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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

In this week’s data the UK saw inflation rise year on year from 5.1% to 5.4% which provided the GBP with a short term rally. This was short lived as the GBPUSD price then reversed and moved lower in line with our week ahead analysis prediction from the strength meter. The strength meter highlighted that the GBP was at an extreme and could weaken which followed through this week. In other news the employment data out of Australia was good especially the unemployment rate which fell.

USD Index

USD Index forex market wrap

The USD Index finished the week bullish slightly unexpectedly considering the week previously. We expected to see a pullback in the market and the price continued to rally ignoring the most recent resistance. This suggests that the USD could remain bullish as the price looks to trade back within the previous range.

EURUSD

EURUSD forex market wrap

The EURUSD also broke through a key zone and traded back within the key trading range. If the USD is going to continue higher we should expect to see EURUSD move lower. The 4hr trend highlighted the downward direction of the market which looks set to continue to the major swing lows.

GBPUSD

GBPISD forex market wrap

The GBP shrugged off the positive CPI data this week and continued to move lower in line with the strength meter expectations. If the price is going to continue lower we should see the 4hr trend continue to form lower lows and lower highs as it currently is. If the price retests the key lows we could see sellers re-enter.

WTI Crude Oil

WTI Crude Oil forex market wrap

The price of crude continued to rally despite the recent fall in the stock markets showing divergence between the two currently. This could mean that the price of crude oil is lagging behind the stock markets and that bearishness is to come for the market. The key will be in the 4hr time frame trend. If this changes it is likely that the price will retrace. 

Did you see our week ahead analysis? check it out here.

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