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In this week’s Week Ahead Analysis we take a look at the key charts of the week with #AUDUSD, #GBPUSD, #USDJPY and more!
Watch the video to learn more…
Week Ahead Analysis
The market could be in for another round of high volatility going into this week as we expect three rate announcements from central banks. Headline risks will still remain and with the banking sector coming under pressure, the upcoming rate decisions could have a direct impact.
Investors will be keen to see how the FOMC reacts to the banking sector crisis. The Federal Reserve is expected to hike interest rates by 25 basis points to 5.00%. Many banks have called for the Federal Reserve to pause interest rates. Any discussions involving this could be taken as a positive by the market in these currency market conditions.
In other central bank news, the Swiss National Bank (SNB) is forecast to hike rates by 50 basis points to 1.50%. The Credit Suisse crisis could put pressure on the SNB to leave rates unchanged. The Bank of England will follow this announcement with a rate hike of their own. The BoE is forecast to hike rates by 25 basis points to 4.25%.
The strength meter remains fairly unchanged going into this week. The AUD remains the weakest currency in the reversal zone. A currency being in the reversal zone can often lead to reversal opportunities forming.
AUDUSD
The price on the chart has traded through multiple technical levels and some observations included:
- AUDUSD could be one to watch this week due to the potential weakness or reversal forming.
- AUDUSD is currently trading at resistance of 0.6700.
- A break above this level could lead to the price trading higher towards 0.7000.
- On the other hand if the price finds resistance here we could see the price trade back to the lows of 0.6575.
GBPUSD
The price on the chart has traded through multiple technical levels and some observations included:
- The Bank of England rate decisions could add volatility to the price of cable.
- Currently the price is trading below the key highs of 1.2200.
- A break above this level would offer buyers an opportunity to trade to 1.2300.
- A rejection here could see the price move back towards 1.0250.
USDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- Fear and uncertainty in the markets caused the JPY to strengthen last week.
- If this were to continue this week due to the high impact news event, USDJPY could trade towards the support levels of 130.75 or 127.50.
- If the USD begins to revolver some of its losses then we could see price trade higher to 134.50.
GOLD
The price on the chart has traded through multiple technical levels and some observations included:
- The price of Gold broke though multiple resistance levels last week.
- Fear drove the price higher and towards the major range highs of $2050.00.
- If the price reaches the range highs we could see a reversal form.
- Alternatively, if the price is going to trade to the range highs, buyers could identify long opportunities into the resistance.
Have you watched our Forex Market Wrap analysis? You can see it here.
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