The British pound dropped against the yen despite a risk-on backdrop, with GBP/JPY capped at 200 resistance and support near 198.40.
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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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AUD/USD rebounded after forming a double-bottom at 0.6420, with bullish momentum targeting 0.6567 while 0.6422 acts as critical support.
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GBP/USD formed an inverse head-and-shoulders pattern after Powell’s dovish remarks, with bullish momentum aiming for 1.3700 while 1.3400 acts as key support.
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EUR/USD surged after Powell’s dovish pivot, with bullish momentum targeting the year-to-date high of 1.1835 while 1.1650 acts as key support.
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The Australian dollar bounced after Powell’s dovish remarks, but AUD/USD faces stiff resistance at 0.6550 as doubts over the global economy linger.
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The euro is rebounding against the franc, with EUR/CHF supported by moving averages and aiming for 0.9450 as risk appetite improves.
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Jerome Powell’s dovish speech on a September rate cut last Friday saw markets turnaround, with the major US equity index again poised to challenge its record high if the bullishness is sustained into the coming week.
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The GBP/USD went into this weekend near the 1.35275 ratio, this after touching the 1.33910 vicinity early on Friday.
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The price of WTI Crude Oil finished last week with higher prices going into the weekend near the 63.470 level, this after touching a low around 61.430 on Monday the 18th of August.
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Major markets react to Powell’s Jackson Hole speech. Explore key levels and trends in forex, crypto, gold, and indices for the week of Aug 28.
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The NASDAQ 100 is consolidating near trendline support at 23,250, with upside potential toward 24,000 while 22,500 remains critical downside risk.
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The British pound is rallying against the yen, testing the 200 level as support from the 50-Day EMA keeps the bullish trend intact ahead of Powell’s speech.
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USD/CAD rallied above the 200-Day EMA, with buy-the-dip sentiment aiming for 1.40 while Powell’s Jackson Hole speech could spark volatility.
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The British pound dropped against the US dollar, with bearish pressure targeting 1.3250 while resistance at 1.36 caps upside ahead of Powell’s Jackson Hole speech.
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USD/CHF is testing the 0.81 area with bullish potential toward 0.82, while Powell’s Jackson Hole speech looms as the key catalyst for volatility.
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