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In this week’s Week Ahead Analysis we take a look at the key charts of the week with #EURUSD, #GBPUSD, #AUDUSD and more!
Watch the video to learn more…
Week Ahead Analysis
The market will be high in volatility again this week due to central bank announcements out of Australia and New Zealand. As well as key data out of the US including Non-Farm Payrolls.
The RBA is forecast to hike interest rates from 3.60% to 3.85%, as the inflation rate nears the 8% highs. The RBNZ is also forecast to hike interest rates from 4.75% to 5.00%, the inflation rate in New Zealand has held around the 7.2% level for a few months, showing signs that the interest rate hikes have stalled inflation for now.
The Non-Farm Payrolls will be watched closely by investors this week as the Fed has talked about needing to see the labor market reflect the current hiking pressures. This means they would like to see the labour market shrink to put less pressure on inflation.
The strength meter this week shows us that the JPY was the worst performing currency of last week, largely due to the risk mood improving. If this continues into this week the JPY could weaken further.
EURUSD
The price on the chart has traded through multiple technical levels and some observations included:
- The price of EURUSD found resistance at 1.0905 highs.
- If the price moves lower from here we could see the price test the lows at 1.0700.
- Price has failed to reach the key resistance at 1.1000, if the USD weakens again this level could be targeted by buyers.
AUDUSD
The price on the chart has traded through multiple technical levels and some observations included:
- AUDUSD continues to trade below the 0.6700 level.
- If the RBA states they need to be more aggressive with rates due to the inflation rate being high, then the AUD may strengthen leading to a move above this level.
- A close above this level would lead to a move towards 0.7000.
- If price remains below this level we could see sellers target 0.6575.
GBPUSD
The price on the chart has traded through multiple technical levels and some observations included:
- Cable could be the one to watch this week due to price being near the weekly range highs.
- If the price finds resistance at the highs of 1.2425 we could expect it to trade down to the range lows of 1.1850.
- However, recently the BoE suggested that they will raise interest rates due to inflation being at 10.4%. This could see the price break above the highs.
USDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- JPY was the weakest currency of last week which saw price trade from 130.75 to 132.75.
- If the risk mood continues to improve then price could trade higher to 134.50.
- Alternatively, if the risk on mood fades, price could trade to the lows of 130.75.
Have you watched our Forex Market Wrap analysis? You can see it here.
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