US Federal Reserve Chairman Powell delivered a pessimistic outlook on the economic recovery potential.
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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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According to the Global Economic Prospects report for June 2020, distributed by the World Bank, the economy will face a 5.2% GDP contraction.
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The Mexican peso got absolutely crushed during trading on Thursday, as there was a major “risk off” move around the world.
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The Australian dollar has broken down significantly during the trading session on Thursday, ripping through the bottom of several candlesticks that had led the market up to this area.
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Brazil’s government stopped publishing Covid-19 data and took down the official website.
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The British pound has broken down significantly during the trading session on Thursday, slicing through the 200 day EMA.
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The silver markets have gone back and forth during the trading session on Thursday, initially gapping much higher but then falling hard.
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For the first time in three months, the GBP/USD price is moving towards the 1.2812 resistance, amid a strong retreat of the US dollar against other major currencies.
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The Australian dollar has rallied over the last several months in an almost straight line, but it continues to hang around the 0.70 level, looking for some type of long-term direction.
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The recent pressures on the US currency contributed to a stronger bear control on the USD/JPY performance, where its losses reached the 106.93 support at the time of writing.
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A distinctive opportunity for the yellow metal to recover its gains after sharp losses at the end of last week pushed it towards the $1670 support.
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During yesterday's trading session, we noticed a strong activity of the EUR/USD price.
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The British pound has pierced a major resistance during the trading session on Wednesday but has given back quite a bit of the gains in a sign of uncertainty.
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After touching higher values early this week the Mexican Peso lost some momentum, but importantly it has not shown an ability in the short term to punch through key technical resistance levels and the USD/MXN is still displaying selling pressure at critical moments.
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In early trading this morning the support level of 16.6000 appears to be developing into an intriguing juncture.
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