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Trading ideas for GBP/USD, USD/JPY and Gold

April 11, 2022

GBP/USD: The Great Britain pound fell to its lowest level since November 2020 against the US dollar on Friday due to a general strengthening of the greenback. The risk-off flows and the dollar’s demand remain the central consideration, which causes the downside for the pair. Geopolitical tension due to the current Russian-Ukrainian conflict caused the US, Europe and the UK to propose additional sanctions against Moscow. The UK announced a full asset freeze on the largest Russian bank while announcing to end all imports of Russian coal and oil by the end of 2022. This news put additional pressure on the pound. Today we are expecting UK data such as monthly Gross Domestic Product and also Manufacturing and Industrial Production figures. The local support level can be seen at 1.2990. A breakout below could take the pair to an immediate target of 1.2940.

SELL 1.2985/TP 1.2935/SL 1.3007


USD/JPY: The US dollar rose against the Japanese yen on Friday and advanced to its six-year high. The yen has steadied this month after falling in March but remains under pressure due to the US raises interest rates and the Bank of Japan is intervening in the bond market to keep rates low. Governor Haruhiko Kuroda had a speech about monetary policies at night. Kuroda has said time and again that he sees no reason to reduce Bank of Japan policy accommodation. Tomorrow Japan will release Producer Price Index and Bank lending data but we are not expecting that these figures help the yen resist the US dollar. The pair can correct to 124.60, and after that, the price will probably continue its upward movement towards 125.20.

BUY LIMIT 124.60/TP 125.20/SL 124.40


XAU/USD: Gold prices rose but traded in a narrow range on Friday caught between expectations of aggressive US interest rate increases and jitters over high inflation and the economic fallout of the Russian-Ukrainian conflict. The metal can be affected by the release of the US Consumer Price Index on Tuesday. A preliminary reading of the US CPI at 8.3% indicates that the Federal Reserve will manipulate the interest rate decision in May’s monetary policy to contain the inflation. Apart from that, the balance sheet reduction will also be driven faster to restrict liquidity in the economy. Gold can correct to $1935, and after that, the price can continue its upward movement towards $1965.

BUY LIMIT $1935/TP $1965/SL $1925