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 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.
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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.
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.
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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.
The New Zealand dollar has been a big winner against many other smaller currencies, including the Singapore dollar, which of course is considered to be a safety currency.
The US dollar initially did rally a bit during the trading session on Monday, but it turned around rather aggressively to slam into the 1.35 level against the Canadian dollar.
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During the trading session on Monday, the first thing I see when looking at the CHF/JPY pair, we have seen a complete turnaround from the initial selloff.
The US dollar has bounced a bit during the early hours against the Indian rupee on Monday as the 83.50 rupee level is an area of significant support.
The NZD/USD pair has rallied quite significantly to reach towards the 0.63 level, an area that has been a major resistance barrier more than once.