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 continued its strong rally, reaching its highest point since February 27 this year as crude oil prices dropped amid renewed peace push. It has jumped by over 3% from the year-to-date low ahead of key statements by senior Federal Reserve .
The Australian dollar continued rising and was nearing the year-to-date high of 0.7185 as the US dollar retreated. The AUD/USD pair rose to 0.7130 on Wednesday, up from the year-to-date low of 0.6833 as focus shifts to the upcoming Australian jobs report.
Ethereum soared 9.5% in the past 24 hours to trade as high as $2,395 on Tuesday, reclaiming momentum and outpacing Bitcoin as the crypto market shakes off recent volatility.
The price has broken out to a fresh high, but the move is all US Dollar weakness and no Australian Dollar strength, despite the risk-on sentiment and long-term bullish trend in the Aussie.
Bitcoin was strong on Monday, as traders continue to watch institutions pile into the Bitcoin ETF markets.
The British pound started the week off poorly, as a massive gap started the week in chaos. However, the market has since turned things around, and it looks like the GBP/USD pair will be testing resistance soon.
The GBP/USD price continued its rally, reaching its highest point since February 26. It jumped to 1.3490, and may be on the verge of more gains after forming a falling wedge and an inverted head-and-shoulders pattern.
Gold initially fell hard at the open on Monday as traders reacted very poorly to the idea that the ceasefire in Islamabad wasn't built upon. This market is still a bullish longer-term scenario but will feature a ton of short-term noise.
The EUR/USD exchange rate rose to its highest level since March 2nd, even as the US started its naval blockade against Iran. It jumped to a high of 1.1740, up sharply from the year-to-date low of 1.1413. It will react to the upcoming US Producer Price Index (PPI) data.
The US dollar has jumped against the Japanese yen to start off the week, as traders continue to trade the interest rate moves. At this point, the area just above is a massive barrier.
The NASDAQ 100 has seen a lot of volatility on Monday, as traders reacted to the ceasefire and lack of deal being signed.
Bitcoin price remained steady above the important support level of $70,000 as traders brushed off the risks posed by the closure of the Strait of Hormuz. The BTC/USD pair was trading at 74,275, up substantially from the year-to-date low of 60,000.
Monday saw the USD/CAD pair drop off the start but has also seen a bit of a recovery after that. This is a market that continues to be very noisy.
The DAX has been hammered early on Monday, but then turned around to at least show some fight, as we are treading water in an area of importance.
The euro gapped lower immediately on Monday, as traders reacted to the lack of a peace agreement between Iran and the US. However, we have since seen a strong bounce.
