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In this week’s Week Ahead Analysis we take a look at the key charts of the week with #GBPUSD, #NZDUSD, #AUDUSD and more!
Watch the video to learn more…
Week Ahead Analysis
This week we have key speeches by multiple central bank governors including the BoE, RBNZ and Federal Reserve. The Bank of England Governor Bailey could continue to remain hawkish about the GBP as inflation continues to rise. The RBNZ Governor Orr could outline further hikes to come from the RBNZ with inflation forecast to rise once again, however, some investors believe they have over hiked in order to be able to adjust in the future and the Governor could begin to hold back on hikes. FInally, Fed Chairman Powell is set to speak towards the end of the week which could give an insight into what the Fed has planned for its next meeting.
The strength meter this week continues to show the New Zealand Dollar losing strength. The GBP continues to gain strength in line with its seasonal period. The Australian Dollar remains at extreme highs which could reverse going into this week. The Japanese Yen also remains at an extreme but at the lows this time without signs of strength currently.
GBPUSD
The GBPUSD weekly chart shows the price is forming a bullish rejection of the lows, this combined with the RSI showing bullish divergence we can look for bullish reversal opportunities. Seasonally the GBP is strong and recent CoT reports show commercials increasing their long positions which could fuel the bullish move in the GBP. The 4hr time frame shows price trading below the key 1.3100 level, if the price could climb back above this key level we could see fresh buyers enter the market.
NZDUSD
The NZDUSD weekly chart shows the price closed as a strong bearish candle which shows that sellers are in control of the market. If this momentum is going to continue we can expect the 4hr downtrend to continue also. The price is currently trading at the key lows, if the price can break these lows we could see a move down to the key 0.6700 support zone.
AUDUSD
The AUDUSD price also closed bearish on the week offering further short trading opportunities. The 4hr chart at the moment is showing more of a range bound market forming. If the price is going to trade lower we would need to see this range lows get broken and the price form lower lows and lower highs.
NZDJPY
NZDJPY is a chart to watch as the strength meter shows the New Zealand Dollar getting weaker and the Japanese Yen at extreme lows. In order to see the JPY strengthen we need multiple factors to come into the market, this could be the US10YR bond yields falling or the stock markets falling. Either of these could help the JPY strengthen in the short term which is crucial to seeing this market reverse. If the price breaks through the weekly lows we could begin to look for short trading ideas.
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