FOREX Market Wrap: 8th April

The Forex Market Wrap is here!

Watch the video to learn what key levels have been hit this week!

FOREX Market Wrap Analysis

This week the market was light in terms of high impact news but the news that came out affected the markets greatly. First up was the RBA who held rates at 0.1% which could be seen as a disappointment by investors as the RBA had been talking of hiking rates but failed to follow through with it currently. The FOMC meeting minutes showed that most of the FOMC members wanted to see a 50bps rate hike. This could keep the USD bullish despite the seasonal bearishness for the USD.

GBPUSD

The GBPUSD chart was one to watch this week as we expected to see the GBP strengthen due to the strength meter and seasonal analysis. The price of GBPUSD however broke through the lows of 1.3100 seeing the sellers take over and drive the price to the key 1.3000 level. .

AUDUSD

The AUDUSD was on our week ahead analysis this week as the strength meter highlighted the Australian Dollar was at extreme highs which typically lead to a reversal. The RBA disappointed investors this week by not hiking rates which led to weakness entering the market. The weekly chart shows the price rejecting the previous weekly highs and closing in the lower third of the previous week’s candle showing the change in sentiment here. 

NZDUSD

The New Zealand Dollar was another currency we identified reversing this week. The price of NZDUSD has formed a bearish engulfing candle on the weekly showing that sellers have really taken control of this market currently. If the 4hr can retest the key supply zones we can look for short trading opportunities.

GBPAUD

GBPAUD was the currency pair to watch for long ideas this week from the strength meter as the GBP was moving from the extreme lows and AUD was moving from the extreme highs. The price has now seen a bullish reversal candle form on the weekly with the price being in an oversold condition on the RSI which adds confluence to a reversal move forming.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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