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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
The RBNZ kicked off this week’s round of high impact news events with a rate hike from 3.50% to 4.25%. Despite this move being priced in the NZD continued to strengthen as the New Zealand Central Bank highlighted more hikes are to come due to the rising inflation rates.
In the US, the Services PMI data fell from 47.8 to 46.1 this data backs up the Federal Reserve’s claims of slowing the pace of tightening. This was almost confirmed by the Federal Reserve in the following FOMC meeting minutes which saw the USD weaken.
EURUSD Analysis
The price of EURUSD was expected to rise this week towards the 1.0500 handle as the USD Index looked to seek lower prices. In our analysis yesterday on the pair we explained the price forming a potential reversal pattern however, fundamentally this pair moving lower is looking unlikely. Instead if the price were to break higher we would likely see a test of the 1.0500 or 1.0600 handle.
GBPUSD Analysis
This week we expected the GBPUSD price to continue its bullish path towards the 1.2200 handle. This is still what is to be expected from the currency pair going forward after it rallied out of a trendline resistance. If the price pulls back next week investors could look for long opportunities to form.
NZDUSD Analysis
The NZDUSD price was one to watch for us this week as we had the RBNZ rate hike decisions as well as the strength meter showing that the NZD is the strongest at the moment. We would have liked to have seen the price retest the 0.6000 handle and expected to see it reached after the RBNZ data. However, this wasn’t to be but the price still rallied significantly.
EURJPY Analysis
Finally then on EURJPY we highlighted on another video that the price could move lower after it had been in a consolidation pattern but was breaking out of it. The price on the breakout moved over 150 pips to the downside. Price has since recovered however it could continue to the downside if the price were to break down again.
Did you see our EURUSD Analysis? You can see it here.
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