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.
Copper remains supported above the key $6.50 level as the market trades within an uptrend channel. Chris remains bullish, with $6.40 providing additional support and $7 emerging as the next potential upside target.
The ability of the EUR/USD to essentially nosedive in recent trading is noteworthy. The U.S Federal Reserve did increase its interest rate like the ECB the past month on the 16th of September. But the price direction lower of the EUR/USD underscores other concerns and influences
EUR/USD remains bearish after breaking below the 1.13 level, with French debt concerns overshadowing weaker US jobs data. Sellers continue to control rallies as European energy risks add further pressure to the euro.
WTI crude oil is testing a key support zone around the 50-day EMA, rising trendline and bottom of its trading channel. Buyers have started to emerge, but Middle East headlines could determine the market’s next major move.
Gold remains under pressure as interest rates rebound following the latest US jobs report. Traders are now watching the $4,000 level as a key technical threshold, while energy inflation and Middle East developments add further uncertainty.
Bitcoin Forecast: BTC/USD Tests Key $87,293 Resistance
AUD/USD is showing signs of a short-term rebound after weak US jobs data reduced expectations for further Fed tightening. The pair could rally toward 0.7050 before potentially resuming its broader downtrend.
GBP/USD is showing signs of a potential rebound after weak US economic data reduced expectations for another Fed rate hike. A move toward 1.3350 is possible, with FOMC minutes the next major catalyst.
EUR/USD remains under pressure after breaking key support, but a short-term rebound toward 1.1325 is possible. FOMC minutes and PMI data are the next key catalysts.
The crypto market arrives at the weekend with its headline intact but its internal support fading. Total capitalization has held its ground while gains have concentrated near the top.
Softer U.S. employment data changed Fed expectations as the dollar, EUR/USD, Nasdaq, oil and cryptocurrencies enter the week with key technical levels in focus.
Major financial markets enter October focused on interest rates, technical levels and macro factors. Gold, currencies, metals, oil and Nasdaq show different areas of market tension.
USD/JPY faces a key test ahead of US Non-Farm Payrolls. A break above ¥159 would be bullish, while a move below ¥156.50 would weaken the outlook, although rate differentials continue to favor the dollar.
USD/CAD tests major resistance after a strong rally, with higher US rates continuing to favor the dollar. A breakout could eventually put 1.45 in focus, while NFP raises the risk of a short-term pullback.
Silver trades near key $60 support ahead of US Non-Farm Payrolls. Falling bond yields could support a rebound, while a break below $60 may put $55 in focus.
