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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
In this week’s forex market wrap we will analyse the news this week and the key markets of the week. Looking at the news for this week we saw positive data out of Europe and the US. The RBNZ hiked interest rates by 25pbs from 0.5% to 0.75%. The RBNZ news that followed disappointed investors as they took a slightly more dovish tone on the rate they would hike rates in the future.
In other news, South Africa discovered a new Covid-19 variant that could be more transmissible than the current variants which led to the UK adding South Africa to the red list. Not only this but cases in Europe have risen significantly adding further risk and caution to the markets. This led to a complete change in the market sentiment with Stocks, Currencies and Commodities falling.
USD INDEX
The USD Index has formed a strong reversal candle which could suggest a move back to the weekly swing highs. If the highs get tested we could see the bullish trend continue. The last time a new variant came around and the markets went into risk off mode the USD strengthened. This could happen once again and we could see the USD remain bullish.
NZDUSD
The NZDUSD was on our watchlist this week as the RBNZ was set to hike rates. We outlined the weekly high and low and wanted to see the price break either way depending on the RBNZ press conference. The RBNZ was slightly more dovish in its tone and the price continued to trend lower which was extended by the coronavirus news.
USDJPY
The USDJPY saw price reject the major 115.00 level and broke through major lows as the market moved to a risk off sentiment. If this continues we could see money flow into the JPY and it could strengthen significantly.
WTI CRUDE OIL
This week we were looking for the bullish trend on Oil to continue as the price rejected the previous highs. However, due to the recent new Covid 19 variant the market fell. This news will impact Oil tremendously if countries Covid cases continue to rise we could see lockdowns again which would see Oil prices lower due to supply issues.
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