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 Euro continues to see a lot of noise, but the potential for the Iranians to look for peace is going to be a major driver of risk appetite.
The bond markets continue to drive where we go in stock markets, with the 4.30% level being a major floor for those rates.
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.
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.
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.
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.
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.
The USD/JPY is trading near values seen in January as it traverses as of this writing near the 159.520 vicinity, but this time around financial institutions do not seem as afraid about potential BoJ interventions.
BTC/USD continues to remain in limbo in many respects, this as it hovers near the $67,000.00 level and shows little in the way of being able to resume momentum upwards.
The EUR/USD is trading near the 1.14620 mark as of this writing, this as the month of March concludes with the currency pair mired in a rather dramatic bearish trajectory.
As of this writing the USD/ZAR remains within the upper realms of its value, this as the currency pair continues to suffer from nervous sentiment via USD centric strength as the Iranian war flares.
The bearish move driven by the Middle East war continues, but there are initial signs that the price is finding support at $0.6834 which could lead to a bullish breakout above the channel.
The US dollar has rallied against its northern neighbor on Monday, as the rate differential continues to favor this move. However, are we a bit overdone at the moment?
The Euro initially tried to bounce back a bit on Monday, as we continue to see rates in the United States cause havoc. With this, we are looking at a “fade the rally” type of market.
Interest rates in America continue to be a major issue for metals markets, as gold fails to break above $4600 early on Monday.
