Forex Week Ahead Analysis: 3rd July

In this week’s Forex Week Ahead Analysis we take a look at the key charts of the week with #GBPUSD,  #USDJPY, #Gold and more!

Watch the video to learn more…

Forex Week Ahead Analysis: 3rd July

Welcome to our weekly Forex market analysis, where we delve into the key economic events and policy decisions that are likely to shape the currency markets in the coming week. In this edition, we will closely examine the anticipated impact of the Non-Farm Payroll (NFP) data release and the Reserve Bank of Australia’s (RBA) interest rate decision on forex trading.

One of the most significant economic indicators for the United States, the NFP data, is scheduled to be released this week. Market participants will be eagerly awaiting the employment figures as they provide valuable insights into the health of the US labor market. Based on current forecasts, the NFP is expected to come in at approximately 222,000 jobs added, which would mark a decline compared to the previous month’s reading of 339,000 jobs.

In another notable event this week, the Reserve Bank of Australia is set to announce its interest rate decision. Despite inflation levels surpassing the RBA’s targets and reaching 7%, current forecasts suggest that the central bank will leave interest rates unchanged at 4.1%.

The RBA’s decision to maintain interest rates amidst elevated inflation levels indicates a cautious approach towards monetary policy. It reflects their commitment to balancing economic growth with inflationary pressures and managing the potential risks associated with adjusting interest rates.

USD Index

The price on the chart has traded through multiple technical levels and some observations included:

• The USD Index closed back below the 103.00 resistance this week, despite the price performing fairly well. 
• This could be a sign that investors aren’t agreeing with the Fed’s ideas on monetary policy.
• Now price is below resistance it could trade back to the lows of 102.00.

USDJPY

The price on the chart has traded through multiple technical levels and some observations included:

• USDJPY reached the highly anticipated level of 145.00.
• This level was rumored to be where the BoJ intervened.
• If price continues lower from this area it could trade back down towards 142.00.

GBPUSD

The price on the chart has traded through multiple technical levels and some observations included:

• Cable closed the week back above the key supporting level of 1.2650. This could be a bullish development for the pair with price potential heading higher. 
• If price remains in this upward trend, we could see prices reach 1.3000.

GOLD

The price on the chart has traded through multiple technical levels and some observations included:

• The price of Gold has found support at the minor $1890.00 handle.
• If the USD falls then the price of Gold could trade higher back towards its key resistance of $2030.00.

Have you watched our EURJPY Analysis? You can see it here. 

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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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