FOREX Market Wrap: 13th August

The #ForexMarketWrap is here!

Watch the video to learn what key levels have been hit this week!

USD Index 

The USD Index formed the lower high which we pointed out in a previous video, showing the weakness in the USD after rejecting the key resistance zone. 

If the USD is to continue lower next week we should see a retracement and retest for the 4hr swing lows before the trend continues. 

EURUSD 

In yesterday’s market update video we discussed EURUSD and the potential for the market to find some support and form a higher low. 

This was based on our USD index analysis and like the index, if we are to see the USD weaken next week we should see the 4hr trend continue here.

 GBPUSD 

The weekly time frame on GBPUSD is interesting as we could see an inverse head and shoulders pattern form. 

This forex market pattern often leads to a reversal in the market which could see the price of GBPUSD rally towards the major 1.4100 level. 

 NZDUSD

NZDUSD was one to watch for us this week after the market formed a strong bullish close on the weekly time frame. 

Now the daily has formed a new higher high and higher low we can assume the trend will continue. If the price breaks out of the major 0.71000 resistance level we can look for further long opportunities on the pair.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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