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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
Looking at the news this week we saw two rate rises from central banks. Firstly the RBA hiked interest rates from 2.85% to 3.10% which had little effect on the AUD market this week. Next the Bank of Canada announced a rate hike seeing their rates move from 3.75% to 4.25%.
We felt this week the market needed some influence fundamentally in order to drive momentum and volatility. We expected this to come from the Core PPI and PPI data out of the US towards the end of this week however, despite the numbers coming in above expectations we saw little movement from the USD.
US Dollar Index Analysis
The USD Index this week was expected to move lower towards the 103.50 handle. Instead the price has largely consolidated this week between the 105.75 and 104.00 levels. The PPI data was expected to move the market this week but this had little effect in the end on the volatility in the market.
NZDUSD Analysis
The NZDUSD remained on our watchlist this week as the strength meter highlighted the strength in the NZD and weakness in the USD. From a technical outlook we identified the market was heading towards the 0.6450 zone of resistance. Price did find resistance at the price however it soon recovered once it found support again at the previous swing highs of 0.6280.
CADJPY Analysis
The price of CADJPY was on our watchlist this week as the market traded through the major key level of 102.00. We expected to see the price continue to the next level of support at 98.25, however, the price ended up consolidating for the whole week offering little opportunities. Instead we will likely see the price break lower going into next week’s trading.
S&P500 Analysis
The S&P500 did move lower this week after the price found resistance at the long term trendline. Price traded back within the daily range between 4038.50 and 3936.50. Now the price has traded through the bullish channel we could expect the US stock market to continue lower, if the price broke down through the range lows.
Did you see our EURJPY Analysis? You can see it here.
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