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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!
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Week Ahead Analysis
This week in the US, investors will be looking towards the release of the CB Consumer Price index and the ISM Manufacturing PMI. Both data sets are forecast to come in higher than previous which could add fuel to the already hot fire of the USD. The USD strength will likely continue on good data as investors see it as an opportunity for the Federal Reserve to hike rates more aggressively.
In other news this week, the GBP could be one to watch as Brexit negotiations between the UK and EU over the Northern Ireland Protocol seem to be advancing. If the deal is done this could give investors a feeling that a Brexit deal may come together. The Bank of England Governor Bailey is also expected to speak this week adding volatility to the GBP pairs.
The strength meter this week shows us that the GBP was the strongest currency of last week. The USD and JPY remain in reversal zones on opposite sides of the table. The USD tops the table whilst the JPY remains at the bottom.
EURUSD
The price on the chart has traded through multiple technical levels and some observations included:
- Price continued to trade bearish offering selling opportunities to traders looking for the move lower.
- If price finds the recently formed lower around 1.0900 then we may see some short term rallies.
- This could be an ideal area to look to take profits on a bearish move which could cause the market to reverse from these lows.
- Sellers will be interested in this market if they can find higher prices.
GBPUSD
The price on the chart has traded through multiple technical levels and some observations included:
- Price of GBPUSD could be one to watch this week. Despite the strength in the GBP the price of cable continued to trade lower.
- However, if the price was to range due to both currencies being strong we could expect to see a move back towards the 1.2100 handle.
- If the deal between the UK and EU begins to fall through then we could see GBPUSD break through the daily 200 moving average and move towards the 1.1850 lows.
GBPJPY
The price on the chart has traded through multiple technical levels and some observations included:
- GBPJPY could trade higher this week due to the strength meter showing the GBP as the strongest currency and the JPY being the weakest.
- Price has recently traded outside of a range between the highs of 162.00 and lows of 156.00.
- Friday’s close is a bullish engulfing candle which could signal higher prices.
- The price may reach the next resistance zone of 166.00.
GOLD
The price on the chart has traded through multiple technical levels and some observations included:
- The price of Gold looks likely to continue down to the $1800 level this week after breaking out of its recent short term consolidation.
- If the USD continues to strengthen we could see the price of Gold continue down to the $1700.00 level in the near future.
- Strong US data will be the catalyst for Gold prices this week and any rallies could be met with strong selling pressure.
Have you watched our Forex Market Wrap analysis? You can see it here.
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