Forex Top Team

AUD/USD: Strong Buy – Focus Currency and Technical Analysis (15-minute Chart) May 10, 2024

AUD/USD: Strong Buy – Focus Currency and Technical Analysis (15-minute Chart) May 10, 2024

EUR/USD: Sell The EUR/USD pair is retesting 1.0775, showing a slight downward correction. Germany’s industrial production for March decreased by 0.4% on a monthly basis, with the annual rate easing to -3.3%. Exports increased by 0.9%, while imports decelerated significantly from 3.0% to 0.3%, resulting in a trade surplus of 2.23 billion euros. Retail sales in the Eurozone improved from -0.3% monthly and -0.5% annually to 0.8% and 0.7% growth, respectively.

GBP/USD: Strong Buy The GBP/USD pair is testing 1.2480, continuing the downward trend formed the previous day. Despite the weakness in economic indicators from the US, the UK’s construction PMI showed better-than-expected improvement, while the US economic optimism index fell short of expectations. The Bank of England’s interest rate decision is scheduled for Thursday, with the market largely expecting the interest rate to remain unchanged.

AUD/USD: Strong Buy The AUD/USD pair is testing 0.6600, continuing the corrective downward trend formed the previous day. Although the Reserve Bank of Australia kept the interest rate at 4.35%, it has not ruled out further monetary policy adjustments due to insufficient easing of inflation pressures. April’s TD Securities inflation data weakened to an annual rate of 3.7%.

USD/JPY: Strong Buy The USD/JPY pair is testing 155.20, showing a strong upward trend. Japan’s April services PMI slightly decreased as expected, but the decline in the US economic optimism index briefly pressured the dollar. This week, Japan’s leading economic index and the Bank of Japan’s summary of opinions will be released.