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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A resurgent US Dollar on strong US economic data has continued to push the Aussie lower for several days, creating a solid bullish price channel. The price is now testing a key support level, at which it may be oversold.
The US dollar against the Turkish lira has stabilized within the same trading range it has been moving in for the past few weeks.
At the beginning of this week, the weakness of the Japanese yen prompted new verbal warnings.
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In recent trading sessions, the GBP/USD exchange rate has fallen to its lowest level since mid-September at the 1.3070 support level after reports indicated that the US economy added 254,000 non-farm jobs in September, exceeding expectations of a reading of 147,000 jobs.
At the end of last week, the US dollar strengthened against other major currencies as the likelihood of a 50-basis point interest rate cut in November diminished.
At the beginning of this week, the price of gold retreated to below $2,642 per ounce, continuing its decline from record highs in the wake of indicators of a strong US Labor market, which reduced the likelihood of the Federal Reserve continuing to aggressively cut US interest rates.
The Euro has shown itself to be somewhat bullish during the trading session on Friday, and at this point in time it looks like we are simply going back and forth in the same range bound area that we had been in.
The NASDAQ 100 rallied a bit during the trading session on Friday as the markets continued to rock back and forth.
The Nikkei 225 rallied rather significantly during the course of the trading session on Friday, slamming into the 39,500 yen level, an area that has been important multiple times.
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The USD/MXN has traded lower the past handful of days and has sustained lower near-term elements as today has started. However, traders need to be careful regarding the potential of reversals developing.
The USD/ZAR has traded higher in the past handful of days as a combination of risk adverse sentiment, U.S interest rates concerns, and domestic news effect financial institutions.
The West Texas Intermediate Crude Oil market has been very noisy, but mainly just to the upside.
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Silver has been all over the place on Friday and that's not a huge surprise considering that the market has been very volatile to say the least.
The most obvious thing is that we have seen a turnaround in most indices, and the CAC 40 in Paris of course is no different.
I’ve noticed that the New Zealand dollar has fallen pretty significantly during the trading session on Friday.