Germany plunged during trading on Friday, as we have seen the fears of an increasing trade war between the United States and China not, lot of risk appetite out of the markets. All things being equal, this is a market that I think continues to see a lot of concerns about whether or not the situation gets worse between the United States and the Chinese, which could have a major influence on the Germans as well as they have to deal with a lot of volatility due to the fact that the Germans are such major exporters to the rest of the world.
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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Ethereum felt rather significantly during the trading session on Friday, as we have seen a decidedly “risk off” type of environment. In fact, Ethereum is down almost 6.5% for the session, as we continue to see Ethereum move back and forth with the overall risk appetite of traders around the world, and of course Ethereum continues to be very far out on the risk appetite spectrum, and that of course means that Ethereum will fall significantly anytime that the rest of the market breaks out.
Bitcoin initially attempted to rally during the session on Friday but gave back gains rather quickly in order to show signs of negativity. We have plunged below the $120,000 level, which of course is a large, round, psychologically significant figure, and of course where we had bounce from during the previous session. Now that we have broken down below that candlestick, it does show a lot of negativity, and you have to look at it through the prism of a market that is panicking due to the idea of the United States and China increasing sense. After all, that puts quite a bit of pressure on risk appetite in general, and I think we will continue to see that be the case.
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The USD/MXN is near the 18.45775 mark as of this writing, but traders need to take a look at the wide spreads in the currency pair before venturing forth with a speculative position today.
The USD/ZAR is around 17.27700 with a wide spread being seen at this moment, this after the currency pair jumped on Friday to a high of nearly 17.49700 momentarily on heightened rhetoric from the U.S White House.
The GBP/USD exchange rate has pulled back and reached its lowest level since August 1 as traders braced for a renewed trade war between the United States and China. It dropped to a multi-month low of 1.3263, down from the September high of 1.3730.
The EUR/USD exchange rate remained under pressure on Friday as traders reacted to the ongoing US government shutdown and the emerging trade war between the United States and China. It was trading at 1.1622, a few points above last week's low of 1.1540.
The AUD/USD exchange rate plunged to its lowest level since August 27, down by 3% from its highest point in September as risks emerged. It was trading at 0.6472 and is at risk of more downside as the US dollar strengthens.
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The EUR/USD went into this weekend near the 1,16197 ratio, this after touching lows on Thursday around the 1,15418 vicinity, and traders should brace for additional choppy results in the currency pair.