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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
The market volatility was high once again this week due to the amount of red envelope data. The week’s news started with Consumer Price Index data out of the US. CPI m/m fell from 0.4% to 0.1%, with y/y also falling from 6.0% to 5.0%. This was followed by the FOMC meeting minutes, in which the Federal Reserve raised concerns of the US banking crisis, as well as considered a rate hike pause. The USD continued to weaken over this week until the final day after Prelim UoM Consumer Sentiment came in above previous at 63.5.
The Bank of England is considering further interest rate hikes to fight inflation at 10.4%. The BoE Governor has played down the risk of a banking crisis, which has led investors to believe the central bank will hike rates by 0.25% again.
In Canada, the central bank left rates unchanged at 4.50% as inflation began to cool. The BoC said it was ready to step in with support if the banking system did come under pressure.
EURUSD
The price on the chart has traded through multiple technical levels and some observations included:
- In the week ahead analysis video we identified the potential for price to trade higher to 1.1000.
- Price found support at the horizontal zone of 1.0840 and trendline.
- Price has rejected the key resistance highs, suggesting traders are taking profits at these levels.
GBPUSD
The price on the chart has traded through multiple technical levels and some observations included:
- This week we expected the price of GBPUSD to reject the key weekly range highs.
- Statements from the BoE saw prices rally higher.
- However, price failed to sustain any substantial gains and price fell back below the range highs.
AUDUSD
The price on the chart has traded through multiple technical levels and some observations included:
- AUDUSD had another range bound week with price bouncing between the recent highs and lows.
- Price is trading below the daily 200 moving average.
- The AUDUSD price is holding above the 0.6700 level however this could be short lived.
NZDUSD
The price on the chart has traded through multiple technical levels and some observations included:
- NZDUSD was one to watch this week as the NZD was one of the weakest currencies on the strength meter.
- NZDUSD found support near the daily 200 moving average.
- This rally was short lived as traders reversed price as it hit the channel resistance.
Have you watched our USD Index analysis? You can see it here.
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