Forex Top Team

AUD/USD (Australian Dollar/US Dollar) Strong Buy: Currency in Focus and Technical Analysis (15-Minute Chart) – May 14, 2024

EUR/USD (Euro/US Dollar) Buy
EUR/USD is showing a range-bound trend around 1.0785. The market is subdued ahead of the release of US April inflation statistics, with forecasts for the Consumer Price Index (CPI) and core CPI attracting attention. Additionally, data on retail sales, Eurozone GDP, and industrial production are also of interest. Germany’s Consumer Price Index came in as predicted.

GBP/USD (British Pound/US Dollar) Buy
GBP/USD is trading around 1.2557, attempting to build on the strong upward momentum established the previous day. The UK’s Q1 GDP showed a higher-than-expected increase, and the March employment statistics and jobless claims are also under scrutiny. The US Producer Price Index (PPI) data is scheduled for release.

AUD/USD (Australian Dollar/US Dollar) Strong Buy
AUD/USD is slightly down around 0.6600. The market is restrained ahead of the US April inflation statistics release, and Australia’s labor market data is also scheduled for release. Investors are also focused on the announcement of the budget plan.

USD/JPY (US Dollar/Japanese Yen) Strong Sell
USD/JPY shows a slight rise, developing an ultra-short-term upward trend. The US Producer Price Index and Federal Reserve Chair Powell’s speech are in focus, and Japan’s Q1 GDP data is also being closely watched. Today’s statistics have not significantly impacted the yen’s movements, though domestic corporate goods prices have increased.

XAU/USD (Gold/US Dollar) Buy
XAU/USD shows a weak rise during the Asian session, attempting to break through 2345.00. Trading is unstable, but investors are awaiting US macroeconomic statistics related to inflation. The April Consumer Price Index is expected to show a year-on-year decrease.