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In this week’s Week Ahead Analysis we take a look at the key charts of the week with #GBPUSD, #GBPJPY, #USDIndex and more!
Watch the video to learn more…
Week Ahead Analysis
In this news this week we have several high impact pieces of data that will be of interest to investors. We have rate announcements out of Australia and Canada with the Bank of Canada looking to hike rates. Federal Reserve chairman Jerome Powell testifies this week also and investors will be looking to see if the Chairman talks about raising interest rates and how aggressively the Fed could do it. We also have Non-Farm Payroll data at the end of the week which is forecast to come in slightly lower.
The risk off sentiment could continue as the Russia invasion of Ukraine continues. News over the weekend has been mixed which could provide uncertainty as Russia have been taken off the Swift international banking system but has also asked to meet with the Ukrainian President for peace talks.
The strength meter this week highlights that the GBP has been losing strength which could offer short opportunities.
USD Index
The USD Index has retraced from the $97.00 highs and is heading back to a key support zone. The price could move back higher this week depending on how the market takes the news from over the weekend. If the risk off sentiment returns we should see the price of the USD Index move higher. If it doesn’t and we get further disappointment from the Fed and Non-Farm payroll we could see a move lower.
GBPUSD
GBPUSD is one to watch this week as the strength meter has highlighted that the GBP was the weakest currency last week. This could offer short opportunities against stronger currencies like the USD if the risk off sentiment returns. If the price moves back to the supply zone and forms bearish price action we could look to go short for the price to head back to 1.3200.
GBPJPY
Again, GBP is on the watchlist for bearish opportunities and if the risk off sentiment returns to the market JPY could get stronger. This should see the GBPJPY price move lower and the price is reflecting this bias currently as the head and shoulders pattern has been completed. If the price retests the supply zones we could look for short trading opportunities.
S&P500
The stock markets are also high on the watchlist this week as the price completely reversed the bearish price action from earlier in the week which could suggest that the risk sentiment is moving back. However, the recent news does suggest more of a risk off sentiment to come but if the price does hold at the minor demand zone we could look to see if buyers will move price higher.
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