The #Forex Market Wrap is here!
Watch the video to learn what key levels have been hit this week!
FOREX MARKET WRAP ANALYSIS
This week the markets were dominated by the news of Russia invading Ukraine and declaring war. It wasn’t necessarily a surprise that this happened due to the intelligence that was suggesting what would happen but the markets still fell on the uncertainty in the markets.
In other news the RBNZ increased rates from 0.75% to 1.00%. This was a hawkish move by the central bank which added confluence to our strength meter which showed the New Zealand Dollar gaining strength.
The USD Index rallied and retested the major swing highs at $97.00 as the risk off sentiment dominated the markets. The war between Russia and Ukraine looks more likely to intensify with many governments around the world looking to add further sanctions to Russia. These sanctions however will not come into effect immediately which could be a reason as to why we have seen a slight pullback in the risk off moves.
The AUDUSD price will be one to watch as this market will fluctuate as we move in and out of risk on and risk off sentiment. If the market does move back into risk off then we could see another fall towards the major lows. If however, the risk off sentiment dissipates then we are likely to see the AUDUSD price retest the double bottom neckline zone.
EURNSD was one to watch from the strength meter this week. The New Zealand Dollar was gaining strength on the strength meter which offered long ideas against weaker currencies. The price action suggested this market would move lower offering short opportunities in line with the trend.
The price of Gold has fluctuated this week despite the rising uncertainty in the markets. Initially we saw the price of Gold break higher offering long opportunities. However, this soon turned and the price has now moved lower showing a potential reversal pattern to come.
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