GBP/USD
Trend Theme：GBP/USD holds below the 1.2700 mark ahead of Fed’s Powell testimony.
Trend Review：The GBP/USD pair holds below the 1.2700 mark during the early Asian session on Wednesday. The downtick of the pair is backed by the renewed US Dollar. Later on Wednesday, the UK S&P Global Construction PMI and the Federal Reserve’s Jerome Powell’s testimony will be in the spotlight.
Today Advise：Neutral
Key Levels：
| PP | Resistance* | 1.2736 * | 1.2767 ** | 1.2800 *** |
| 1.2704 | Support* | 1.2673 * | 1.2640 ** | 1.2609 *** |
Weekly forecast：
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USD/JPY
Trend Theme：Japanese Yen remains confined in a multi-week-old trading band against USD.
Trend Review：The Japanese Yen struggles to capitalize on Tuesday’s Tokyo CPI-inspired gains. The BoJ policy uncertainty is holding back the JPY bulls from placing fresh bets. Subdued USD price action caps USD/JPY ahead of US data, Powell’s testimony.
Today Advise：Bearish
Key Levels：
| PP | Resistance* | 150.41 * | 150.90 ** | 151.25 *** |
| 150.06 | Support* | 149.57 * | 149.22 ** | 148.73 *** |
Weekly forecast：
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WTI
Trend Theme：Demand concerns continue to rise, oil prices retreated to the 200-day moving average,EIA and “small non-farm” hit.
Trend Review：Oil prices fell nearly 1 percent on Tuesday as investors’ appetite for risk declined amid doubts about whether the Asian powerhouse can meet its economic growth targets. In this trading day, the market will focus on the testimony of Federal Reserve Chairman Powell in the Senate, in addition, the EIA crude oil inventory series report, “small non-farm” ADP employment data is also the focus of the market.
Today Advise：Bearish
Key Levels：
| PP | Resistance* | 78.72 * | 79.71 ** | 80.46 *** |
| 77.97 | Support* | 76.98 * | 76.24 ** | 75.25 *** |
Weekly forecast：
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XAU/USD
Trend Theme：Gold extends pullback from near record highs ahead of Powell speech.
Trend Review：Gold price is extending its correction from a new record of $2,141.59 reached on Tuesday, as traders reposition ahead of the critical testimony by Fed Chair Powell and the US employment data. Heightened bets of Fed rate cuts drove Gold price through the roof.
Today Advise：Bullish
Key Levels：
| PP | Resistance* | 2144.22 * | 2158.71 ** | 2175.56 *** |
| 2127.37 | Support* | 2112.88 * | 2096.03 ** | 2081.54 *** |
Weekly forecast：
