Week Ahead Analysis: 10th April

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

Watch the video to learn more…

Week Ahead Analysis

The Forex market is poised for a potentially volatile week as traders brace for key economic data releases and central bank events. The USD CPI report is scheduled for release, with forecasts suggesting a slowdown in inflationary pressures as the rate is expected to ease from 0.4% to 0.2%. This lower-than-expected reading could put some downward pressure on the greenback, as it may signal a cooling off in price increases and provide the Federal Reserve with more breathing room in terms of their monetary policy approach. Meanwhile, the Bank of Canada is widely anticipated to maintain its interest rate at 4.50%, allowing the Canadian dollar to stabilize against its US counterpart.

In addition to the CPI data, market participants will also be closely scrutinizing the FOMC meeting minutes for any hints regarding the end of the current tightening cycle. If the minutes suggest a near-term pause in rate hikes or a less aggressive approach to monetary tightening, the US dollar may face additional headwinds, as investors re-calibrate their expectations. Furthermore, the US Core PPI report is forecast to show a rebound in growth from 0.00% last month to 0.3% this month, which could potentially counterbalance the impact of the softer CPI data on the US dollar. As these events unfold, Forex traders should remain vigilant and be prepared for potential shifts in currency valuations throughout the week.

EURUSD

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

• Price is trading towards the key resistance level of 1.1000.
• If the price reaches this level we could anticipate traders looking to sell here.
• If the USD continues to weaken the price could trade above this level. 

GBPUSD

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

• The weekly chart shows the price of cable closing back below the highs of 1.2450.
• If the price trades through last week’s low below 1.2300, price could be trading down to the range lows at 1.1850.
• If the USD continues to weaken we could see prices continue to 1.2650.

AUDUSD

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

• The price of AUDUSD on the weekly time frame has formed a bearish rejection candle.
• With price closing back below the 0.6700 again it could signal further bearish pressure.
• Traders could look for prices to trade down to the lows of 0.6575.

NZDUSD

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

• Price rejected the key level at 0.6375, this led to price breaking outside of a consolidation pattern.
• If the price continues lower we could see a move down to the swing lows at 0.6100.

Have you watched our USDCAD 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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