Start the week of April 11, 2022 with our ForexTrading forecast focusing on major Forex pairs here.
The euro fell significantly last week to crash into the previous support level near the 1.0850 area. At this point, the market looks as if it is trying to break down, but it should be noted that this is an area that has shown a bit of support recently. Because of this, we could get a bit of a bounce, but I think a bounce will more likely than not end up being a massive selling opportunity.The euro has a whole host of issues working against it currently.
Of special note this week will be the ¥160 level.The Australian dollar initially rallied during the week but gave back the gains to show signs of hesitation. The RBA initially shocked the market to the upside by dropping the word “patience” from the statement, thereby having people think that they were closer to raising rates. However, the FOMC minutes released were very hawkish, and we started to see money flow back into the US dollar.
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