The #Forex Market Wrap is here!
Watch the video to learn what key levels have been hit this week!
Forex Market Wrap Analysis
The USD finally had its catalyst to break through the weekly lows this week as CPI data came in lower than previous. Other data out of the US was also poor with retail sales in particular coming in well below forecasts. This saw the US stock markets continue to fall this week as they did the week prior.
The USD index finally broke through the range lows this week. This selling pressure could continue into next week as the market looks to find support from the previous highs. If the price retests key supply zones we could see the USD continue to fall in the short term.
As the USD Index broke lower, the EURUSD price broke higher. This was expected this week as the strength meter highlighted the strengthening EURO and weakening USD. Now the price has broken the range we would expect to see a continuation higher as the price looks to retest the major 1.1500 level.
The price of Gold was the one to watch this week as inflation in the US continues to remain high. Often investors will look to hedge the rising inflation by buying assets such as Gold. This causes demand for the commodity and prices to rise. At the start of the week the price formed a new high and rallied towards the major $1830.00 highs. If the USD continues to fall we could see the commodity break through these highs.
WTI Crude Oil
WTI Crude Oil was also featured in the week ahead analysis video this week as the market looked to remain bullish. The weekly chart showed buyers were remaining here and the trend continued with the 4hr making higher highs and higher lows. Now the price is nearing a major resistance level we could see sellers entering the market in the short term.
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