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.
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The EUR/USD exchange rate continued its strong downward trend this week, reaching its lowest since November last year as the crisis in the Middle East accelerated. It also dropped as President Donald Trump ordered an end of trade between the US and Spain.
Bitcoin price was stuck in a tight range today, March 4, continuing a consolidation phase that started last month. The BTC/USD pair was trading at 68,155, down substantially from the all-time high of 126,300.
The AUD/USD pair continued its recent downtrend even as Australia published strong macro data, raising the possibility of a more hawkish RBA. It was trading at the important support level at 0.7000, down from the year-to-date high of 0.7142.
Ether (ETH) is bullish on Tuesday in line with the wider cryptocurrency market, with its price rising to around $2,000, up 3% over the last 24 hours, amid escalating geopolitical tensions in the Middle East.
The $60,000 level in Bitcoin is crucial. At this point, it looks like it will hold.
The British pound gapped lower to kick off the trading session on Monday with the massive “risk off” trade in effect.
The Euro has fallen significantly on Monday, as the continent dealing with a lack of natural gas from Qatar and the general “risk off environment” is causing the common currency some problems.
Natural gas markets have jumped a bit in the early hours on Monday which should be no real surprise.
I think the fact that the S&P 500 didn’t fall with the outbreak of war suggests something that you should be paying close attention to.
The Australian dollar initially gapped lower on Monday, as the news was digested by the currency markets that a new war has broken out involving the Americans, Israelis, and Iranians.
The euro has gapped lower against the Franc, only to see a big turnaround after the initial shock.
Gold gapped higher on geopolitical tensions but quickly sold off as initial panic faded.
Silver initially spiked following U.S. and Israeli strikes on Iran but quickly reversed, as traders wrongly assumed it was the “end of the world”, and that the previous rush into the market was going to happen again.
The USD/JPY pair continues to see inflows at the moment. Ultimately, this is a market that is still “one way.”
The GBP/USD exchange rate retreated as market participants reacted to the new war in the Middle East and its impact on the economy. It dropped to 1.3310, its lowest level since December 10 last year.
