Start the week of November 16, 2020 with our Forex forecast focusing on major currency pairs here.
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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Technical Analysis
With new Covid-19 infections surging across Germany and a four-week nationwide lockdown in place throughout November, Europe’s largest economy may face a double-dip recession.
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Compared to other countries, Turkey maintains relative control over the second wave of the Covid-19 pandemic.
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The Euro rallied a bit during the trading session on Thursday, bouncing from the 50 day EMA.
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The S&P 500 initially tried to rally during the trading session on Thursday and the Globex hours, but then broke down rather significantly.
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The British pound has pulled back rather significantly during the trading session on Thursday, as the market crashed towards the 1.31 handle.
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The NASDAQ 100 initially tried to recover during the trading session on Thursday, but later in the day we started to see the 12,000 level offer a lot of resistance.
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The West Texas Intermediate Crude market initially tried to rally during the trading session on Thursday but gave back the gains during the session
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The US dollar has pulled back a bit during the trading session on Thursday, but we still are hanging just above the ¥105 level.
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The Australian dollar went back and forth during trading on Thursday as we continue to see a lot of questions out there.
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Silver markets remain very quiet after the session on Thursday, as we are sitting just below the 50 day EMA.
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Bitcoin markets initially pulled back during the trading session on Thursday, but then turned around to break above the $16,000 level yet again.
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Gold markets rallied just a bit during the trading session on Thursday as we continue to see the market grind sideways just above the $1850 level.
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For the second day in a row, the EUR/USD currency pair is witnessing profit-taking selling after a bullish jump at the beginning of the week’s trading.
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The recent performance of the pound in the Forex market contributed to a strong upward momentum for the GBP/USD pair, which moved towards the 1.3313 resistance, its highest in over two months.
Technical Analysis