Weekly Market Breakdown: Forex, USD, Oil, Indices, Crypto and More | Trade Zone with Joe Jeffriess
This week was mainly choppy for major markets, with USD forming a doji on the weekly chart. The AUD and NZD saw good gains to the USD, with the GBP also seeing demand. The EUR was relatively flat. The meeting minutes set off some movement, but it was enough to gauge any real direction.
Oil was volatile this week but failed to find true direction; next week’s OPEC meeting could be a catalyst.
Stock indexes mainly moved higher, and we saw some of the top indices hit new weekly and, in some cases, monthly highs. The NDX100 briefly traded at new 2023 highs.
Crypto was also mixed, with a few top coins continuing to trade lower while we saw other top coins find buyer interest. ETX was one of the gainers, and we have run over what we would like to see from buyers to show us the trend could continue.
Next week, traders will be watching central bank comments from the FED, BOE and RBA. Inflation information continues with the Australian CPI data due and the U.S. PCE Price Index. We also have U.S. GDP, Canadian employment data and Chinese data due out to keep us focused.
Weekly Breakdown Video
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