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 S&P 500 has spent the bulk of January, perhaps doing so in order to work off some of the excess that the markets have seen for the last several months before.
Silver has been very noisy to say the least, mainly to the upside obviously during the month of January as well as several months before. All things being equal, this is a market that I think is going to continue to see a lot of noisy and bullish behavior, but a short-term pullback from here then opens up the possibility of finding value in a market that has essentially just exploded to the upside.
The Nasdaq 100 has gone back and forth again during the month of January continuing the sideways action that we had seen in both November and December. Ultimately, I think this is a market that is trying to do everything they can to break above the 26,000 level.
While silver has been taking most of the headlines, it is worth noting that during the month of January we saw gold piercing the crucial $5,000 level, an area that I thought it would be months before we took out.
The Light Sweet Crude Oil market has been a bit positive for the month of January, but quite frankly we have been bouncing from a very oversold position. Because of this, I don't read too much into the positivity other than we had tested a major support level in the form of $55 recently and have recovered.
The USD/JPY is near the 153.325 ratio as of this writing, this after a full month of tumultuous trading in the currency pair which has led to widespread accusations and rumors regarding price fluctuations.
BTC/USD as of this writing is floundering above the 88,000.00 mark and has shown some downwards motion the past week that may look concerning to some of its backers.
From a technical analysis standpoint, the 1.3550 level begins pretty significant support all the way down to 1.3450. However, this session could see fireworks.
Silver has been very noisy during early hours on Wednesday, as we continue to see a lot of volatility. However, the overall attitude at this point in time remains bullish as per usual.
The British pound initially fell a bit during the trading session on Wednesday, only to see buyers at the same place again. This market continues to show resilience, and stability, despite the noise in the markets overall.
The Euro against the Swiss Franc is a market that I am watching closely at the moment, as the Swiss National Bank could intervene.
The EUR/USD exchange rate rose to the important resistance level at 1.2000 for the first time in years after the Federal Reserve delivered its first interest rate decision of the year. It was trading at 1.1950 on Thursday morning, a few points below this week's high of 1.2087.
The German DAX has dipped a little bit during the trading session, as we are still looking for momentum, and the FOMC is likely to provide that globally. With this, the market looks like it is trying to launch higher again.
The Australian dollar has been somewhat noisy against the Canadian dollar during trading on Wednesday, as the Bank of Canada took center stage. That being said, nothing significantly changed as far as the “big picture” is concerned.
Bitcoin is currently caught between a couple of massive driving forces, as we are trying to sort out where risk appetite is going globally. This continues to be a noisy place to trade, but it is now offering a well-defined range.
