XAU/USD (Gold/US Dollar): Strong Buy – Focused Currency Pairs and Technical Analysis (15-Minute Chart) for August 12, 2024
EUR/USD (Euro/US Dollar): Buy The EUR/USD pair is attempting to recover from last week’s predominantly bearish trading and is aiming to break above 1.0920. Traders are awaiting new factors to drive the next move. On Wednesday, the Eurozone’s revised Q2 GDP statistics are scheduled for release, with quarterly growth expected at 0.3% and an annual rate of 0.6%. In the US, July inflation data is also expected to be released, which could influence predictions regarding the Federal Reserve’s monetary easing policy in September.
GBP/USD (British Pound/US Dollar): Buy The GBP/USD pair is maintaining its upward momentum from the local low on July 2nd and is trying to break through 1.2765. Tomorrow’s labor market report could impact the Bank of England’s decision. Additionally, inflation data is set to be released on Wednesday, followed by the UK’s Q2 GDP statistics on Thursday.
AUD/USD (Australian Dollar/US Dollar): Buy The AUD/USD pair is returning to the local highs updated last weekend and is aiming to break above 0.6585. The market is focused on the potential for the Federal Reserve to begin its monetary easing program in September, with Australian labor market data also drawing attention.
USD/JPY (US Dollar/Japanese Yen): Strong Buy The USD/JPY pair is developing the correction trend formed last week and is testing 147.15. The US inflation data and Japan’s Q2 GDP data, both set to be released this week, could influence the pair’s future movements.
XAU/USD (Gold/US Dollar): Strong Buy The XAU/USD pair is building on the upward momentum established at the end of last week and is attempting to break above 2430.00. This week’s inflation statistics and geopolitical tensions may affect gold prices.
