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.
Crude oil has been very noisy in April, and May looks more likely than not to be more of the same.
Bearish movement has continued, but there are signs of a bottoming above support confluent with $75,000 which could produce a bullish reversal.
As of this writing the USD/JPY is trading near 160.160, this as it touches values seen on the 30th of March. The USD/JPY has battled near highs throughout April and then has seen reversals lower.
The USD/ZAR is above the 16.82000 ratio as of this moment as May approaches, the currency pair was near the 16.15500 vicinity on the 17th of April, showcasing the volatility which speculators have had to fight against the past handful of weeks.
As the month of April draws to a close the EUR/USD has enjoyed a solid month of bullish action, but as May gets set to begin obvious headwinds are blowing which are causing the creation of resistance.
As the month of May gets ready to start, the price of Bitcoin has produced rather welcome upside for its long-term believers who had certainly been watching lower price action with some nervousness the past few months.
The GBP/USD pair wavered after the Federal Reserve delivered its interest rate decision and as geopolitical tensions rose. It was trading at 1.3480, a few points below this month's high of 1.3595, as focus shifted to the upcoming Bank of England (BoE) interest rate decision.
The EUR/USD exchange rate retreated after the Federal Reserve delivered its interest rate decision on Wednesday. It also dropped as energy prices surged amid the ongoing rhetoric between the US and Iran. It was trading at 1.1677, a few points below this month’s high of 1.1855.
The AUD/USD exchange rate dropped as traders reacted to the latest Australian inflation report, Federal Reserve interest rate decision, and the soaring crude oil prices. It was trading at 0.7123, down from the year-to-date high of 0.7195.
The European Union is facing problem with energy in the future, which is one problem, but the Swiss will backstop the euro if it crumbles.
Wheat continues to see bullish pressure Wednesday, as the markets are pricing in poor weather in the USA, as well as Australia. That being said, oil prices are also a concern, with the Straight of Hormuz and fertilizer an issue also.
The US dollar rallied against the Japanese yen again on Wednesday, as we wait to see If the massive potential breakout above plays out. At one point, if this happens, it will be the biggest story in markets.
German yields continue to rise, which is putting pressure on the DAX overall. At this point, it is worth watching the 10-year yield, and if it can drop below 3% again.
The interest rate differential between these two currencies still favors the US dollar, but with the noise coming out of the oil markets, it makes sense that we continue to see a range play out.
The Bitcoin market dropped a bit on Wednesday, as traders try to build momentum in a market that was left by huge numbers. However, institutions are starting to accumulate again.
