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It’s a quiet day ahead on the economic calendar. Wholesale inflation figures from Germany and retail sales figures from Canada are key stats for the day ahead.
For the EUR
It’s a relatively quiet day on the economic calendar. Wholesale inflation figures from Germany are due out later this morning.
Barring a marked spike in wholesale inflationary pressures, however, we don’t expect too much influence from the numbers.
With stats on the lighter side, market risk sentiment and COVID-19 news updates will need considering.
At the time of writing, the EUR was down by 0.07% to $1.1907.
For the Pound
It’s another quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
The lack of stats will leave the Pound in the hands of market risk sentiment on the day.
At the time of writing, the Pound was down by 0.14% to $1.3906.
For The Usd
It’s a particularly quiet day ahead on the economic calendar. There are no material stats to provide the Greenback and the broader markets with direction.
The lack of stats will leave the Dollar in the hands of FOMC member chatter and news from Capitol Hill.
At the time of writing, the Dollar Spot Index was up by 0.05% to 91.905.
For the Loonie
It’s another relatively busy day on the economic calendar. January retail sales figures are due out later today.
With little else for the markets to consider, expect Loonie sensitivity to the numbers.
At the time of writing, the Loonie was down by 0.10% to C$1.2500 against the U.S Dollar.
The direction of the April Comex gold market on Friday is likely to be determined by trader reaction to $1744.30 and $1711.70.
Daily Swing Chart Technical Forecast
The direction of the April Comex gold market on Friday is likely to be determined by trader reaction to the 50% level at $1744.30 and the Fibonacci level at $1711.70.
A sustained move over $1744.30 will indicate the presence of buyers. The first upside target is $1754.20. Taking out this level could trigger an acceleration to the upside with $1787.30 the next likely upside target.
A sustained move under $1711.70 will signal the presence of sellers. This could trigger a break into the minor bottom at $1696.60, followed by the main bottom at $1673.30.
GBP/USD is currently testing the nearest support level at the 20 EMA at 1.3920. If this test is successful, GBP/USD will move towards the next support at 1.3865. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.
If GBP/USD manages to settle below the support at 1.3865, it will head towards the next support at the 50 EMA at 1.3840. A move below the 50 EMA will open the way to the test of the support at 1.3800.
On the upside, GBP/USD needs to stay above the 20 EMA to have a chance to gain upside momentum in the near term. The next resistance level for GBP/USD is located at 1.3950. If GBP/USD manages to settle above this level, it will head towards the next resistance at 1.3980. A move above the resistance at 1.3980 will push GBP/USD towards the resistance at 1.4000.
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