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In this week’s Week Ahead Analysis we take a look at the key charts of the week with #EURUSD, #AUDUSD, #GBPJPY and more!
Watch the video to learn more…
Week Ahead Analysis
In the coming days, investors worldwide will closely monitor the Reserve Bank of Australia (RBA), the US Federal Reserve, and the European Central Bank (ECB) as they announce their respective interest rate decisions. Additionally, the US Non-Farm Payroll data will be released, providing valuable insights into the employment landscape.
The RBA is forecast to maintain its interest rate at 3.6%, and the subsequent RBA rate statement will be closely scrutinized by investors for any hints about future policy changes. Stability in the Australian economy is a significant factor, and any deviation from the anticipated outcome could trigger market volatility.
Across the globe, the US Federal Funds Rate is expected to rise from 5.0% to 5.25%. The Federal Open Market Committee (FOMC) press conference following the announcement will garner significant attention, as investors try to decipher whether the Federal Reserve will pause its tightening cycle during the next meeting or continue with rate hikes. Clarity on the Federal Reserve’s future actions could have far-reaching implications on global financial markets.
Meanwhile, the ECB is projected to hike interest rates from 3.5% to 3.75%, reflecting the central bank’s response to inflationary pressures in the Eurozone. This move could impact both European and global financial markets, as investors assess the ramifications of the ECB’s policy changes.
Lastly, the upcoming release of the US Non-Farm Payroll data is expected to show a decline in job creation, falling from 236,000 to 180,000. This figure can significantly influence investor sentiment and market movements, as it offers a snapshot of the US employment situation.
USD Index
The price on the chart has traded through multiple technical levels and some observations included:
- The price of the USD Index rejected a daily channel high, and longer time frame trendline resistance.
- If the USD remains weak this week, then we could expect the price to trade through the 101.00 support zone.
- If price breaks through the lows, sellers could look to target the 99.00 levels.
- The USD could strengthen, depending on the upcoming data and the risk tone, this could see price trade through the trendline resistance.
EURUSD
The price on the chart has traded through multiple technical levels and some observations included:
- The price of EURUSD remains below resistance of 1.1100.
- Price looks to be forming a double top pattern, however if the USD weakens, price could trade through these highs.
- If price trades through the trendline support, price could drop towards the next level of support at 1.0750.
AUDUSD
The price on the chart has traded through multiple technical levels and some observations included:
- The price of AUDUSD traded through the trendline support showing potential further downside.
- Price has found support at 0.6575, and could trade higher from here if the market continues to see the USD as weak.
- Alternatively, if the price breaks this support zone, and risk tone changes, price may head towards 0.6400.
GBPJPY
The price on the chart has traded through multiple technical levels and some observations included:
- GBPJPY surged higher towards 171.50 resistance on Friday, after the Bank of Japan remained dovish on monetary policy.
- Price could retrace this move this week, and if it does price could find resistance and trade lower.
- The support of 169.00 could be targets for sellers in the short term.
Have you watched our Forex Market Wrap analysis? You can see it here.
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