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.
At the end of last week’s trading, and with the announcement of a major victory for the Conservatives in the general elections that took place in the United Kingdom last Thursday, the best opportunity was for an upward price gap for the GBP/USD to start from 1.3160 support to reach the 1.3514 resistance.
The S&P 500 stalled a bit during the trading session on Friday, as we continue to see a lot of back and forth in the stock markets.
Investor confidence increased after the announcement of a trade agreement between the United States and China, which will avoid imposing more American tariffs on Chinese imports, which was scheduled for December 15.
The NASDAQ 100 pulled back a bit during the trading session on Friday, but we have seen the NASDAQ 100 turn things back around.
The Euro initially tried to rally during the trading session on Friday but found the same 1.12 level yet again.
The British pound rallied significantly during the trading session on Friday, reaching towards the 1.35 level after we had election results in hand.
Safe-haven assets like gold are in demand as portfolio managers make year-end adjustments to their positions.
GBPUSD: Pound hit new 17-month highs after British election
Preliminary PMI data out of France, Germany, and the Eurozone as a whole will provide the next fundamental catalyst for the EUR/CHF.
Bitcoin markets did almost nothing again during the trading session on Thursday as we flounder around the $7200 level.
The Australian dollar has initially tried to rally during the trading session on Friday but found enough resistance above the 200 day EMA to turn things right back around and wipe out the candlestick from the Thursday session.
Following the announcement of a phase-one trade deal between the US and China, that failed to meet even reduced expectations, the USD/JPY spiked into its resistance zone.
After UK Prime Minister Johnson swept to a landslide victory last Thursday, delivering the best election results since 1987, the British Pound extended its massive rally that began after the Brexit referendum.
