Trend Theme：Muted reaction to RBA’s upward revision of growth and inflation forecasts.
Trend Review：AUD/USD remains flat above 0.76 even as the RBA revises 2020 growth forecast higher. The central bank is unlikely to raise rates before 2024 despite improvement in the economic outlook. Australia’s Retail Sales fell by 4.1% in December.
|PP||Resistance*||0.7638 *||0.7674 **||0.7700 ***|
|0.7612||Support*||0.7576 *||0.7550 **||0.7514 ***|
Trend Theme： Battles 10-day SMA below 1.3700.
Trend Review：GBP/USD takes the bids near 1.3685, up 0.08% intraday, amid the initial hour of Friday’s Tokyo session. In doing so, the quote keeps the previous day’s swift move from late January lows while challenging 10-day SMA resistance.
|PP||Resistance*||1.3727 *||1.3778 **||1.3859 ***|
|1.3647||Support*||1.3596 *||1.3516 **||1.3465 ***|
Trend Theme：OIL PRICE OVERBOUGHT RSI SIGNAL PERSISTS AS US INVENTORIES CONTRACT.
Trend Review：The price of oil climbed to a fresh monthly high ($56.5) as US crude inventories narrowed 994K in the week ending January 29 following the 9.910K decline the week prior, with field production sitting at its lowest level since 2018.
|PP||Resistance*||56.76 *||57.25 **||58.03 ***|
|55.99||Support*||55.50 *||54.72 **||54.23 ***|
Trend Theme：Gold consolidates below $1800.
Trend Review：Thursday was not a good day for gold, with XAU/USD posting its largest drop since 8 January. At present, XAU/USD trades marginally above those earlier lows in the mid-$1790s. Current market conditions have not been favourable for gold.
|PP||Resistance*||1823.91 *||1854.31 **||1873.75 ***|
|1804.47||Support*||1774.07 *||1754.63 **||1724.23 ***|