Oil, BoJ, US Yields, Forex, Stock indices, Crypto, Metals | Trade Zone with Joe Jeffriess
Thanks for checking out this week’s wrap-up.
In this week’s video, we have focused on a selection of major markets, breaking down their weekly charts. We have reviewed the current price action, including support and resistance levels, to watch out for.
Oil was a key mover this week, shedding over 7% in two trading sessions as demand worries resurfaced. The USD pulled back late in the week, giving risk majors a breather, and we saw them recover some losses. Stocks have attempted to stem some of the bleeding, but indices mainly traded lower again this week as yields continued to rise.
The RBA and RBNZ held rates for the week, and comments suggested we might see one more rate hike in Australia. The BoJ was rumoured to intervene, and it appears to have done just that on Tuesday. The USDJPY dipped 1.73% lower before rebounding.
The week ends with US and Canadian employment data. The US component holds the most focus as traders will be looking to assess if the data supports the Fed in easing up or suggests a more hawkish stance.
Next week starts with bank holidays in the US, Canada, and Japan. The focus will be on the FOMC meeting minutes, US CPI, and PPI.
Weekly Wrap Video
Have a great weekend.
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