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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

Investors this week were looking to the data out of the US to remain on its current hot form, however, that was not to be the case. Instead US CB Consumer Confidence fell from 106.0 to 102.9. Financial confidence is a leading indicator of consumer spending, this is a sign that spending could be slowing in the US. The jobs data out of the US remained positive with Unemployment Claims coming in lower at 190k compared to 192k of last month. ISM Services PMI came in below previous at 55.1 compared to 55.2. However, the USD gained strength off the back of this release, strength which had been absent for all of this week. 

In other news the Consumer Price Index (CPI) y/y fell from 8.4% to 7.4%. The Australian Dollar has a strong week largely due to the positive data out of China. China’s manufacturing expanded at its fastest pace in more than a decade. 

EURUSD

EURUSD Forex Market Wrap 3-3-23

The price on the chart has traded through multiple technical levels and some observations included:

  • We expected the price of EURUSD to continue lower into the support around 1.0500 this week. This wasn’t to be the case as USD weakness entered the market seeing EURUSD price trade higher. 
  • Price has recently found resistance again which could lead to another move lower. 
  • Price moving lower will be determined by the strength of the USD. 

GBPUSD

GBPUSD Forex Market Wrap 3-3-23

The price on the chart has traded through multiple technical levels and some observations included:

  • The price of cable performed as expected this week. In the week ahead analysis video we highlighted the potential for this pair to range.
  • Price did range between the daily 200 moving average and the recent highs of 1.2100.
  • A deal between the EU and UK over the Northern Ireland Protocol being agreed gave the GBP a boost, but the momentum seemed to fade as price approached the resistance.

GBPJPY

GBPJPY Forex Market Wrap 3-3-3-23

The price on the chart has traded through multiple technical levels and some observations included:

  • The price of GBPJPY was one to watch this week, as we expected GBP strength and JPY weakness.
  • The bullish engulfing candle on Friday was a clue to seeing price trade to the next resistance level.
  • Price rallied over 250 pips into the key resistance of 166.00 where we saw sellers enter the market.
  • Price is now back at support of a trendline around 163.00. Bullish price action here could see the price trade higher.

 

GOLD

Gold Forex Market Wrap 3-3-23

The price on the chart has traded through multiple technical levels and some observations included:

  • Gold price came short of the $1800.00 targets and rebounded from $1805.00. 
  • The USD weakness helped the price of Gold remain bullish for the week.
  •  Is now at the previous resistance highs, if price holds here we could still see the price of Golf trade lower. 

Have you watched our GOLD analysis? You can see it here

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