The Forex Market Wrap is here!
Watch the video to learn what key levels have been hit this week!
The USD Index price has fallen this week and doesn’t look likely to slow down as Jerome Powell talks little of taper but more of employment and coronavirus. This goes against previous fed members speeches and is now showing signs or no taper in September.
Looking at the price of the USD index we could see it break even lower now and see a move back towards the previous lows as the head and shoulders pattern looks to be forming.
GBPUSD this week climbed from the support levels rather than continuing its move down.
If the USD is going to weaken on the latest Fed speech we could see a continuation and a new uptrend form on the daily time frame.
If the market forms a higher low here and we form a new higher high GBPUSD could rally back towards the major 1.4000 level.
The AUDUSD was one to watch going into this week as we discussed the potential to trade both the retracement phase and the impulse phase.
Currently the price looks to remain in the retracement phase as price heads towards the previous lows. Depending on how the price reacts here we could expect either a breakout higher or a rejection.
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