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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
In this week’s news we saw three central bank announcements as well as Non-Farm Payroll data. The RBA started off the announcements by hiking rates above forecasts to 0.35% this was a hawkish move by the central bank which saw the Australian Dollar rally in the short term. All investors’ eyes would have been on the FOMC meeting this week as the Fed hikes interest rates by 50bps to 1.00% and states another two 50bps hike to come. This initially saw the USD weaken with the USD Index breaking through key lows however this was short lived as the risk sentiment drove the USD back higher. The Bank of England then also hiked interest rates to 1.00% but concerns over stagflation drove the GBP lower as the risk of recession increased. Finally, the NFP numbers were mixed, we saw an increase in employment however the Average Hourly Earnings decreased and the unemployment rate increased. This could be an effect of the recent hikes in the market.
EURUSD
The price of EURUSD remained range bound this week despite the high volatility news. We were looking to see if the price would reverse because of the price in the FOMC news release and despite the price breaking out of the range the price could not sustain above the zone. The price has quickly reversed back into the range and could trade to the other side if the USD continues to strengthen.
NZDUSD
The New Zealand Dollar remained bearish this week as expected and with the heightened volatility in the market the risk assets suffered. The NZDUSD price rejected the key supply zone pointed out in the week ahead analysis this week. The price continued to trade below the weekly lows which suggests the sellers are still in control here and if the USD continued to strengthen we could see a continuation of the bearish trend.
EURAUD
The EURAUD price was on our watchlist this week for long opportunities as the strength meter highlighted the Euro was getting stronger and the Australian Dollar was getting weaker. This could see the price move higher and the price did reject the demand zone but from the daily demand zone. This could see the price break the weekly highs and if it does we could see further trend trading opportunities.
GOLD
The price of Gold was one to watch this week ahead of the FOMC news. The USD weakened initially which drove Gold prices higher however this was short lived and the price continued to move lower as the Federal Reserve outlined further hikes to control the way in which inflation is rising.
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