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.
The US dollar has gone back and forth during the course of the trading session here on Tuesday as we are hanging around the 200 Day EMA, but perhaps more importantly, we find ourselves in the middle of an overall consolidation range that has been like a pair of brick walls since the beginning of August.
The euro initially dipped against the Japanese yen during the trading session on Tuesday but then turned around to show signs of life. The ¥175 level is an area that could offer a bit of resistance, and it does look like we are trying to get above it. If we can break the ¥175 level, then the market is likely to go looking to the ¥175.50 level. Short-term pullbacks I think make a nice buying opportunity as we have just broken above a massive ascending triangle.
The British pound initially pulled back just a touch during the early hours on Tuesday but has seen enough support to turn things around and show signs of strength. Furthermore, it’s probably worth noting that the 50 Day EMA sits right there as well at the bottom of the candlestick, and therefore a lot of people will be looking at this as a potential technical bounce. Ultimately, the market could go looking to the 1.36 level above, which is a large, round, psychologically significant figure. It is also an area where we had seen a lot of trouble previously, and therefore if we were to break above it, it would obviously signify something serious.
The AUD/USD exchange rate was little changed on Wednesday as traders focused on next week's Reserve Bank of Australia (RBA) interest rate decision and key statements from the Federal Reserve. It was trading at 0.6600, down from last week’s high of 0.6706.
The GBP/USD pair was flat on Wednesday morning as traders continued to reflect on last week’s Federal Reserve and Bank of England’s interest rates decision. It was trading at 1.3517, a few points above last week’s low of 1.3455.
The EUR/USD exchange rate held steady on Monday after the flash manufacturing and services PMI numbers from Europe and the United States and after a neutral statement from Jerome Powell. It was trading at 1.1815, a few points above this week's low of 1.1728.
The BTC/USD pair remained under pressure this week, continuing a downtrend that started last week when it peaked at $117,995. Bitcoin dropped to $111,717, its lowest level since September 10. It remains 12% below the year-to-date high.
The US dollar initially rallied a bit during the trading session here on Monday only to give back the gains to show signs of exhaustion. In fact, it looks as if we are possibly going to form a shooting star in what already is a downtrend. So, the question now is, is the US dollar selling continue? It looks like it is here, and in some other pairs as well. we'll have to wait and see, but really at this point in time, it's very important to recognize that the Swiss Franc is considered a safety currency. So, we will even in a scenario where people run to the U S dollar for safety, they may run to the Swiss Franc a little quicker. So, what this tells me is that the US dollar continues to be on the back foot. But when you look around the world and the various currency pairs, you have to understand that this also can be thought of as a signal for the Swiss franc. So maybe short the pound against the Swiss franc or other currencies that may struggle right now. That isn't the case, but that could be what this turns into.
The US dollar initially rallied a bit during the early hour here on Monday, but you can see we have struggled a bit. And at this point in time, this looks like a market that's hanging around the 200 day EMA, which of course is an indicator that a lot of people use to determine the overall trend. And it's worth noting that the 200 day EMA right now, it's flat.
The euro has shown itself to be a little bit positive against the Japanese yen during trading on Monday as we continue to dance around the top of an ascending triangle. Ultimately, this is a market that I think could go looking for a major swing high at the 175.53 yen level, but it is going to have to build up a little bit of momentum. Quite frankly, the markets are waning back and forth between risk on or risk off behavior. But as long as we get some type of risk appetite out there, I think you've got a very real shot at the Euro rising against the Japanese yen and perhaps trying to hit that 175.53 yen level.
The German index gapped lower to kick off the trading session here on Monday but found buyers after filling a gap from last week. In post-market trading, we are starting to see a bit of buying pressure as well. So, I do think that we continue to be attracted to the 50-day EMA currently at the 23,832 euro level. If we can break that level, then it opens up a potential move to the 24,500 euro level, which has been a bit of a brick wall. The big question on a breakout will be, can we get above Tuesday, September 2nd candlestick? Because if we can, then technically speaking at least, it looks like we should go higher. Short-term pullbacks, we'll continue to find buying pressure, I would anticipate, all the way down to at least the 23,000 euro level, if not the 200,000. day EMA, is 22,670 euro.
The British pound has rallied slightly during the trading session here on Monday, but you can see that we're just hanging around the 50 day EMA. And it looks a lot like a market that is just simply going sideways after a significant drop over the course of three days. But uh this is still a market that is technically I guess up in an uptrend or maybe sideways. The 1.34 level should offer support as long as that holds.
The US dollar rallied against the Canadian dollar during the early hours on Monday, as we continue to dance around the 1.38 level. The 1.38 level is an area that I think a lot of people will be paying close attention to, and as we have seen multiple times over the last couple of months, it looks like it’s a bit of a magnet for price. Ultimately, this is a market that I think given enough time, we have to make a bigger decision but as things stand right now, there are a lot of questions about the North American economy, so does make a certain amount of sense that the USD/CAD pair continues to be sideways.
Nvidia has been somewhat choppy during the early hours on Monday, as we continue to stay in the same consolidation area that we have been in for some time. All things being equal, this is a market that continues to see a lot of noisy behavior, and it is probably worth noting that we are just simply “killing time” at the moment, as we are trying to figure out whether or not the overall markets can continue to go higher.
The euro rallied a bit during the trading session on Monday, testing the crucial 1.18 level. The 1.18 level is an area that I think a lot of people are paying close attention to, due to the fact that it had previously been major resistance, and now the standing that eventually we end up finding potential support in this area. With that being said, it’s interesting to see that we broke below that level and then turned around to go looking at the 1.18 level.
