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.
Bitcoin (BTC) has shattered its previous all-time high, surging to a record $125,725 on Sunday amid renewed institutional inflows and seasonal tailwinds.
The US dollar rallied against the Japanese yen during the early hours on Friday, but we have seen a certain amount of resistance in this market, as this pair continues to be very noisy. That doesn’t surprise me, because it has been very choppy for months, even though we at one point got a bit of a “false break out.” The candlestick for the Friday session looks like it is going to close positive, but I also recognize that the 200 Day EMA has offered significant resistance, and therefore it suggests that perhaps the market isn’t quite ready to take off to the upside, and we may be stuck in the same consolidation for a while.
Silver rallies again during the trading session on Friday, as we have now broken above the crucial $48 level. Now that we have cleared the psychological level, it does open up the possibility of a move to the $50 level, which is a large, round, psychologically significant figure, and short-term pullbacks will more likely than not end up being a buying opportunity.
The NASDAQ 100 ended up being very sideways during the trading session on Friday as we continue to see a lot of ambivalence in this market due to the lack of a Non-Farm Payroll announcement, as the US government shut down. With that being said, there is a serious lack of momentum at the moment, so I think we have a situation where we may just drift back and forth. I would make a certain amount of sense, because we could work off some of the excess froth, which of course is common for a significant uptrend.
The British pound is relatively quiet during the trading session on Friday against the Swiss franc, as we sit on top of the major support level in the form of the 1.07 CHF level. This is a market that’s been in a significant downtrend for a while, so it does make a certain amount of sense that eventually we have to take a bit of a breather from the selling pressure.
Bitcoin initially fell on Friday, only to turn around and show signs of life again. We are hanging on to the $120,000 level, which of course is a large, round, psychologically significant figure, and an area that a lot of people will be paying close attention to. This is an area that has been important multiple times in the past, and it’s likely that we will continue to see this market offer a lot of bullish pressure on dips, extending all the way down to the $117,000 level, an area that was short term resistance.
The Nikkei 225 produced a strong gap higher earlier today when the Japanese stock market began its trading, this after a weekend announcement in Japan by the Liberal Democratic Party that Sanae Takaichi has been nominated to lead the government.
The GBP/USD exchange rate remained unchanged on Monday morning as investors predicted that the Federal Reserve would deliver more rate cuts in the next meeting. It was trading at 1.3500, down from the year-to-date high of 1.3790.
The EUR/USD exchange rate remained unchanged near its highest level since September 2021, as the odds of the Federal Reserve interest rate cuts rose. It was trading at 1.1742, slightly below the year-to-date high of 1.1920.
The AUD/USD pair was flat on Monday as focus remained on the ongoing US government shutdown and its impact on the economy and the rising possibility that the Federal Reserve will cut interest rates again. It was trading at 0.6600, up from last week’s low of 0.6520.
The USD/ZAR is near the 17.24700 ratio as of this writing, this as financial institutions practice a relatively cautious trading landscape in the broad Forex markets as the U.S government shutdown continues.
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Bitcoin has performed very strongly over the past few days, briefly trading at a new record high and looking likely to make another important bullish breakout.
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