AUD/USD: Strong Sell - Key Currency Focus and Technical Analysis (15-Minute Chart) May 7, 2024

EUR/USD: Sell

The EUR/USD pair is trading around 1.0765. Market activity is subdued as investors await new growth factors. Germany's services sector PMI slightly decreased as expected to 53.2 points, while the Eurozone overall strengthened to 53.3 points. The Sentix Investor Confidence Index slightly improved to -3.6 points, and the Producer Price Index decreased by 0.4% month-on-month. Today, Germany's exports increased by 0.9%, imports slowed to 0.3%, but factory orders decreased by 0.4% month-on-month.

GBP/USD: Sell

The GBP/USD pair is attempting a breakout at 1.2500. The pound showed strong growth from the end of last week, backed by the weakening of the dollar due to the slowdown in the U.S. first quarter GDP. However, UK retail sales were below expectations, decreasing by 4.4%. The Bank of England's interest rate decision is due on May 9, with the market expecting rates to be maintained.

AUD/USD: Strong Sell

The AUD/USD pair is trading around 0.6617. Australia's PMI index was below expectations, but inflation data exceeded forecasts, reducing the likelihood of policy adjustments by the Reserve Bank of Australia. Meanwhile, weaknesses in U.S. labor market data are pressuring the dollar, and upcoming actions by the Federal Reserve are highly anticipated.

USD/JPY: Strong Buy

The USD/JPY pair is attempting a breakout at 154.00, but new highs are being restricted due to the potential for intervention by the Bank of Japan. Recent economic indicators from Japan are insufficient to support the yen, and inflation remains below target. This week, the focus is on U.S. labor market data and the slowdown in U.S. economic growth.

XAU/USD: Sell

The XAU/USD pair is testing the 2336.00 level, with the market awaiting the U.S. Personal Consumption Expenditures Price Index (PCE) data. This index is a key indicator of U.S. inflation and has the potential to impact gold prices. Additionally, significant deceleration in U.S. GDP data is providing support for gold prices.