Market Turbulence: Yields, Oil, US Indexes, Gold, Crypto and Beyond | Trade Zone with Joe Jeffriess
Welcome to this week’s market breakdown! 📈🌐
In this week’s video, we’re laser-focused on dissecting major markets by breaking down their charts. We’ve left no stone unturned, analysing current price action, identifying critical support and resistance levels, and providing essential insights to keep an eye on.
The USD bounced back this week, clawing back last week’s losses. Advanced GDP surprised coming higher than expected. The AUD raced back down to yearly lows before finding some support and a moving midpoint of its range. AU CPI came in higher than expected and kept rate hike hawks just in the fray.
Oil pulled back, and gold strengthened, but weaker earnings sent the Nasdaq lower, leading to losses out of the US exchanges. Other indices weren’t immune from selling, as we saw most move lower for the week.
The BOJ was back in the picture as we saw the USDJPY cross 150. We looked for intervention, and it looked to have come in. But as we have seen previously, buyers fought back immediately.
Crypto was a big winner this week as ETF continued to drive buying fever.
Next week, we have a sold week coming up, and traders will be watching yields, BoJ, FOMC and US employment data. Will we see policy adjustment? From the BoJ to counter the current buying we see on the USDJPY? With US GDP beating expectations, could higher-than-expected employment data continue to put pressure on rates from the Fed?
Weekly Wrap Video.
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