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In this week’s Week Ahead Analysis we take a look at the key charts of the week with EURUSD, GBPUSD, NZDUSD and more!
Watch the video to learn more…
Week Ahead Analysis
The high impact data litters the markets this week with key speeches from central bank leaders and inflation data to keep an eye on. The week kicks off with Bank of England Governor Bailey speaking two days in a row which could cause some volatility to the GBP markets. In other data we have two central bank interest rate decisions, the first from the RBNZ followed by the BoC, both central banks looking to hike interest rates by 50bps. Again, this should cause some high volatility in the NZD and CAD markets this week. Investors will be keeping a keen eye on CPI and PPI out of the US this week, the CPI data is forecasted to remain the same or rise slightly, if we were to see a rise above forecasts we could see the USD strength remain as the pressure will be on the Federal Reserve to hike rates more aggressively.
The strength meter this week shows the NZD has found a base and could be strengthening against the weaker currencies such as the EURO. The CHF remains at the top of the meter closely followed by the USD. The CHF does however look to be failing to gain more strength which could see the currency reverse and become weak.
EURUSD Analysis
The EURUSD price will be an interesting watch this week as the high volatility data usually sees the USD strengthen. The price action however looks to be forming a reversal with the price trading within last week’s value area. When price does this we can often see it lead to the market staying within value, if the price was to trade to the value area high and reject we could see the price remain range bound and a move back to the value area low.
GBPUSD Analysis
The GBPUSD price will be volatile this week as we have speeches from the Bank of England and inflation data from the US. Both datasets will push the market and all we can do is try to identify the key levels to watch. The price is currently trading just above last week’s value area high and if the price was to break above this area we could see a move to a high volume level at 1.2108. This was also an area where we have seen selling pressure form in the past. If the price was to reject this area we could expect some downside if the USD was to strengthen at this point.
NZDUSD Analysis
The kiwi is on the strength meter for reversal opportunities this week however, the USD is strong too so we could expect to see a continuation of the range that has been building on the market the past week. Ranges can often lead to breakouts so it will be important to see which way the price will break. The price could spike on the RBNZ interest rate high which could see prices testing the high volume levels around 0.6220. If a rejection forms here we could see a move back to the swing lows.
Gold Analysis
The price of Gold continued to fall last week and it doesn’t look like this is going to slow down anytime soon. The bearish weekly close suggests that rallies could be sold going into this week and currently the price is in a tight trading range on the 4hr time frame. The Inflation data out of the US will be important for the price this week as if it were to rise this could push the Federal Reserve into hiking rates by 75bps which should have a negative impact on the commodity. The previous week’s low could also act as an area of resistance if the price was to rally above the range highs.
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