Weekly Outlook and Trading Forecast

Fed Chair Powell unfazed by recent stock market rout, aggressive policy tightening priced in.

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The Euro has taken a beating this week after markets received confirmation of the new hawkish Fed. High impact data next week: GDP, inflation and the ECB rate decision

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BoE hawkish decision tempered by dovish Bailey, EUR/GBP working on key reversal

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Fresh data prints coming out of the US may keep the Dollar afloat as the Non-Farm Payrolls (NFP) report is anticipated to show a further improvement in the labor market.

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ECB rate expectations are evolving, but the ECB continues to push back on the idea of rate hikes anytime soon.

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Gold prices rose about 0.7% on the week to trade around $1945. U.S. dollar strength and rising yields were offset by geopolitical risk and recession fears. So, near-term trading outlook for XAU/USD is neutral.

The daily price is on secondary ranging to be located in the primary bullish area of the chart with near and above Ichimoku cloud for trying to break 1,949 resistance level to above for the strong bullish trend to be resumed. Alternatively, if the price breaks 1,915 support level to below so the primary bearish reversal may be started with 1,890 nearest target to re-enter.

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The US Dollar (via the DXY Index) closed last week at its highest level in two years, and a lot of that has to do with the Federal Reserve.

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In trading on Wednesday, shares of Netflix entered into oversold territory, hitting an RSI reading of 29.3, after changing hands as low as $176.27 per share.

The weekly price is located far below 200 SMA with oversold market condition: the price was bounced from 163 support level to above for 185 level to be crossing for the secondary bear market rally to be started.

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The Australian Dollar looks primed for volatility. An expectant mood ahead of the upcoming RBA policy update may compound sensitivity to seesawing risk appetite trends.

Daily price is on bear market rally by trying to break the bullish triangle pattern to above with resistance level at 0.7269 for the possible daily bullish reversal to be started.

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After a 13% decline year-to-date, at the current price of around $125 per share, we believe Walmart stock (NYSE: WMT), the world’s largest retailer by revenue - could see more gains.
The weekly price is on bear market rally by breaking 126 resistance level to above for the rally to be continuing.

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