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Forex: Will Fundamentals Leverage a GBPUSD, AUDUSD, EURUSD Reversal?

Forex: Will Fundamentals Leverage a GBPUSD, AUDUSD, EURUSD Reversal?

2014-01-22 04:07:00
John Kicklighter, Chief Strategist
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Talking Points:

Though a risk-related breakout looks imminent, monetary policy is more active catalyst for now

• A strong Aussie CPI reading leveraged a AUDUSD rally, but follow through will likely be limited

• With an important round of event risk ahead, GBPUSD is at high risk of a breakout/down

Do you want to trade an individual currency and/or broader trend developments? Use the Mirror Trader Currency Baskets to place a trade.

The technical calipers suggest the S&P 500 and dollar closing in on necessary breaks - and thereby risk trends could find a meaningful drive. Yet, as we wait for global sentiment trends to reassert themselves, we have something more reliable and proactive currently engaging the markets: monetary policy. This morning, we have seen the Australian dollar rally in the wake of a solid CPI reading. In the upcoming session, UK labor data and the BoE minutes are expected to weigh in on the sterling's propped up rate expectations. And of course, the Fed Taper and ECB financing pressures are constant background concerns. We look at this mix and its trading implications in today's Trading Video.

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