We’re set for the exciting trading week starting June 17th. Following a week where interest rates held steady as per the US Federal Reserve's latest announcements, we anticipate further intriguing developments with several central banks, including the Reserve Bank of Australia and the Bank of England, expected to maintain their current interest rates.
Here's a sneak peek into this week's market dynamics for our highlighted instruments:
DXY (US Dollar Index)
The Dollar Index continues to exhibit bullish strength, now facing a critical resistance point. With Jerome Powell's hawkish stance and the Fed's pause on interest rate changes, the momentum could push DXY towards the 106.1 mark if it successfully breaches this resistance.
CADJPY
This pair is on the cusp of a significant decision point as it tests the 200% Fibonacci extension level on the weekly chart. A reversal could be on the horizon following its recent peak performance, presenting a potentially lucrative scenario for reversal traders.
EURAUD
Experiencing a pronounced downtrend on both weekly and monthly charts, EURAUD suggests a strategic opportunity for short-sellers. With the macroeconomic pressures and market sentiment swaying towards a bearish outlook, positioning on pullbacks could offer high reward opportunities.
GBPCHF
As this pair nears critical Fibonacci retracement levels, we are observing signals for potential corrective downward movements. This setup is ideal for traders looking to exploit these anticipated declines, particularly with the looming economic announcements from both the UK and Switzerland.
NZDCAD
Despite its short-term bearish trend, NZDCAD's underlying bullish strength on the weekly chart suggests the importance of vigilance for entry points after minor retracements. This approach could allow traders to capitalise on the broader bullish momentum once the current pullback stabilises.
XAUUSD (Gold)
Gold is currently at a pivotal juncture, closely contesting a major Fibonacci level. The metal's response to this level could significantly influence its directional trend in the upcoming weeks, making it a key watch for both bull and bear traders.
Dive deeper into each analysis, capture critical levels, and refine your trading strategies by watching our full video.
Let this week be one of strategy, patience, and profit. Remember, the most successful traders are those who are well-prepared and responsive to market dynamics. Use this analysis to aid your trading decisions and aim for profitability.
To Dive deeper into each analysis, capture critical levels, and refine your trading strategies by watching our full video.
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Here's to a profitable week ahead!