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In this week’s Week Ahead Analysis we take a look at the key charts of the week with #USDINDEX, #GBPUSD, #NZDUSD and more!
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Week Ahead Analysis
Volatility will likely be down this week as the news calendar shows a lack of high impact data. Of the high impact data that is available to us this week centres around Canada. We are forecasted to see CAD CPI numbers fall from 0.7% m/m to -0.1% m/m showing significant declines in Inflation.
In the Central Bank news the Bank of Japan is to announce their monetary policy statement in which the central bank will likely leave rates unchanged. However, they may comment on the recent JPY strength that we have seen over the last few weeks.
The strength meter this week shows us that the NZD has had a decline from the top spot. This could continue going into this week and could be one to watch against currencies getting stronger. The USD and CAD remains the weakest two currencies but both in reversal zones.
USD Index Analysis
The price of the USD Index will be one to watch going into this week as we have little in the way of US data. Currently the price of the USD Index is trading within a daily bearish channel after rejecting the recent support of 103.50. If the price breaks the bearish channel high and above the resistance at 105.00 we could look for long opportunities back to the 108.00 handle.
GBPUSD Analysis
The price of Cable has also been trading within a range but this time a bullish channel. Recently the price has tested the channel lows and the key supporting lows at 1.2125. If the price trades through these lows we could expect the market to continue to the downside targeting levels like 1.2000 and below. If however, the USD does not strengthen and the GBPUSD breaks the consolidation higher we could expect to see the price trade to the channel highs.
NZDUSD Analysis
The NZDUSD price has been on our watchlist for some time looking for long opportunities pointed out to us by the strength meter. However, the roles have now potentially reversed now that the NZD has started to lose strength. Looking at the H4 chart we can see that the price rejected just above the key 0.6450 handle and has traded through the bullish trendline support. Currently, the price is slowly retracing which could often be followed by a strong impulsive phase. If that’s the case we could expect the market to break lower towards 0.6280.
S&P500 Analysis
The biggest US Stock Market has continued on it’s bearish path recently with the price rejecting a weekly trendline resistance. The daily time frame shows the price has formed a head and shoulders pattern at this resistance suggesting the market could continue lower. If so we could begin to look for opportunities on the range lows marked at 3936.50. A bearish rejection of this level could invite selling pressure to the US Stock Market.
Did you see our Forex Market Wrap Analysis? You can see it here.
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