Silver markets initially tried to rally during the trading session, breaking above the $29 level but cratered later in the day as the US dollar picked up strength.
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 US dollar has fallen most of the session on Tuesday, but as we have seen across the Forex world, the US dollar gained a little bit of strength later in the day, especially during the New York session.
The GBP/USD performance highlights the extent of the US currency suffering, as with the bleak outlook for Brexit, the pair succeeded in moving upwards towards the 1.3418 resistance at the time of writing, the highest level in eight months.
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The Aussie dollar continues to look very strong, as we have broken above the top of a massive bullish candle from the previous session.
The British pound has shown itself to be somewhat resilient during the trading session on Monday, as we initially dipped lower but then shot higher again.
Brazil remains under the ongoing stress of the Covid-19 pandemic and will likely cross the 4,000,000 infection level this week.
South Africa continues to struggle with the Covid-19 pandemic, reporting over 2,000 new cases daily.
The bearish trend of the Mexican Peso has resumed in full force the past day and a half of trading for the USD/MXN.
The silver markets have rallied quite significantly during the trading session on Monday to start the week with a bang.
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If you are a speculator of the USD/INR you have likely learned the past few days not to remove your eyes from the Forex pair for more than a minute.
Experienced traders know that momentum can shift quickly in forex and the last three trading sessions for the USD/SGD has delivered this lesson well.
Overconfidence can become a very dangerous character flaw within a new speculator.
Forex traders ignored fears of a bleak outlook for Brexit, and the US dollar’s decline was exploited.
The USD/PKR has seen some downward momentum develop the past two and half days of trading.
The EUR/CHF has experienced what some technical traders may interpret as sideways action the past month.