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.
Meta gapped lower to kick off the trading session on Monday, as we threatened to test the $685 level. The $685 level is, of course, an area that’s been important multiple times, and now it’s starting to attract the 200 Day EMA indicator. The 200 Day EMA typically will determine the longer-term trend. I think you have a situation where traders are likely to turn around and are going to continue to see plenty of value in this region, as we try to continue the overall uptrend.
The British pound has rallied again during the early hours on Monday as we continue to see plenty of support near the 1.34 level. This is an area that continues to be noisy overall, and therefore it is worth noting that the market is essentially hanging around in the same range that we have been in for a while, therefore I think we need to determine whether or not we are going to make a bigger move.
Bitcoin rallied again during the trading session on Monday, as we are now well above the $125,000 level. The $125,000 level is a large, round, psychologically significant figure that caused a bit of a headache over the weekend, but ultimately, I think we’ve got a situation where Bitcoin continues to go higher. If we pull back from here, the $120,000 level is a potential support level, followed by the $117,000 level, as it has been important multiple times.
The GBP/USD exchange rate held steady on Tuesday as traders focused on the happenings in the United States, which is going through a government shutdown. It was trading at 1.3485, up from last month’s low of 1.3320.
The EUR/USD exchange rate remained under pressure as investors reacted to the new developments in France and as they waited for the upcoming statements by top Federal Reserve officials. It was trading at 1.1710, a few points above Monday’s low of 1.1650.
Bitcoin price rose for six consecutive days and reached a record high as its role as a safe-haven asset continued. The BTC/USD pair jumped to a high of 125,715, up by 16% from its lowest level in September and 70% above the year-to-date low.
The AUD/USD exchange rate moved sideways on Tuesday as the forex industry remained muted. It was trading at 0.6620, up from last week’s low of 0.6520. It is hovering near its highest point since September 18.
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The USD/BRL closed near the 5.3112 ratio yesterday as the currency pair maintained its bearish stance, but support has proven to be durable below and speculative trading likely awaits today.
The USD/SGD has produced slightly higher price action since Thursday of last week, as of this writing on Tuesday morning the currency pair is around the 1.29200 ratio.
The price of gold at $4000 per ounce is the next target for gold bulls amid the continued strong positive momentum in the market. According to platforms of gold trading companies, momentary gold prices rose to the resistance level of $3897 per ounce, the highest in the history of the yellow metal market. The absence of US job numbers at the end of last week provided enough momentum for gold bulls to hold onto their gains. The US government shutdown joined the factors driving gains in the gold market, leading traders to ignore the fact that all technical indicators had reached sharp overbought levels.
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The U.S. dollar has been a bit choppy against the Mexican peso during the trading session on Friday as we continue to just grind sideways overall. This is a market that, course, is paying attention to a lot of different things at the moment, not the least of which would be the U.S. government shutdown. However, really, when you look at the longer term picture, you see that the US dollar had skyrocketed back in the middle of April of 2024, extending from the 16.3 level all the way to the 21.3 level before pulling back. With that being the case, we find ourselves sitting just above the 61.8 % Fibonacci retracement level. And therefore, some technical traders will be watching this. The 18.20 Mexican pesos level for me is important because if we break down below there, typically I start aiming for a complete turnaround of the Fibonacci level, meaning we could drop all the way back down to the bottom. Short-term rallies will face some problems with 18.5 pesos and the 50-day EMA at the 18.57 level, which is dropping.
On Friday the Nvidia stock initially rallied a bit during the early hours here on Friday but then turned around to show signs of hesitation as traders continue to see a lot of questions asked about the extension and expansion of the stock market. The non-farm payroll announcement was not released on Friday, so we didn't really have a lot to drive sentiment. That being said, Nvidia has filled a gap from the Thursday open, so one would assume that sooner or later the buyers return, based on the idea of “market memory”. I'm paying special attention to $185 because it was significant resistance previously, and a little bit of market memory comes into play in that general vicinity.
