EUR/USD retreats as strong US labor data shifts rate expectations. Technical signals point to growing downside pressure.
Technical Analysis
About Crispus Nyaga
Crispus Nyaga is a financial analyst, coach, and trader with more than 8 years in the industry. He has worked for leading companies like ATFX, easyMarkets, and OctaFx. Further, he has published widely in platforms like SeekingAlpha, Investing Cube, Capital.com, and Invezz. In his free time, he likes watching golf and spending time with his wife and child.
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WTI crude reflects rising geopolitical risk and supply concerns. Price action shows strong momentum with signs of technical pressure.
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The recent NZD/USD sell-off stalled this week as President Donald Trump moved to calm down the markets amid the ongoing US-Iran war. It was trading at 0.5750 on Thursday morning, a few pips above this week’s low of 0.5698.
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The USD/ILS exchange rate has moved sideways in the past two months as the US-Iran conflict continued. It was trading at 3.1288 on Thursday, down slightly from last month's high of 3.1750. It remains nearly 20% below its highest point last year.
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The USD/ZAR exchange rate pulled back on Wednesday as the US dollar retreated. It dropped to 16.95, down slightly from this week's high of 17.23. This retreat may continue in the near term after the pair formed a rising wedge pattern.
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The USD/MXN exchange rate has pulled back in the past few days, moving from a high of 18.20 on Monday to 17.93. This retreat may continue after the pair formed a rising wedge pattern on the daily chart.
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The EUR/USD pair rose by over 80 basis points as the US dollar index retreated amid hopes that the ongoing Iran war was about to end. It jumped to 1.1560, a few points above last month’s low of 1.1412.
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Bitcoin price rose modestly, mirroring the performance of the American stock market, which soared by over 2%. The BTC/USD pair rose to 68,000 from this week's low of 66,000. It remains in a bear market after falling by 46% from its highest point in October last year.
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The AUD/USD exchange rate rose by 0.60% on Wednesday morning as market participants embraced a risk-on sentiment amid hopes that the US-Iran war was about to end. It rose to 0.6688, up substantially from this week's low of 0.6830.
Technical Analysis
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