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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 Analysis
It was a relatively quiet week in the market with regards to news. We pointed out in the week ahead analysis video that this could lead to the risk mood in the market improving. The risk mood did improve drastically this week, the Japanese Yen weakened the most in line with some expectations.
In the news this week the Bank of England Governor Bailey spoke at the London School of Economics in which he stated the UK banking system is ‘resilient and well funded’. The Inflation rate grew to 10.4% in Feb and the BoE Governor said they would continue to use interest rate hikes as a tool to bring this inflation rate down to the targets of 2%. The GBP remained strong due to this with GBPUSD reaching highs of 1.2400.
Across the pond in the US investors had very little to focus on. The high ranking Fed member Michael Barr settled the markets slightly by saying the US banking system is well supported, and that the SVB collapse was a mismanagement issue. The Fed would have been watching the CORE PCE Price Index which came in lower than estimates at 0.3%. This would have been welcomed by the Fed as this will likely mean they can continue to hike rates at a lower pace.
USD Index
The price on the chart has traded through multiple technical levels and some observations included:
- This week we expected the price to retest the lows before finding support again.
- Price did continue to trade lower as the risk sentiment improved.
- Price is heading towards the lows of 102.00.
- If price finds support here we would expect a move higher to come.
USDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- The risk sentiment dictated what would happen with USDJPY this week.
- USDJPY found support at 130.75 and rallied higher.
- Price is trading above the 132.75 handle, if this remains it could continue to trade to 134.50.
CADJPY
The price on the chart has traded through multiple technical levels and some observations included:
- This forex pair was one to watch from the currency strength meter.
- We identified the potential reversal opportunity.
- Price found support at the 95.00 lows.
- This could lead to the price rallying into the 101.00 level.
AUDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- The risk sentiment improving helped prices trade higher.
- Price found support at 85.75 and rallied back above the key resistance of 88.50.
- A close above this level could see price trade higher to 90.50.
Have you watched our EURUSD analysis? You can see it here.
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