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The Forex Market Wrap is here!
Watch the video to learn what key levels have been hit this week!
Forex Market Wrap Analysis
This week was a slow news week for announced data which saw CPI rises in New Zealand, Canada and the United Kingdom. This data was largely overshadowed by the headlines coming out of the UK which saw their Prime Minister Lizz Truss resign after just 44 days in charge. This added some volatility in the markets as well as news from Federal Reserve members who called for the Fed to act more aggressively in their next meeting. The price of USDJPY rallied through the key 150.00 level sparking fresh talks of an intervention from the Bank of Japan however no intervention from the central bank has happened yet.
EURUSD Analysis
The price of EURUSD fell back within its trading range this week despite breaking higher at the start. Price traded through the key range highs and into the resistance level of 0.9850. Sellers pushed the price back into the range from here and if it were to remain the price may go and seek the range lows.
GBPUSD Analysis
The GBPUSD price initially rallied after the resignation of Lizz Truss as Prime Minister but that was short lived as sellers jumped back in at the minor resistance of 1.1350. If the price remains below the 1.1200 handle sellers could continue to trade the price lower. If the USD continues to strengthen the price of cable could move back to the 1.0950 lows.
USDJPY Analysis
The price of USDJPY was expected to continue higher this week and the price is now trading through the 150.00 level. The Bank of Japan shows little signs of intervention at the moment but traders will need to be aware of any news over the weekend. If this momentum were to continue we could see the price reach the 160.00 resistance level.
GOLD Analysis
In our week ahead analysis video we anticipated the price of Gold would lower. This was due to the developing downward trend forming on the weekly time frame. The price did trade lower into the previous lows of $1620.00 and has since rebounded. If the price closed below this level we could assume the price may reach the next level of support at $1500.00.
Did you see our GBPUSD Analysis? You can see it here.
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