On Friday of last week, the USD/ZAR climbed above the 18.29000 level momentarily in the aftermath of the higher-than-expected inflation report from the U.S. via the Producer Price Index which was published on Thursday.
Technical Analysis
The following are the most recent pieces of Forex technical analysis from around the world. The Forex technical analysis below covers the various currencies on the market and the most recent trends, technical indicators, as well as resistance and support levels.
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The Euro has rallied slightly during the trading session on Friday, as we continue to see the Japanese yen get hit.
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In my previous forecast for the USD/JPY currency pair, I wrote that the price would continue to rise towards ¥132.88 where bulls would face a stronger challenge.
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The S&P 500 initially fell on Friday, but continues to find buyers on dips as we continue to see plenty of narratives spun around the world.
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The Euro has dipped again during the training session on Friday, breaking below the 50-Day EMA.
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The New Zealand dollar has fallen significantly during the trading week, but on Friday started to find a little bit of support near the crucial 0.62 level.
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The GBP/USD currency pair has fallen a bit during the trading session on Friday, breaking down below the 1.20 level.
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The West Texas Intermediate Crude Oil market fell during the trading session on Friday, as we continue to trade in the same rectangle.
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Gold markets initially fell on Friday, but then turned around to show signs of life again as the 38.2% Fibonacci level has offered support.
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The EUR/USD hit a low of nearly 1.06140 this past Friday before seeing a slight reversal higher take place as the currency pair went into the weekend limping.
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On Tuesday this past week, the GBP/USD was happily moving higher as strong buying was being demonstrated, as financial houses and traders embraced the notion a weaker-than-expected U.S Consumer Price Index report would soon be published.
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The difference between success and failure in Forex / CFD trading is highly likely to depend mostly upon which assets you choose to trade each week and in which direction, and not on the exact methods you might use to determine trade entries and exits.
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This week I will begin with my monthly and weekly Forex forecast of the currency pairs worth watching.
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Get the Forex Forecast using fundamentals, sentiment, and technical position analyses for major pairs for the week of February 19th, 2022 here.
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The S&P 500 initially pulled back just a bit during the trading session on Thursday, only to find buyers underneath.
Technical Analysis