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GBP/USD Bullish RSI Momentum in Focus- Gold Downside Targets Favored
DailyFX.com -
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
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
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:
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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% |
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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