The Forex Market Wrap is here!
Watch the video to learn what key levels have been hit this week!
The USD Index shows a mixed week for the USD for the forex market wrap. The price initially found support around $92.00 after having a week of bearishness the week prior.
The initial rally from the support offered counter trend trading opportunities across the major pairs as it approached the previous swing lows. The price then rejected this swing high and started to form a lower high.
If the daily trend is to continue here we could see the USD break the lows and move beyond the $92.00 support.
NZDUSD looks to be beginning another impulse phase as the price rejected the key support zone. If the market closes bullish here on the daily time frame we could begin to look for long opportunities next week with the price on the 4hr time frame forming higher highs and higher lows.
The NZD is the strongest currency at the moment and doesn’t look likely to slow down when looking at the bigger picture of the market.
AUDJPY remains on our watchlists due to the monthly uptrend. The price has recently broken through those monthly highs suggesting we should see an uptrend form on the daily time frame.
The current daily close suggests we could be seeing a higher low here and if the market continues to form higher highs we could see some long term and short term trend opportunities form.
EURAUD could be forming a lower high here in line with the Australian Dollar strength in the markets. If the price breaks through these lows we could see the monthly downtrend continue and look for short opportunities on pullbacks.
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