Fears of the new COVID variant continue to negatively affect investor sentiment, as countries, especially European, re-imposed lockdowns and hurt the euro against the other major currencies.
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 recent sell-off of the USD/JPY currency pair pushed it towards the 112.53 support level, its lowest in more than a month, but it settled around the 113.55 level after the dollar’s gains from Jerome Powell’s warning that the interest rate hike may come sooner than expected.
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The pair remains a key barometer of risk sentiment.
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The euro went back and forth significantly on Tuesday as we continue to try and figure out where we are going next.
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The CAC gapped lower to kick off the trading session on Tuesday as we continue to see a lot of panic.
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The British pound initially rallied on Tuesday but then turned around to fall quite sharply as Jerome Powell struggled to keep the markets from falling apart while speaking in front of Congress.
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The S&P 500 bounced a bit from the 50-day EMA during a very volatile session on Tuesday.
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The NASDAQ 100 pulled back a bit on Tuesday as Jerome Powell has done everything he can to wreck the markets.
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The Ethereum market initially pulled back a bit on Tuesday but then broke above the $4500 level to go as high as $4750 level during the day, only to pull back towards the $4600 level.
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The West Texas Intermediate Crude Oil market fell rather hard on Tuesday as the US dollar shot much higher.
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Gold markets rallied initially to break above the $1800 level but gave back the gains and now looks absolutely anemic after Jerome Powell suggested during his congressional testimony on Tuesday that “transitory” is not a word he would use to describe inflation anymore.
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Silver markets initially tried to rally on Tuesday but got absolutely slammed after Jerome Powell suggested that inflation is no longer considered to be “transitory.”
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The Bitcoin market went back and forth on Tuesday as the US dollar shot straight up in the air.
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The EUR/USD declined sharply during the American session after a hawkish statement by Jerome Powell.
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The GBP/USD pair was under pressure during the American and Asian sessions as concerns about the new Omicron variant rose.
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