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  • The Australian Dollar has retraced from August lows when looking at AUD/JPY and AUD/CAD. However, the AUD/NZD downtrend is intact, will a reversal there appear as well? Find out: https://t.co/8LmgqLLGJO https://t.co/AueigVsuk4
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/OJByiwIppr https://t.co/P1iOONG90N
  • The US Dollar continues to hold its ground against most ASEAN currencies as recent downtrends lose momentum. What is the road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/UcleaZEAaW https://t.co/62bGLvt8fE
  • The Canadian Dollar has been caught in broad ranges against the Euro and the US Dollar, but can the upside bias in USD/CAD and EUR/CAD prolong? Find out here:https://t.co/8DubboXsjv https://t.co/A0sIYo2iP1
  • Want to hear my thoughts on the US Dollar? Check out yesterday's recording with #AuzBiz hosted by @KaraOrdway on 'The Trade' We discussed a #USD index, Treasury yields, $USDJPY, $AUDUSD and $NZDUSD https://t.co/yxwquL1btp https://t.co/RtWjlN6kpv
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:https://t.co/Vnxi41lETt https://t.co/FyZuHNzsU3
  • Feels like the market has been front-running next week’s FOMC announcement, which will reveal updated dot plot projections. Expectations clearly set for a more hawkish shift in guidance. That said, if the Fed does not deliver, US Dollar bulls could be disappointed. $USD $DXY https://t.co/o2v6ibac3L
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:https://t.co/eq1YkOa3mC https://t.co/V6h8BjyeGa
  • FDA panel votes 16-3 against approving Covid-19 booster shots - BBG
  • RT @C_Barraud: 🇺🇸 Americans Haven’t Been This Down on #Housing Market Since 1982 - Bloomberg *Link: https://t.co/wWFnbAwIDO https://t.co/6G…
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).

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

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.

Join DailyFX on Demand for Real-Time SSI Updates!

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

--

Click Here for the DailyFX Calendar

--- 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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