Eightcap Trade Zone Weekly Market Wrap | Forex, Stock Indices, Gold, Crypto, & more

November 18, 2022
by Joseph Jeffriess, Market Analyst

Welcome to this week’s wrap-up traders. Instead of focusing on one market, we have done a walk-around in today’s video, taking a look at some of the key data, comments, and news that hit the market. We’ve also looked at some of the main points of interest in #FOREX, #stocks, #indices, #oil, #gold, and #cryptocurrencies.

This week is quite different, with a lot less direction and volatility. Despite last week’s CPI and PPI missing, the message from the Fed remains hawkish. However, some softer comments did appear earlier in the week. The USD still looks like it’s trying to find a reason to counter-rally, but it continues to remain range-bound. Could we see a relief rally?

Risk currencies have been choppy. Even today’s buying price remains not far off where it started on Monday. The UK economy is in a recession, which is not surprising news, but this week’s CPI data jumped to a new record and continues to put the BOE in an awkward position. The Autumn statement told us there will be tax increases and cuts. The AUD saw two days of selling, ignoring Thursday’s strong jobs data as the RBA suggested that rate rises may have been overdone.

In an interesting turn today, Japanese CPI hit forty-year highs, but the BoJ quickly commented they’re not comfortable adjusting policy. This could set the JPY up for an interesting period.

Stock indexes have spent the week mainly range-bound. There has been movement, but most higher and lower moves have been cancelled out, and price has returned to its range. HK50 has been lively!

Oil broke lower, beating support and a demand area. Price hit new monthly lows in yesterday’s session. Finally, Crypto, after all the fireworks last week, this week has been very flat. The worry we see is price-forming bearish continuation-type patterns. Other coins like SOL have just seen extremely low volumes. I’m not calling them lower, but if we see new breaks from the larger coins, this could drag the others down, and thin volume could see traders stuck. We hope buyers can continue to defend last week’s lows.

Weekly Wrap Video Analysis

Have a great weekend and good trading.

All times are AEST.