The past week of trading has seen rather stable for the USD/ZAR and its rather tight value band should raise suspicions that the forex pair may produce volatility.
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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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Brazil continues to report a high daily new Covid-19 infection count, but the spending spree by President Jair Bolsonaro to support the poor and focus on economic activity
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India has risen to the top spot in new daily Covid-19 infections, surpassing Brazil in the total count, and only trailing the US, which remains the most-infected country.
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The US currency recovered alongside renewed fears of a bleaker outlook for Brexit, after Boris Johnson - Britain's prime minister - threatened by saying it was too late for an agreement.
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While the Brazilian Real continues to maintain a relatively stable price range and display rather narrow support and resistance levels, a bearish trend has also been maintained.
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In early trading this morning the USD/INR has seen another short term bullish trend emerge.
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The Pakistani Rupee is managing to once again traverse near short term support levels which certainly look important via technical charts.
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Despite claims by Mexican President López Obrador that the country and economy weathered the depth of the Covid-19 induced recession better than many global counterparts, Mexico remains under significant short-term stress.
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South Africa likely faced a massive collapse in its second-quarter GDP, with estimates ranging between 20% and 53%.
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The Australian dollar has done very little during the trading session on Monday, but you would expect that as it was Labor Day in the United States.
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The silver markets gapped higher to kick off the Monday session but then simply danced around the $27 level.
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The British pound has gapped lower to kick off the trading session on Monday, but it should be kept in mind that the Americans were not even on board as it was Labor Day in the United States.
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The USD recovered and the selling operations that affected the GBP/USD currency pair, after testing its highest levels in 2020, pushed it towards the 1.3175 support at the end of last week’s trading before stabilizing at the beginning of this week’s trading around the 1.3260 level at the time of writing.
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In early trading this morning the EUR/MXN has seen some bullish behavior flourish within the forex pair.
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The USD/SGD continues to trade near important short term resistance.
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