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