Weekly market wrap: oil dips, gold slips, NASDAQ rallies, and major FX pairs test key levels amid shifting sentiment.
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 US dollar rallied against the Swiss franc on Thursday, pushing toward key resistance at 0.84 as traders brace for NFP and test safe-haven sentiment.
The NASDAQ 100 approached the key 20,000 level on Thursday but pulled back slightly, with traders eyeing earnings and NFP data as possible breakout catalysts.
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The US dollar surged against the yen after the BoJ stood pat, with a break above 145 shifting focus to Friday’s NFP and possible long-term bullish momentum.
The US dollar is rebounding against the Canadian dollar as traders brace for the NFP report, with 1.40 and 1.3750 marking key breakout and support levels.
The British pound consolidates within a key range ahead of the US jobs report, with 1.32 and 1.3450 as critical levels likely to trigger the next big move.
Silver reversed early losses on Thursday, forming a bullish hammer near $32, with a breakout above $34 likely targeting the $35.25 swing high.
Bitcoin surged on Thursday, approaching the $100K level with strong support near $90K, as traders brace for Friday’s NFP-driven volatility and broader risk sentiment shifts.
The euro continues to weaken ahead of NFP, with 1.12 acting as critical support and broader USD strength threatening a potential bearish breakout.
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Crude oil bounced off key support near $56 after a sharp selloff, with traders watching for a potential bottom formation amid volatility and NFP risk.
Gold sold off sharply on Thursday as the US dollar rebounded, with traders awaiting NFP data for direction and watching for support near the 50-day EMA.
I have often noted and recommended buying the US dollar against the Japanese yen from every downward level.
For two consecutive trading sessions, the British pound has retreated from its recent highs against the US dollar, but this weakness is likely temporary.
Since the middle of this week's trading, Gold/USD (XAU/USD) has been in a downward correction path with losses extending to the support level of $3222 per ounce
The success of the current EUR/USD selling operations in moving below the 1.1270 support level will give bears more momentum to form a bearish channel opposite