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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
The RBA has increased their interest rates from 3.10% to 3.35% this week. Inflation in Australia has continued to rise and the RBA is trying to bring rates higher without affecting homeowners and businesses.
The Bank of Canada Governor Macklem decided to halt interest rate rises as the central bank tries to prevent householder debt from rising. This may backfire on the central bank as employment figures rose from 104k to 150k beating estimates by 10 times. Employment rising could put further pressures on the inflation rate.
Federal Reserve Chairman Powell stated he was shocked by the recent NFP numbers. Employment in the US came in well above previous expectations causing the Fed to remain flexible in its approach towards rates. Powell had recently talked of the US being in a deflationary environment but jobs data like this could force the Fed into hiking for longer.
USD Index
The price on the chart has traded through multiple technical levels and some observations included:
- Price has found support at 101.50.
- Currently the price is trading below the key 103.75.
- A break above this level would see a move towards the 105.50 resistance.
AUDUSD
The price on the chart has traded through multiple technical levels and some observations included:
- Price found support at the weekly demand zone of 0.6875.
- The recent USD strength saw the price form a false breakout of the highs.
- If the USD strengthens further, the price could trade lower and through the 0.6875 support.
GBPUSD
The price on the chart has traded through multiple technical levels and some observations included:
- Price rejected the 1.2200 level of resistance and traded lower.
- The BoE said a recession is still likely but could last for a shorter period of time.
- A break below the weekly low could trigger a bearish move towards 1.1850.
GOLD
The price on the chart has traded through multiple technical levels and some observations included:
- Price failed to trade back above the $1875.00 resistance.
- A break of the weekly low would offer short opportunities to $1800.00.
- The price of Gold has been affected by the recent bullishness of the USD.
- If the Fed has to hike for longer, Gold price could reach $1625.00.
Have you watched our GBPUSD analysis? You can see it here.
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