Global Market Snapshot 20th May 2024

Turbulent markets firing on all cylinders as this week’s market update presents an array of big moves and of course, opportunity.

A little less commentary, a little more oomph today as last week saw a plethora of market movers setting the scene for what could be a volatile and exciting week in financial markets right across the globe.

Remember, the analysis done here is all based on the Weekly Chart (W1), where weekly candlesticks are visualized and plotted against a set of Bollinger Bands.

Here’s the highlights:

HK50 Reaching Upper Bollinger Band

US30, US500 both sitting close to all time highs

Last week the DAX (DE30) failed to gain further momentum above all time highs set the week prior.

UK100 found all time highs last week

NZDCHF had a very bullish week and breaching the upper Bollinger band

NZDJPY breached the high point set 2 weeks ago and resting above the upper Bollinger Band.

AUDCAD tapped the upper Bollinger Band following a bullish 4 week period.

AUDCHF, much like the NZDCHF, had a bullish week however has not breached the upper band just yet.

EURAUD declined last week albeit the possibility of a bull run off the recent low of the week prior that was followed by a bullish candle.

Yen and Swiss Franc, often coined safe haven currencies found weakness last week, with many of the crosses such as the Euro, Australian Dollar and New Zealand Dollar finding strength against these ‘safe haven currencies’.

XAUUSD displaying golden movement higher, nearing a new all time high level once again.

Bitcoin had a strong week last week, however the price has only touched the highs from the recent month or so. Crypto holders will be looking to explore highs above this level to experience the possibility of a breakout higher.

Key Highlight from History

AUDNZD pushed lower from the highs on the weekly chart. 

With a ton of movement lighting up financial markets, traders have plenty of be excited about. What will you be focusing on this week?