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The week was tough for risky assets due to the outbreak of coronavirus. Let’s see which currency pairs showed the best and the worst performance.
Among the best-performing pairs this week we need to highlight the exotic currency pairs, including USD/ZAR, USD/BRL, and USD/RUB. All these pairs gained a lot during the week amid the outbreak of coronavirus, which provoked the outflow of the capital from the riskier assets.
If we look at the weekly chart of USD/BRL, we can see that the pair tested the highs of last November near the 4.3 level. The next week will show us whether the asset is going to renew its high. On the downside, we recommend paying attention to the 4.0509 level.
The award of the best-performing major currency pair goes to GBP/USD, which managed to stick above the 200-week MA in anticipation of the big Brexit day. Now, further key levels in bulls’ focus will lie at 1.3260-1.3380. If bears take over the market, the pair will slide below 1.2977. The next support will lie at 1.2860.
It’s not a surprise that the risk-off sentiment weakened some of the pairs. The biggest moves to the downside were by NZD/USD and AUD/USD. Both pairs were, of course, hurt by the outbreak of the virus. Plus, the Australian dollar got weaker in anticipation of the rate cut by the RBA.
At first, let’s have a look at AUD/USD. On the weekly chart, the pair weakened significantly during the last week and reached the lows of the last July at 0.6677. The next support will be placed at 0.6430. On the upside, we need to pay attention to the 0.6898 level (50-week MA). If it is broken, the further rise will be limited by the trendline and the 0.7 level.
On the chart of NZD/USD, we can see that the pair was down by 119 pips within a week, targeting the support at 0.6425. The next support for the pair is placed at 0.6280. Bulls need to push the pair back to the 0.6695 level to take back their positions.
The inflow into the safe-haven assets pulled USD/CHF lower against the previous week, as the pair nearly retested the lows at 0.9615. A key level from the upside is situated at 0.9760. By the way, this pair was also one of the most volatile assets during the previous week.
What will the next week bring to us? Follow the news and don't forget to
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
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Geopolitical factors and inflation remain the main drivers of financial markets. Let’s see how to use that in trading!
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
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