USDJPY at Resistance. NASDAQ (US100) Falls to Support. Interest Rates in Focus.
Hey Valutraders! Did you see the fall in the stock markets?
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I’m Brad Alexander and in today’s Market Blast, let’s look at WTI (USOil), USDJPY, GBPUSD, Gold (XAUUSD), and the NASDAQ (US100).
Last week the US indices fell with the NASDAQ hitting this key level of support.
To get some confidence in the markets, investors will be watching Wednesday’s US Fed Interest Rate Decision where we expect the rate to remain at 5.5%.
However, the biggest indicator will likely come from the press conference where the FOMC might be looking at rate rises in the near future, depending on the data they see.
Then the SNB should be raising their Internet Rates as well on Thursday and investors will be watching the press conference with great interest.
A few hours later, the BoE should also be raising Interest Rates.
Then, on Friday we have the BoJ doing the same thing but we don’t expect any change but the new governor may surprise us.
So, expect volatility from almost every major currency this week.
The USD is still looking quite strong but that may change depending on the FOMC press conference.
This will affect Gold as well which we see in a downtrend but a familiar consolidation pattern is forming.
GBP is still weak and if the BoE talks about pausing or lowering rates in the future, the weakness should continue.
JPY is mixed with price action on USDJPY at this level of resistance.
If the BoJ surprises us and talks about raising Interest Rates, we may see a move to the downside in all JPY pairs.
Price action on WTI has risen above $90 and our technical indicators are still bullish.
If we move out to the weekly chart we see the next key level above at $92.50.
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