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.
Gold gapped higher on geopolitical tensions but quickly sold off as initial panic faded.
Silver initially spiked following U.S. and Israeli strikes on Iran but quickly reversed, as traders wrongly assumed it was the “end of the world”, and that the previous rush into the market was going to happen again.
The USD/JPY pair continues to see inflows at the moment. Ultimately, this is a market that is still “one way.”
The GBP/USD exchange rate retreated as market participants reacted to the new war in the Middle East and its impact on the economy. It dropped to 1.3310, its lowest level since December 10 last year.
The EUR/USD exchange rate tumbled this week as the US dollar rose amid the ongoing crisis in the Middle East. It also retreated as concerns about the European economy rose.
The AUD/USD pair remained in a narrow range this week as the war in the Middle East. It was trading at 0.7077 on Tuesday, down slightly from the year-to-date high of 0.7147. Focus will remain on the new developments in the Middle East, upcoming US jobs data, and Australian GDP report.
The United States dollar has been very noisy during the previous month, as we are trying to determine whether the carry trade can continue, the market becomes noisier. Fading rallies could be the way forward.
The month of February has been negative for the US dollar against the Mexican peso with traders continuing to take advantage of the interest rate differential and the swap at the end of each day.
The US dollar has been all over the place in the month of February, as we are looking at testing a resistance level that goes back to 1990.
The S&P 500 continues to see a range that traders are comfortable with, as we have been working off a lot of froth from the previous move.
The Nasdaq 100 has a tough month for February, as traders have been dealing with a whole list of external issues, and the earnings season. However, in the month of March, its likely we will continue to see resilience.
The $5,000 level has been crucial for most of the month of February, and the reaction to the horrific selling at the end of January, gives me hope for this market.
The Euro has been very choppy during the month of February as traders are trying to figure out where the two central banks are heading at the moment.
The crude oil market has been rangebound for the month of February but seems to be “perking up” as we leave February.
Bitcoin has been extraordinarily negative during February, as traders cannot find a reason to push the market higher. In fact, narrative after narrative has been wiped out.
