Brazilian retail sales for April recorded a record plunge, following US retail sales data for the same period.
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 USD/ZAR moved within a solid range on Tuesday and the currency pair may be able to accomplish the same story in forex today.
The old saying that the trend is your friend in forex is understood by traders.
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The silver market has rallied a bit to kick off the Tuesday session, breaking above the top of the hammer from the Monday session.
Gains are still facing caution and anticipation over the course of Brexit negotiations.
The Australian dollar initially plummeted during the trading session on Monday as traders were concerned about the coronavirus having an effect on the global growth situation,
Silver markets fell significantly during the trading session initially on Monday but found enough support near the $17 level to turn around and form a massive hammer.
The British pound has initially fallen during the trading session on Monday to kick off the week but found enough support at the 50 day EMA to turn around and rally a bit.
The Brazilian Real was able to test important support levels near the 4.9000 level last week but reversed and began to see a steady diet of resistance junctures targeted.
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A wave of buying in the USD/ZAR brought the pair to a resistance level yesterday near 17.3000 and then a reversal lower.
The relatively narrow range of the USD/INR is beginning to look like an attractive avenue for speculators.
Russia’s economy is forecast to contract by as much as 6.0% in 2020 due to the global Covid-19 pandemic and subsequent nationwide lockdown.
China reported few new Covid-19 infections for several months before a new cluster appeared in Beijing.
Mexico’s economy struggles under Covid-19 lockdown measures, facing identical challenges as most countries are balancing the healthcare system with job losses and economic activity.
Despite the surge in global Covid-19 infections, the Reserve Bank of Australia remains more upbeat than other central banks.