Forex Top Team

XAU/USD (Gold/US Dollar) Buy: Currency in Focus and Technical Analysis (15-Minute Chart) – May 21, 2024

EUR/USD (Euro/US Dollar) Buy

EUR/USD is showing sideways movement around 1.0860. Germany’s Producer Price Index (PPI) for April came out as expected. Tomorrow, the monthly report from the Bundesbank and a speech by the ECB President are scheduled. On Wednesday, the minutes of the Federal Reserve’s meeting will be released, with a 25 basis point rate cut expected in September.

GBP/USD (British Pound/US Dollar) Buy

GBP/USD is moving above 1.2700. There are speeches by Fed officials today, and the minutes of the Fed meeting will be released tomorrow. Attention is focused on the UK’s April inflation data to be released tomorrow. If inflation decreases as expected, the possibility of a rate cut in June will increase.

AUD/USD (Australian Dollar/US Dollar) Buy

AUD/USD is slightly down around 0.6655. The minutes of the RBA meeting confirmed that the current monetary policy would be maintained. Business activity data from Australia and the US will be released later this week.

USD/JPY (US Dollar/Japanese Yen) Strong Buy

USD/JPY is slightly up around 155.70. This week includes speeches by Fed officials and the release of the Fed meeting minutes. In Japan, trade statistics and machinery orders data are scheduled to be released tomorrow.

XAU/USD (Gold/US Dollar) Buy

XAU/USD has fallen from around 2450.00 to around 2415.00. The market is focusing on the Fed meeting minutes and UK inflation data. Reports of the death of Iran’s president and the recovery of economic activity in China are supporting gold prices.

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