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In this week’s Week Ahead Analysis we take a look at the key charts of the week with #USDIndex, #GBPUSD, #SILVER and more!
Watch the video to learn more…
Week Ahead Analysis
The high impact news announcements for this week ahead analysis is light this week. We see inflationary data out of the UK this week which is likely to show another increase in the already growing inflation rate. We also see the Federal Reserve chairman Jerome Powell speak this week which could see the USD fall further as the Fed plans to hike rates more this year. If he outlines a more aggressive rate outlook for the US then we could see a volatile week for the USD.
The strength meter this week shows us that the Australian Dollar and New Zealand Dollar are the strongest currencies which look likely to remain currently. The Japanese Yen and the Great British Pound are the weakest currencies. All of these currencies are in reversal zones on the strength meter and if the pairs of AUDJPY, GBPAUD, NZDJPY, GBPNZD begin to change trend on lower time frames we could see the current trend end.
USD INDEX
The USD Index closed bearish last week after the Federal Reserve hiked interest rates by 25bps and with Powell to speak this week we could see the weakness remain. Stock however could rebound further if the Chairman speaks of further hikes to come. The USD Index could retest the previous swing lows and if the price does find bearish price action at the recent highs we could see short opportunities form. The weekly trend is still bullish for the USD but the price is in a retracement phase so the price could continue to move lower in the short term.
GBPUSD
The GBPUSD price could benefit highly from the current USD weakness. The GBP is at the lows on the strength meter but in the reversal zone, the current GBPUSD price is forming a reversal pattern. This could lead to a reversal in the market and if the price was to break the neckline of the pattern and move above the key 1.3200 resistance we could see a move back to the major 1.3400 resistance.
SILVER
The price of Silver was one to watch from last week as the seasonal patterns suggest that through the month of March and April the price of Silver and other precious metals tend to be bearish. The price has recently found resistance at a key supply zone and has formed a bearish close on the weekly chart. The 4hr time frame shows the price formed a head and shoulders pattern and the price had recently tested the neckline which was followed by further selling. If we want to see selling continue we could look for short opportunities if the price was to retest the neckline highs once again.
S&P500
The stock market rebounded from the lows recently with price forming a strong bullish close after the Federal Reserve hiked interest rates last week. We expect the tone out of the Federal Reserve to remain bullish which could be good news for the stock markets which could look to head back to the all time highs. Looking at the 4hr time frame we can see that price has formed higher highs and higher lows which will offer long opportunities if the price can test the previous highs or the key demand zone highlighted.
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