CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

81.76% of retail investor accounts lose money when trading CFDs with this provider.

Momentum Change? Forex, Indices, Gold, Crypto, & MORE | Eightcap Trade Zone Weekly Market Wrap

Published: 21.04.2023
by Joseph Jeffriess

Hi, and thanks for tuning into this week’s weekly wrap. Today’s video looks over this week’s news and market moves. We also look out to next week and break down technical levels and moves that caught our eye.

This week has been marred by ranges and low volatility across multiple classes. This did change yesterday and today as sellers took control. Oil and Cryptos started the slump earlier in the week with strong moves lower, capping off the week. Oil dropped over 6%, Bitcoin over 7%, and Ethereum over 8%.

The Selling kicked off in Wednesday’s EU/LON session and hasn’t stopped, and it could be a case of profit-taking evolving into something more. Today risk majors like the AUD, EUR, and GBP joined the selloff, with decent falls being seen on them against the USD and JPY. The USD index, which has been range-bound most of the week, has started to push back towards its minor resistance, and the USDCAD has continued a solid week, moving back above 1.3500.

Oil has been a helping factor for the USDCAD. Gold looked to be firm above 1990, but sellers have started breaking that support today. Stock indexes started to turn lower, with sellers taking hold on Thursday. Earnings data was mixed and hasn’t helped the SP500, as it’s turning lower after failing at key resistance once again.

Services and manufacturing PMI data has come out for France, Germany, and the EU, and the US data will cap out the week on the high-impact side.

Next week we will be watching Australian CPI after the RBA looks to have lost its power to set rates! US Advanced GDP, BOJ outlook report, monetary policy statement, German prelim CPI, US core PCE price index, and employment cost index are also ones to watch. Saturday US treasury currency report wraps up the week.

Will the new change in momentum carry on with further selling over risk assets?

This week’s recap video 

* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.

Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.

Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.