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Forex Technical Analysis
Forex Technical Analysis
The euro has rallied significantly during the course of the trading session on Wednesday, as we have cleared the 50-day EMA.
The USD/MXN is hovering above crucial support and the 20.00000 juncture is clearly within target for bearish speculators who are pursuing selling positions.
The British pound ran into the 50-day EMA during the trading session on Wednesday, which is an indicator that a lot of people will pay attention to.
After suffering a steep decline in late March the NZD/USD has continued to consistently march higher and yesterday’s trading brought it within sight of crucial mid-term resistance levels.
The DAX Index initially tried to rally during the trading session on Wednesday but gave back the gains to fall significantly.
During the trading session on Wednesday, we got the Coinbase IPO at the NASDAQ, which would have attracted a lot of attention.
The S&P 500 did pull back just a bit during the trading session on Wednesday, but still remains near all-time highs.
Gold market traders continue to get thrown around back and forth as the markets really have nowhere to be.
The Australian dollar rallied significantly during the course of the trading session on Wednesday, but it does have a significant amount of noise just above that could come into play and cause some issues.
Bitcoin markets rallied during the trading session on Wednesday to reach towards the $65,000 level before pulling back.
Even though the crude oil markets broke down significantly, the Canadian dollar was essentially unchanged.
The West Texas Intermediate Crude Oil market broke out during the trading session on Wednesday, as we have cleared the top of the short-term range that we have been in.
The decline of the US dollar and in US bond yields contributed to gold's gains that reached the $1749 resistance level and stabilized around $1745 at the beginning of trading on Wednesday.
For four trading sessions in a row, the GBP/USD has been moving in a narrow range between the 1.3668 support level and the 1.3776 resistance level.
The USD/JPY pair abandoned the 110.00 psychological resistance despite the positive US inflation numbers, retreating to the 109.00 support level as of this writing.