Bitcoin is falling strongly and steadily, threatening to break down to new medium-term low prices, and facing a test of support at $110,569.
Technical Analysis
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 tumbled against the loonie after Powell’s dovish remarks, but a breakout above Friday’s candlestick could send USD/CAD toward 1.40–1.42.
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The S&P 500 rallied strongly after Powell’s dovish Jackson Hole speech, with buyers targeting the 6,500 resistance level while pullbacks attract demand.
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WTI crude oil edged higher Friday but failed to hold gains, with resistance at $65 and oversupply risks keeping the bearish trend intact toward $60.
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The German DAX is testing major resistance at €24,500, with a bullish breakout eyeing €25,500 while key support levels remain at €24,000 and €23,500.
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The US dollar dropped against the peso after Powell’s dovish shift, with USD/MXN targeting 18.50 support and resistance holding near 19.00.
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Silver rallied sharply on Friday, testing $39 resistance with bullish momentum eyeing $40–$42.50 while short-term support holds near $38.
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The British pound dropped against the yen despite a risk-on backdrop, with GBP/JPY capped at 200 resistance and support near 198.40.
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AUD/USD rebounded after forming a double-bottom at 0.6420, with bullish momentum targeting 0.6567 while 0.6422 acts as critical support.
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GBP/USD formed an inverse head-and-shoulders pattern after Powell’s dovish remarks, with bullish momentum aiming for 1.3700 while 1.3400 acts as key support.
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EUR/USD surged after Powell’s dovish pivot, with bullish momentum targeting the year-to-date high of 1.1835 while 1.1650 acts as key support.
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The Australian dollar bounced after Powell’s dovish remarks, but AUD/USD faces stiff resistance at 0.6550 as doubts over the global economy linger.
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The euro is rebounding against the franc, with EUR/CHF supported by moving averages and aiming for 0.9450 as risk appetite improves.
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Jerome Powell’s dovish speech on a September rate cut last Friday saw markets turnaround, with the major US equity index again poised to challenge its record high if the bullishness is sustained into the coming week.
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The GBP/USD went into this weekend near the 1.35275 ratio, this after touching the 1.33910 vicinity early on Friday.
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