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In this week’s Week Ahead Analysis we take a look at the key charts of the week with #USDJPY, #AUDJPY, #CADJPY and more!
Watch the video to learn more…
Week Ahead Analysis
As we approach the end of March, there are several key events and economic indicators that investors will be keeping an eye on. In the U.S, the banking sector crisis will be in the headlines, as the Federal Reserve has pledged to do everything it can to support the sector.
Additionally, there will be important testimony before the U.S Senate on banking and other topics. Here’s what to expect in the week ahead.
The U.S banking sector has been under immense pressure in recent weeks, after the collapse of Silicon Valley Bank. The incident has sparked concerns about the stability of the banking system and the potential for wider contagion. In response to the crisis, the Federal Reserve has said it will do everything it can to support the banking sector. This includes providing liquidity to the market. Investors will be watching for any further announcements or actions taken by the Fed to address the situation.
In addition to the banking sector crisis, investors will also be keeping an eye on several key economic indicators this week. These include the Final GDP q/q, PCE, and Core PCE figures.
The Final GDP q/q is expected to remain the same from the previous quarter, while the PCE and Core PCE figures will provide insights into inflationary pressures. Investors will be watching these indicators closely as they look for clues about the direction of the economy and potential changes in monetary policy.
The currency strength indicator this week shows that the AUD did move higher from the reversal zone, but still remains weak. The CAD is now the weakest currency at -6. The JPY is the strongest currency and has benefited from the risk off environment.
USD Index
The price on the chart has traded through multiple technical levels and some observations included:
- The USD Index found support at the key swing lows and weekly demand zone.
- If the USD begins to gain strength here we could expect the price to trade higher.
- Alternatively, the price could trade back to the swing lows to form a bullish reversal pattern.
USDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- USDJPY price has traded lower recently due to the risk off environment.
- Price has found support at the key lows of 129.80.
- Price could retest these lows if the JPY strength continues in the market.
- If the price forms a reversal pattern at this level then the trend could be subject to change.
- A break below 129.80 could lead to a move down to 128.50.
CADJPY
The price on the chart has traded through multiple technical levels and some observations included:
- The price of CADJPY has traded lower due to the risk off environment.
- Price has reached support of 95.00 where sellers could begin to exit positions.
- However, if the risk sentiment continues, the price could trade lower towards 92.50.
AUDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- AUDJPY also traded through key lows last week and is heading towards 85.75 support.
- If price tests this support we could see price trade higher again.
- If the risk off environment remains then price could move lower towards 85.75.
Have you watched our Forex Market Wrap analysis? You can see it here.
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