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 Tuesday session has been positive for the US dollar, but we continue to see the same major resistance barrier in the US dollar against the Russian ruble pair in the form of the 94 level.
The US dollar has rallied a bit against the Japanese yen in the early hours on Tuesday to break above the crucial 144 yen level before turning around and forming an exhaustion candlestick.
During my analysis of minor currency pairs during the trading session on Tuesday, I can't help but notice that we are all over the place in multiple different currency pairs and the Euro against the Australian dollar won't be any different.
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During my analysis of major currency pairs during the trading session on Tuesday, it's obvious that the US dollar continues to get hammered, mainly due to the idea of the Federal Reserve cutting interest rates by 50 basis points in a surprise cut during the previous week.
On Monday, the Japanese yen declined to over 144.40 yen against the US dollar in thin trading, continuing losses incurred last week amid concerns that the Bank of Japan is in no hurry to raise interest rates.
The pound could continue to advance against the dollar in the coming weeks, but the next few days could see some consolidation around current levels.
At the start of this week, the Euro fell to $1.11, below its recent peak in July 2023 earlier this month, amid concerns that the European Central Bank may need to accelerate its easing efforts to support the struggling economy.
At the beginning of this week, the price of gold settled around $2634 per ounce, a new historical record high.
The British pound initially pulled back a bit against the US dollar during the early hours on Monday, but you've seen traders come in and start buying the pound right at the 1.3250 region.
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The USD/BRL closed around the 5.5377 mark yesterday. The high on Monday actually touched the 5.6000 level briefly.
Lows seen early this morning in the USD/SGD saw the currency pair tough the 1.28890 area.
Looking at the US dollar against the Swiss franc, the first thing I notice is that we gave up early gains during the trading session on Monday, as we continue to see the market go back and forth between a couple of levels.
The Reserve Bank of Australia left its Cash Rate unchanged today at 4.35%, stating inflation remains too high to justify a further cut, but this had little impact upon a broadly bullish Australian Dollar.
I think we still have plenty of buying pressure out there that people will be looking to take advantage of.
The Nikkei 225 initially did rally a bit during the early hours on Monday, but it looks like we are starting to dig into a significant amount of resistance.