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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 news this week has been full of US data and speeches by Federal Reserve members. US PPI, CPI, CORE CPI and CORE Retail Sales all came in above expectations and previous data showing us that the US economy is showing little slowdown. The Federal Reserve had a chance to suggest a more aggressive rate hike in the FOMC Meeting Minutes but failed to announce such a thing. Instead they left investors disappointed by not outlining their future plans. The current data however tells us that the Fed will need to act, whether it is to hike rates for a longer period of time or to hike rates more aggressively. They have seen a slow down in the labor market which could be a reason for them to not want to act aggressively.
In other news, the UK Prime Minister came under fire once again after she dismissed the UK Chancellor Kwasi Kwarteng after the backlash from the recent mini budget proposals. This has opened the door to further scrutiny of the UK PM and will likely leave investors with little confidence of what the UK Government draws up again.
EURUSD Analysis
The EURUSD price was one to watch this week as we anticipated a strong USD to come. However, that was not the case this week and we saw the price move sideways. Currently the price is trading within the 0.9800 highs and 0.9670 lows. If the USD sentiment changes for the lack of response from the Fed then we could see EURUSD make a move higher back towards the key 0.9900 level.
AUDUSD Analysis
We expected AUDUSD to reach the key level of 0.6250 this week due to the USD strength and recent RBA announcements. The RBA is the first central bank to slow down their tightening strategy which saw the AUD remain weak. The price did reach our level of interest, however, the price then ranged due to a risk on day on Thursday. If this sentiment is short lived we could expect the price to move lower to the next area of support which is 0.6150.
EURJPY Analysis
The EURJPY was on our watchlist this week from the currency strength meter. The strength meter showed EURO getting weaker and JPY getting stronger. However, this did not play out how we anticipated this week with buyers trading through the key resistance at 142.50. This opened the door to buyers who took the price above the 144.00 minor highs with opportunities for the price to head towards the 145.50 high.
GOLD Analysis
The price of Gold fell this week as the USD data continued to show a strong US economy. In recent months the price of Gold has fallen due to the hiking of interest rates by the Federal Reserve. With no signs of this ending we should see the price of Gold continue to move lower. The weekly chart shows a downward trend forming and the price in an impulsive phase. This could lead to short opportunities forming at key pullbacks on 4hr charts. The recent move occurred when price traded outside of a consolidation and finding resistance on a retest. If the price trades through the lows of $1644.00 we will likely see move down to $1620.00.
Did you see our GOLD Analysis? You can see it here.
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