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In this week’s Week Ahead Analysis we take a look at the key charts of the week with #GBPUSD, #EURUSD, #GOLD and more!
Watch the video to learn more…
Forex Week Ahead Analysis
In the news this week investors will be looking forward to seeing the outcome of the Consumer Price Index (CPI) in the US. Forecasts are expecting to rise from previous which could see the USD strengthen next week. Higher inflation data will put pressure on the Federal Reserve to be more aggressive with rates. The Fed Chairman Powell said that the US is now in a deflationary environment but these figures could suggest otherwise. The US retail sales and PPI data is also forecast to beat previous outcomes which could add fuel to the fire for the USD.
RBA Governor Lowe is to speak this week and could mention the recent need to hike rates further in Australia. The Australian Dollar has been performing well until most recently, this could however change if the Governor is hawkish.
The strength meter highlights the EURO was the worst performing currency of last week. AUD has begun to fall from the +5 level which could signify a reversal is forming.
EURUSD
The price on the chart has traded through multiple technical levels and some observations included:
- Price has rejected the 1.0775 resistance level.
- The bearish price action has seen it trade through the supporting trendline
- This could lead to a move down the support lows and trendline support around 1.0500.
GBPUSD
The price on the chart has traded through multiple technical levels and some observations included:
- Price continued to trade lower last week after breaking the key level of 1.2125.
- Now price is trading outside of the minor bearish channel we could expect price to move to 1.2000.
- A pullback to the previous minor lows could offer short opportunities to traders.
USDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- Price remains above the key support of 131.00.
- A minor range has formed on the lower time frames.
- If the price breaks higher in line with recent USD strength we could see a move towards 134.50.
GOLD
The price on the chart has traded through multiple technical levels and some observations included:
- Price failed to trade back above the $1875.00 resistance.
- A break of the weekly low would offer short opportunities to $1800.00.
- The price of Gold has been affected by the recent bullishness of the USD.
- If the Fed has to hike for longer, Gold price could reach $1625.00.
Have you watched our Forex Market Wrap analysis? You can see it here.
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