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04.11.22 | Weekly Market Wrap Up

Published: 04.11.2022
by Joseph Jeffriess

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 have also done an analysis walk-around, looking at #FOREX, #stocks, #indices, #oil, #gold, and #cryptocurrencies.

We have seen another busy week with plenty of central bank data from the RBA, Federal Reserve and the Bank of England. The RBA and BOE meet expectations, but the Federal Reserve shocked the market with comments suggesting we will see further heavy rate hikes. The market had been looking for a slight policy change, but Thursday’s market reaction suggested it was still on the hawkish side.

As the USD fought back from Thursday, we saw buying continue into Thursday’s NY session, with the Dow, SP500 and Nasdaq all continuing to push lower. In our opinion, this pullback is not bad, as the Dow was starting to become parabolic, and this is not a healthy pattern to see in a new up leg.

Attention now moves to tonight’s US and Canadian employment data. We are looking at both sides and if it may support buyers and start a new rally that could confirm new higher lows, which could turn into continuations.

Oil continues to trade in an up leg, and we want to see buyers close above $90 to show that demand remains. Gold held support and continues to trade above its demand area in today’s session. Crypto is also making a fightback on Friday after a few weaker days. We have covered some of the top coins and the levels we are watching.

Tonight’s employment data could play a key role. We hope to see figures supporting risk markets and continue pushing forward with continuation ideas across the asset classes. Otherwise, we could see further higher drives from the USD and deeper selling over risk markets.

Weekly Market Wrap Analysis Video

Have a great weekend and good trading.

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