Fawad Razaqzada
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GBP/USD analysis: Cable on verge of big breakout
In the week ahead, we have key UK inflation numbers and global PMI data to trigger the next move. Our GBP/USD analysis remains bullish because of our bearish view on the dollar.
Silver analysis: precious metal takes out $30
Our silver analysis suggests that the precious metal could potentially rise far beyond the $30 level, if the recent gains by gold and copper are anything to go by and in light of the big technical breakout from a multi-year consolidation pattern.
EUR/USD, AUD/USD outlook: Forex Friday - May 17, 2024
Welcome to another edition of Forex Friday, a weekly report in which we highlight selected currency themes. In this week’s report, we will discuss the US dollar, euro and Aussie, and look ahead to the next week.
USD/CAD outlook dims as US data deteriorates further
The USD/CAD was back at the point of origin of Wednesday’s breakdown at 1.3630-1.3650 area. Could we see the Loonie head lower from here? This week’s disappointing US data certainly point to a dimmer USD/CAD outlook.
EUR/USD outlook remains positive, likely heading to 1.10
Despite the slow start to today’s session, the recent price action and improving eurozone sentiment suggests the EUR/USD outlook remains positive, with the exchange rate on course to potentially head towards the 1.10 handle.
Silver analysis: Precious metal about to break $30 barrier
Following the release of more disappointing US data, silver now looks poised to hit that key $30 level and potentially rise far beyond that level, if the recent gains by gold and copper are anything to go by.
Gold forecast boosted by weaker US dollar ahead of CPI
How is the metal likely to react to today’s CPI data? Well, it may not be quite straight forward as I have explained in this article. CPI is expected to have moderated in April to 3.4% y/y from 3.5% previously.
AUD/USD forecast: Bullish break on the cards – Technical Tuesday
The AUD/USD forecast is turning somewhat positive, both from a macro perspective and technical viewpoint.
EUR/USD analysis: Attention turns to key US inflation data
The EUR/USD analysis is currently looking positive, and the bulls would love to see weaker US inflation data this week to inspire a potential breakout above the key 1.08 resistance level.
Gold forecast remains positive as metal eases on profit-taking
Today’s 1% drop in gold prices appears to be driven by profit-taking, as it comes amid a quiet day for data and follows a decent 2.5% rally last week. However, our gold forecast remains bullish, with the precious metal potentially heading towards its third consecutive month of gains.
GBP/USD forecast supported ahead of key US data – Currency Pair of the Week
GBP/USD has been supported by stronger UK GDP ahead of wages data on Tuesday. Meanwhile, the US dollar has been hit by signs of cooling labour markets ahead of key inflation data on Wednesday. GBP/USD technical analysis points higher after breaking a bearish trend.