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In this week’s Week Ahead Analysis we take a look at the key charts of the week with GBPUSD, AUDUSD, EURAUD and more!
Watch the video to learn more…
Week Ahead Analysis
This week we don’t see as much high impact news at all compared to last week which could bring the volatility down. The main news for the week is CPI data out of the US which forecasts suggest to see a decrease. This was outlined by the Federal Reserve Chairman Jerome Powell last week and could see the USD begin to fade from its recent highs on the USD Index.
The strength meter currently shows the USD, CAD and EURO as the strongest currencies and the JPY, NZD, AUD and GBP as the weakest. This could offer multiple trend trading opportunities going into this week.
GBPUSD
The GBPUSD price remains on our watchlist this week after the Bank of England’s comments surrounding recessionary risks. This news does not bode well for the GBP and the UK and will likely see the currency continue to devalue against the likes of the USD. This could offer short trading opportunities next week if the price could retest key supply zones such as the 1.2500 level.
AUDUSD
The AUDUSD price also remains on our watchlist for short trading ideas going into next week as the AUD remains low on the strength meter. The price is close to the major 0.7000 level which will likely be retested going into next week. If the price however rallies in the early stages of the week we could look for reversal opportunities back to this major support.
EURAUD
The strength meter highlights that the EURO is getting stronger and that the AUD is getting weaker. This should see an upward trend develop on EURAUD in the near term and looking at the price we can see a potential upward trend forming. The price has recently found demand at the previous daily highs and if the momentum is going to continue we should expect the market to make higher highs and higher lows in the 4hr time frame. If the price can break through the recent highs and retest minor demand zones and form bullish price action we could look for further long ideas.
S&P500
The stock markets took a downward turn last week as the volatility increased in the markets. Typically when there is such high impact news we can often see a reversal in the stock markets. Recently the federal reserve announced further hikes to come so we could see a reversal form for the stock markets. The price is currently resting at support however in order to confirm strong buying momentum has returned to the market we would need to see a break of the recent swing highs.
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