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 EUR/USD exchange rate stabilized at 1.1800 on Tuesday morning, ending the recent crash that happened following the last Federal Reserve interest rate decision on Wednesday. It stabilized as investors bought the dip and as they reacted to mixed statements from key Fed officials.
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The Euro has fallen a bit during the early hours on Friday, but we are starting to see a little bit of buying as the Americans come on board. After all, nobody likes selling the US dollar more than Wall Street, so that's not a huge surprise. At this point, we are below the 1.18 level, which is a major area of previous resistance that did not hold its support so far.
The USD/BRL went into the weekend near the 5.3280 ratio, this after spiking to a low of nearly 5.2700 on early Thursday, this as large traders continued to react fast to their perceptions regarding the U.S Federal Reserve.
Gold is slightly positive during the trading session here on Friday as we are trying to stabilize a bit and perhaps work off some of that excess froth from the shot higher. The market on the weekly candlestick at least is trying to find a shooting star to print. If the market were to break down from here, then we might get a little bit of a pullback. The alternative is to simply go sideways for a while at this
The natural gas market has dropped a bit in the early hours here on Friday as we are hanging around in a range and waiting to see if we break down to a larger gap. That is very possible, but I also recognize that at this point in time, we are getting fairly late in the season, and we are getting close to a major trend line. So, if we do break down from here, there is a gap that is right around the $2.73 level or so.
Silver has rallied a bit during the early hours here on Friday as we continue to see a lot of support at the top of the previous bullish flag that we broke out of. So, it looks like we see a lot of market memory coming into the picture that was previous resistance and now in support. If we are rallying at this point in time, and it looks like we will try to the $43.35 level could be targeted in the short term with the flag here, offering quite a bit of support all the way down to about $41. Even if we break down below there, if we were to show selling pressure, we might test the $40 level, which was a previous swing high with the 50 day EMA coming into the picture offering support as well. Ultimately, if we break out to the upside, then we might fulfill the flagpole here right around $46.
The USD/ZAR is near the 17.35500 realm as of this early morning with a wide spread being seen as financial institutions start their new week in the aftermath of the U.S Fed decision last Wednesday.
The US dollar initially fell against the Japanese yen during the trading session on Friday, reaching to the 50-day EMA before turning back around. It's worth noting that the Bank of Japan had an interest rate decision, and it, of course, didn't really do anything. But at this point in time, there are questions asked whether or not they will have to cut, despite the fact that the Federal Reserve cut on Wednesday.
The US dollar rallied against the Mexican peso a bit during the trading session here on Friday, testing the 18.50 MXN level before selling off. All things being equal, it’s also worth noting that we had formed a couple of hammers during the previous session, bouncing from the 18.20 MXN level. All things being equal, this is a pair that is going to continue to be noisy mainly due to the interest rate decision coming out of the Federal Reserve, and of course questions about the US economy overall.
The euro dropped a bit against the Japanese yen during the day on Friday, breaking below the ¥174 level. The ¥174 level is an area that previously has been resistant, as it was the top of the ascending triangle that I have been watching so closely. All things being equal, the market is likely to continue to see this area as important, but the short-term pullback I think offers a bit of value that people might be willing to take advantage of.
