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  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/IkL6eYc0eq
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/svDaSdprvN https://t.co/dkQtNiE1fs
  • Seasonal factors, oversupply issues and the outbreak of COVID-19 has seen the price of liquefied #naturalgas (LNG) fall to 22-year lows (1.519), with the situation exacerbated by ‘fuller-than-normal’ storage facilities. Get your market update here:https://t.co/VOqfkBQ4aR https://t.co/hiWxPVFdMv
  • S&P 500 bulls in command, #Nasdaq 100 produces “V” shaped recovery, while #FTSE 100 extends . Get your #equities market update from @daniele recovery https://t.co/mbWlBUItWv https://t.co/N64fXcj97Y
  • Crude #oil prices await the #OPEC+ meeting where record output cuts could be prolonged as demand for energy from the US and China continues recovering. What could be the downside risks? https://t.co/M8BORPx4sH https://t.co/3kHHeibDb9
  • The risk rally continued in a big way this week and #Euro bulls have remained in-charge against the US Dollar and Japanese #Yen. Get your market update from @JStanleyFX here: https://t.co/o7vPmczvMJ https://t.co/GX2YTXz83u
  • The price of #gold may continue to exhibit a bullish behavior in June as the pullback from the yearly high ($1765) reverses ahead of the May low ($1670). Get your Gold market update from @DavidJSong here: https://t.co/OeaYtCpcIo https://t.co/UQVPIVCTCP
  • The $USD breakdown has taken the index into confluence support at the objective yearly open. Get your USD technical analysis from @MBForex here: https://t.co/A16XEv6n4d https://t.co/GzEp3gCAe5
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  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/UyQ4i0AihI
GBP/USD Bullish RSI Momentum in Focus- Gold Downside Targets Favored

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

2015-02-18 17:30:00
David Song, Strategist
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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.

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