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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
Investors were focused on the FOMC meeting minutes from the Federal Reserve this week to see if there were any clues on future monetary policy announcements. Most Fed members voted for a 25 basis point rise instead of a 50 which seems more likely after the recent run of strong data. The data out of the US continued to highlight the need for the Fed to hike rates more aggressively or longer. Flash Services PMI came in at 50.5 above previous 46.8. Core PCE Price index m/m also came in higher than previous at 0.6%. The USD has strengthened this week as investors will be looking to the Fed to hike rates.
In other news the RBNZ hiked interest rates from 4.25% to 4.75%. The RBNZ expects to hike rates further as employment remains above a sustainable level with inflation remaining high.
EURUSD
The price on the chart has traded through multiple technical levels and some observations included:
- Price has fallen through the minor support zone as USD strengthened.
- We expected to see price trade lower this week in the week ahead analysis with sellers targeting the lows of 1.0500.
- This level holds confluence with a trendline support which spans from the lows in September 2022.
- If the USD remains strong we could expect the price to continue lower.
AUDUSD
The price on the chart has traded through multiple technical levels and some observations included:
- Price of AUDUSD traded through multiple support levels this week as the AUD weakened and USD strengthened.
- The weekly trend remains bullish however this is likely to change due to the fundamentals surrounding the pair.
- Price has traded through the support at 0.6790.
- The next support can be found at the lows of 0.6650.
USDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- We expected the price of USDJPY to trade higher this week despite the price being at the 134.50 resistance.
- The USD strength has helped the price trade through the resistance level.
- Price is heading towards the daily 200 moving average where buyers may look to take some profits.
GOLD
The price on the chart has traded through multiple technical levels and some observations included:
- In the week ahead analysis video we discussed the price of Gold moving lower towards the $1800.00 level.
- The strong US data could put pressure on the Fed to hike rates higher or longer.
- This will put pressure on Gold prices in the short term.
Have you watched our AUDUSD analysis? You can see it here.
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