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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, #GOLD and more!

 

Watch the video to learn more…

Week Ahead Analysis

This upcoming week presents some significant data releases for both the Canadian and US economies. The CAD CPI and US Unemployment Claims data will be closely scrutinized by market participants as they provide essential insights into the health of these economies and their central banks’ potential policy responses.

The Canadian economy has been in the spotlight lately, as the Bank of Canada (BoC) unexpectedly paused interest rates in their latest monetary policy meeting. Despite this, the economy has been performing well, showcasing resilience in the face of global economic uncertainty. This week, market participants will be keeping a close eye on the CAD CPI data release, as it will provide further insights into the health of the Canadian economy. A higher-than-expected CPI reading could signal increasing inflationary pressures, which might prompt the BoC to reconsider its recent stance on interest rates.

Turning our attention to the United States, the weekly Unemployment Claims data is due this week. Forecasts indicate that the number of claims is expected to come in higher than the previous week, which could spark concerns about the health of the US labor market. An increase in claims could signal a slowdown in the labor market and potentially dampen expectations of the Federal Reserve’s (Fed) tightening cycle. This, in turn, could lead to a weaker US Dollar (USD) as investors adjust their expectations for future monetary policy moves.

USD Index

USD Index Forex Week Ahead Analysis 16-4-23

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

  • The USD Index retested the weekly lows of 100.83 and found support.
  • If USD buyers return to the market this week we could see a move back towards last week’s highs of 102.50. 
  • If this is the start of a new bullish phase for the USD then price could come to 105.50.
  • Alternatively, if the USD remains weak we could expect a break below the lows of the highs of 99.00.

EURUSD

EURUSD Forex Week Ahead Analysis 16-4-23

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

  • If the USD gains strength this week we could see EURUSD head back to the trend line support.
  • Price has closed back below the key level of 1.1000 suggesting a reversal is likely.
  • If price does trade lower it could test the lows at 1.0840.

GBPUSD

GBPUSD Forex Week Ahead Analysis 16-4-23

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

  • GBPUSD is trading in a weekly range between 1.2450 and 1.1850.
  • Price tried to break out of the highs of the range and failed again.
  • If prices were to break the weekly lows, it could see prices aim to trade to the lows of the range.

GOLD

GOLD Forex Week Ahead Analysis 16-4-23

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

  • Gold is trading within a long term range between 2050.00 and 1635.00.
  • The USD weakness has seen Gold price reach the highs of the range once again.
  • The weekly chart shows the price has rejected the highs we could see see price move lower again. 

Have you watched our Forex Market Wrap analysis? You can see it here

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