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In this week’s Week Ahead Analysis we take a look at the key charts of the week with #AUDUSD, #NZDUSD, #AUDJPY and more!
Watch the video to learn more…
Week Ahead Analysis
As we head into the upcoming week, financial markets are gearing up for significant economic data releases, which have the potential to impact global investment decisions. One key event on the radar is the Australian Consumer Price Index (CPI), which is expected to fall from 1.9% to 1.3%. This drop in inflation is likely to weigh on the Australian Dollar, particularly as we approach a seasonally weak period for the currency. Historically, the Australian Dollar tends to under perform during the end of April through to the end of May, and this year looks to be no exception. Investors should keep a close eye on this release, as it could influence the Reserve Bank of Australia’s monetary policy decisions in the coming months.
Meanwhile, the United States is preparing for the release of its Advance GDP data for the quarter, with growth expected to fall from 2.6% to 2.0%. This deceleration could prompt concerns about the health of the US economy, particularly in light of the anticipated rise in unemployment claims from 245k to 249k. As these figures emerge, market participants will be closely monitoring the Federal Reserve’s response to this economic slowdown, as it may signal potential changes to monetary policy. Overall, investors should remain vigilant in the week ahead, as these key data points have the potential to shape market sentiment and drive currency movements across the globe.
AUDUSD
The price on the chart has traded through multiple technical levels and some observations included:
- AUDUSD is seasonally weak this time of year through to the end of May.
- Price looks to be forming a bearish flag pattern, which could see price trade lower.
- Sellers could look to target the key swing lows of 0.6200.
NZDUSD
The price on the chart has traded through multiple technical levels and some observations included:
- The NZD is one of the weakest currencies currently and the price of NZDUSD could reach 0.6100.
- If this bearish sentiment continues, the price could trade through the key 0.6100 level.
- A break below these lows could see price trade to 0.5550.
AUDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- Price has rejected the key weekly lows around 90.50.
- The support of 87.75 could be targets for sellers.
- Traders could look for pullbacks to minor resistance levels.
GOLD (XAU/USD)
The price on the chart has traded through multiple technical levels and some observations included:
- The monthly chart shows the price forming a bearish rejection candle.
- USD strength could see the price trade lower towards $1800.00.
- If risk sentiment changes, price could head back to the $2050.00 highs.
Have you watched our AUDUSD analysis? You can see it here.
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