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In this week’s Week Ahead Analysis we take a look at the key charts of the week with #GBPUSD, #USDJPY, #SXP500 and more!
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Week Ahead Analysis
All eyes will be on the US inflation data this week with both CPI and PPI to be announced. Both data sets are forecast to come in lower, however the trend for US data has seen forecasts beaten most times than not. This could be a signal for inflation to rise again, if it does the likelihood of the Fed hiking more aggressively could increase. In the UK the GDP figures are forecast to fall and show negative figures. This is in line with the recent talk from the Bank of England who stated that the UK is very likely to move into a recession.
The strength meter this week doesn’t show too many opportunities. The JPY was the strongest currency but now in a reversal zone showing us opportunities to look for JPY weakness again.
GBPUSD Analysis
The GBPUSD price will be interesting to watch this week as we could have positive US data and negative GBP data. This does suggest the reversal move is not ready just yet, unless the data shows otherwise. The Weekly chart shows the price is in a downward trend, price closed bearish last week at previous resistance which could see the trend continue. The daily chart does however show the price forming a reversal pattern. This confuses the technicals here but fundamentally we should remain short unless the price breaks the highs of 1.2300.
USDJPY Analysis
The USDJPY weekly chart closed as a bullish rejection of the previous week’s high. This price action combined with the strength meter suggest the USDJPY could be moving into a bullish impulsive phase. The 4hr chart shows the price is forming a bullish reversal with the market making a new high. Now the price closed above the highs we could see trend opportunities form on retracement moves.
S&P500 Analysis
The S&P500 formed a low ranging weekly candle at previous highs, this could be seen as a bearish week in the market. If the inflation rate continues to rise the S&P500 could begin to fall again. The 4hr time frame does show a new low has formed however, the price would need to move much lower before confirming a reversal.
WTI Crude Oil Analysis
The price of OIL is one to watch for us as the price approaches a key level. The monthly trend is bullish but we are in a retracement phase, this saw a downward trend develop on the daily chart. However, this downward trend on the daily chart could end if the price reacts from last year’s high and key support level. If the price forms a bullish reversal pattern here we could assume the monthly trend is going to continue.
Did you see our Forex Market Wrap Analysis? You can see it here.
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