Weekly outlook covering USDJPY and AUDUSD, with SPX 500 analysis and key support and resistance levels shaping market expectations.
USDJPY hits another wave lower
The Yen continues to claw back losses after halting the recent dollar rally. Investors are looking towards this week’s Bank of Japan interest rate decision, which is expected to remain muted. Unemployment data is not expected to throw up any surprises, so the Yen could continue its fightback against the dollar. The pair is looking to test the multi-week low at 158.60, with 160.00 the closest resistance.
AUDUSD remains choppy
The Australian dollar remains stuck in consolidation as price action awaits the next signal. As the upcoming inflation result is expected to jump higher, this could add major volatility to the pair this week. With choppy price action ongoing since the beginning of the month, traders will wonder whether the 0.7200 top can be broken. 0.7000 is the next target for bears on the downside if prices break the current support at 0.7110.
SPX 500 hitting new records
SPX 500 analysis shows The S&P, as well as the Nasdaq, looks to cement its place at the top of the food chain with traders. Indices have been the gift that keeps on giving, thanks to stocks such as Intel that have jumped over 30% in recent sessions. With the focus on AI and tech-heavy stocks, the current bullish moment could continue into next month. The index is looking for 7300, with the double bottom at 7050 being firm support.
