Eightcap Trade Zone Weekly Market Wrap | Forex, Stock indexes, Gold, Crypto, & more
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.
This week’s key moment was definitely the FMOC minutes, which showed a slight change in sentiment from a Fed that recently had been very hawkish. The minutes showed that future rate rises could reduce, and the bank looked at whether the last rises may have been overdone. As you might think, this had a negative impact on the USD, and we saw rallies from risk majors like the AUD, EUR, and GBP. The GBP set new monthly highs.
We are still watching continuation patterns and looking to see if buyers can take the price back above previous highs. Gold is another in the bracket, and we saw signs that buyers could be starting to get a continuation going. The buyer drive looks a touch shaky today, and we are hoping to see a new leg higher to confirm buyers are truly back in charge.
Stock indexes were another winner. We saw continued highs on the Dow, DAX, CAC, and FTSE. The Nasdaq had a positive week but still lags the Dow after recent tech sector worries.
Oil had an interesting week. After dropping to new monthly lows, buyers fought back from a 6% drop to close higher. The price plunged again on Wednesday after an inside lower high. The low stopped at 77, and this is the level and below that looks to be holding in for buyers. Support looks to be forming, but we can’t say it is confirmed until we see new fail by sellers,
Crypto saw a three-day rally this week, but some of the major coins, like BTC and ETH, look to be held back at range resistance points. In positive signs, we saw BNB and SOL jump on the 23rd. BNB rocketed higher, adding 11% that day. Ripple was another big mover this week, adding 17%. The dust continues to settle after FTX, so we would like to see coins continue to hold above their monthly lows.
Have a great weekend and good trading.
Weekly Wrap Analysis Video
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