The Forex Market Wrap is here!
Watch the video to learn what key levels have been hit this week!
The USD Index price has broken through the major swing highs and resistance showing the strength in the greenback.
This volatility index rose over 10% this week which led to the risk sentiment switching with stocks falling. This strengthens safe haven currencies such as the USD and is why this breakout could be sustained.
The next resistance of the USD is $94.65 offering further long opportunities going into next week.
The weekly time frame on GBPUSD is now showing the larger head and shoulders pattern could be completed. If this is the case we should see further downside to the currency pair next week.
The next support level for the GBPUSD is at 1.3300 offering short opportunities next week.
NZDUSD price has broken the range to the downside unexpectedly this week after news of a national lockdown forced the RBNZ to put hold on a rate hike.
The data out of New Zealand has been strong lately and the RBNZ had planned to hike interest rates from 0.25% to 0.5%.
Now the range has broken we can expect a continuation of the trend if we were to see a bearish rejection at the range lows.
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