Week Ahead Analysis: 16th January

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

Watch the video to learn more…

Week Ahead Analysis

This week, investors will be closely monitoring data releases from the UK, Canada, US and Japan. On Wednesday all eyes will be on the US Retail Sales data, which is forecast to come in lower than previous. Additionally, the Monetary Policy Statement from the Bank of Japan will also be closely followed, as the recent shift in sentiment from the BoJ could have a significant impact on the Japanese Yen. 

The strength meter this week shows us that the AUD and EUR were the strongest currencies. The GBP remains weak which could change as it is in the reversal zone.

USD Index

The USD Index remains bearish, with the price trading below 103.50. However, it is approaching the May 2022 lows at 101.50. This could be a key level to watch, as a break below this level could signal further weakness in the US Dollar. 

AUDUSD

Another currency to keep an eye on is the AUDUSD. The recent release of the AUD CPI figures showed inflation increasing, which suggests that the Reserve Bank of Australia will need to act. The price has recently traded through a key trendline resistance above the key highs of 0.6875, which could indicate that the price could trade up to the 0.7100 highs.

USDJPY

The USDJPY is also one to watch, as the volatility from the upcoming BoJ announcement could see the USDJPY price head towards 124.00, which are major highs from back in 2015.

Gold

Finally, the price of gold has traded through the $1919.99 highs as the US Dollar weakened. If this trend continues and the USD Index fails at support, the price of gold could continue to rise. 

Overall, this week is shaping up to be an interesting one for investors, with key data releases and announcements from central banks that could have a significant impact on the currency and gold markets. Stay tuned for further updates and analysis as the week unfolds. 

Have you watched our Forex Market Wrap 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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