. Retail Sales.

- Gold Downside Targets in Focus Amid Ongoing Series of Lower-Highs.

- USDOLLAR Holds Tight Range Ahead of FOMC Minutes; Forward-Guidance in Focus.

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GBP/USD

GBP/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • GBP/USD climbs to a fresh monthly high 1.5454 amid the positive developments coming out of the U.K. economy while Bank of England (BoE) retains hawkish forward-guidance for monetary policy.
  • Faster job/wage growth paired with lower energy prices may prop up U.K. Retail Sales, which is projected to contract 0.3% in January.
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long GBP/USD since February 12, with the ratio currently holding at +1.22.

XAU/USD

XAU/USD
  • Gold looks poised for a further decline as it continues to carve a series of lower highs & lows, while the Relative Strength Index (RSI) carves a bearish trend.
  • Market players appear to be treating gold more as a commodity rather than a currency as it largely moves in tandem with Silver prices..
  • Next key downside objective comes in around $1179 (100% expansion) to $1182 (61.8% expansion).

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Read More:

Price & Time: Searching For Clarity in AUD/USD

Crude Oil Hits 2-Month High, SPX 500 Chart Setup Hints at Pullback

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11800.84

11804.04

11779.21

0.09

41.16%

GBP/USD Bullish RSI Momentum in Focus- Gold Downside Targets FavoredUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar looks poised for another close above 11,774 (50% expansion) despite the weaker-than-expected data prints; will continue to watch the monthly opening range.
  • Federal Open Market Committee (FOMC) Minutes may heighten the appeal of the USDOLLAR should the fresh batch of central bank rhetoric boost speculation for a rate hike in mid-2015.
  • Still waiting for a break/close out of the 11,721 (38.2% expansion) to 11,901 (78.6% expansion) range.

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Release

GMT

Expected

Actual

MBA Mortgage Applications (FEB 13)

12:00

--

-13.2%

Housing Starts (JAN)

13:30

1070K

1065K

Housing Starts (MoM) (JAN)

13:30

-1.7%

-2.0%

Building Permits (JAN)

13:30

1067K

1053K

Building Permits (MoM) (JAN)

13:30

0.9%

-0.7%

Producer Price Index (MoM) (JAN)

13:30

-0.4%

-0.8%

Producer Price Index (YoY) (JAN)

13:30

0.3%

0.0%

Producer Price Index ex Food/Energy (MoM) (JAN)

13:30

0.1%

-0.1%

Producer Price Index ex Food/Energy (YoY) (JAN)

13:30

2.0%

1.6%

Producer Price Index ex Food/Energy/Trade (MoM) (JAN)

13:30

0.1%

-0.3%

Producer Price Index ex Food/Energy/Trade (YoY) (JAN)

13:30

1.3%

0.9%

Industrial Production (MoM) (JAN)

14:15

0.3%

0.2%

Capacity Utilization (JAN)

14:15

79.9%

79.4%

Manufacturing Production (SIC) (JAN)

14:15

0.4%

0.2%

Federal Open Market Committee Meeting Minutes

19:00

Net Long-Term TIC Flows (DEC)

21:00

--

Total Net TIC Flows (DEC)

21:00

--

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--- 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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