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In this week’s Forex Week Ahead Analysis we take a look at the key charts of the week with #AUDUSD, #USDJPY, #Gold and more!
Watch the video to learn more…
Welcome to the Forex Week Ahead Analysis for the week starting June 26th, 2023. This week promises to be an eventful one, with several significant developments on the global stage that are likely to impact the forex markets. In this analysis, we will discuss the potential implications of a military coup in Russia, the shift in market sentiment, the upcoming speech by UK Bank of England Governor Bailey, and the remarks from Fed Chairman Powell ahead of the Core PCE Price Index data release.
Over the weekend, Russia experienced a shocking turn of events as a military coup took place, causing turmoil in the country. The ‘Wagner Group,’ led by Yevgeny Prigohzhin, headed towards Moscow, leading to the fleeing of President Vladamir Putin. This unexpected development is likely to have a significant impact on the forex markets. The uncertainty surrounding the political situation in Russia could lead to a change in the current risk-on environment. Investors may turn to safe haven assets as they seek stability amidst the heightened geopolitical tensions.
This week, market participants will closely watch the speech by UK Bank of England Governor Bailey. Notably, the Bank of England recently hiked interest rates to 5.00%, signaling a more hawkish stance in monetary policy. Governor Bailey’s speech is expected to provide further insights into the central bank’s decision and shed light on future policy actions.
Another important event to monitor this week is the speech by Federal Reserve Chairman Powell. Recent statements from Powell have hinted at the possibility of the Fed hiking rates beyond the current 5.25%. Market participants will eagerly await his comments for further clarity on the central bank’s monetary policy trajectory. Additionally, the release of the Core PCE Price Index data will provide valuable insights into inflationary pressures. This data, coupled with Chairman Powell’s remarks, may significantly influence market expectations regarding future interest rate adjustments.
USD Index
The price on the chart has traded through multiple technical levels and some observations included:
- Price rallied last Thursday and Friday seeing price back at the 103.00 resistance.
- If price trades above this level, we could see the price trade higher.
- If price finds resistance we could see a move towards 101.00.
USDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- USDJPY prices traded through the key resistance of 142.00.
- Buyers could be looking to target resistance at 145.50.
- The BoJ have talked of an intervention which could happen around the 145.00 levels.
AUDUSD
The price on the chart has traded through multiple technical levels and some observations included:
- AUDUSD found resistance at 0.6900 leading to a significant move lower.
- If price remains bearish AUDUSD could trade towards the lows of 0.6575.
Gold
The price on the chart has traded through multiple technical levels and some observations included:
- Gold could be interesting to watch, USD strength could drive prices lower to $1890.00.
- The uncertainty in Russia could see price move higher if market participants feel this could add volatility.
- However, if this is a short term blip in the Russian offensive in Ukraine then we Gold may continue lower.
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