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Forex Technical Analysis
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Forex Technical Analysis
The struggle of safe heavens appears evident in the performance of the USD/JPY pair.
In the beginning of trading this week, gold prices moved strongly towards the top, recording the $1588 resistance, the highest level in more than two weeks, before stabilizing around $1580 at the time of writing.
The GBP/USD price is trying hard to avoid a drop below the 1.3000 psychological support to avoid more selling.
The strength of the US dollar, as investors took it as a safe haven in light of fears of a virus epidemic, along with a lower-than-expected reading of the German business climate IFO index, put pressure on the EUR/USD pair to retreat to the 1.1009 support, its lowest level in nearly a month.
Price action is nearing the end of a strong rally, spanning a pivotal support zone and a substantial resistance zone.
After this currency pair recorded a higher high and pushed through its descending 50.0 Fibonacci Retracement Fan Resistance Level, a reversal emerged.
Following a sharp corrective phase, the NZD/SGD entered a sideways trend after moving into a substantial support zone.
AUD/USD: Very Bearish
USD/JPY: Consolidating between 108.62 and 109.18
As the new string of a deadly coronavirus spreads around the world, Asian economies are the most directly impacted ones.
Bitcoin: Bullish above $8,800
The US dollar has gapped lower to kick off the week as fears about the coronavirus in the Chinese mainland continue to have people running for cover.
The S&P 500 has gapped lower and broke down rather significantly during the trading session on Monday as traders continue to react to the negativity coming out of China.
GBP/USD: Strongly Bearish
The NASDAQ 100 has fallen rather hard during the trading session on Monday, as we continue to see a lot of concerned traders around the world.