Forex pairs & markets covered in this week’s Weekly Forex Forecast & Forex Analysis:
USD (DXY), EUR, GBP, CHF, JPY, CAD, AUD & NZD.
EURUSD, EURJPY, GBPUSD, AUDUSD, NZDUSD, NZDCHF, NZDJPY, Crude Oil (WTI), CADJPY, AUDJPY, GBPCHF, GBPJPY, EURCHF, SPX (S&P 500), Russell 2000, Nasdaq, Dow Jones, Nifty, XAUUSD (Gold Analysis), XAGUSD (Silver Analysis), BTCUSD (Bitcoin Analysis) & more!
Weekly notes
All eyes are focused on todays FOMC meeting in what is a busy week for economic data.
Recent Inflation data out of the US will increase the pressure on the FED to strike a Hawkish tone in todays meeting. With US Consumer, Manufacturing and Services data coming out strong recently in the US, this may give the FED additional confidence to turn up the Hawkish rhetoric today. All things considered further upside in the USD remains the next higher probability move.
Conversely, UK GDP and Employment data came out poor recently, adding pressure on the Bank of England to once again delay a Rate Hike in tomorrows meeting. With the GBP scoring as the weakest currency and the best short this week in the Forex complex, it seems the market is also betting on a delayed Rate Hike tomorrow as well.
The AUD and NZD continue to underperform and score as the next best shorts after the GBP this week. Safe haven currencies such as the CHF and JPY remain the highest scoring Longs this week once again.
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Editors’ Picks
AUD/USD: Rally continues to target 0.6400
AUD/USD’s upside momentum remained unchallenged on Tuesday, with the pair rising for the fifth consecutive daily advance and coming at shouting distance from the key resistance area in the 0.6400 neighbourhood.
EUR/USD: Correction has further legs to go
EUR/USD remained under pressure, adding to Monday’s retracement and breaking below the key 1.1300 support to reach two-day troughs, leaving the door open to the continuation of this correction in the short-term horizon.
Gold embarks on a consolidative move around $3,200
Gold is holding its own on Tuesday, trading just above $3,200 per troy ounce as it bounces back from earlier losses. While a more upbeat risk sentiment is bolstering the rebound, lingering concerns over a deepening global trade rift have prevented XAU/USD from rallying too aggressively.
Ethereum staking balance declines as whales resume buying
Ethereum is down 2% on Tuesday following a 120K ETH decline in the net balance of staking protocols in the past five days. While the decreasing staking balance could accelerate selling pressure, the resumption of whale buying activity could help the top altcoin defend a key ascending triangle's support.
Is a recession looming?
Wall Street skyrockets after Trump announces tariff delay. But gains remain limited as Trade War with China continues. Recession odds have eased, but investors remain fearful. The worst may not be over, deeper market wounds still possible.
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