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.
Before the announcement of a package of important US economic data today, the USD/JPY is subjected to a downward pressure that pushed it towards the support 107.36 level before settling around the 107.70 level in the beginning of Thursday’s trading.
For the sixth consecutive day, the gold price is moving in a downward correction range.
The risk appetite, with the gradual opening of the British economy, are factors that contributed to the gains of the GBP/USD and reached the 1.2362 resistance and tried to break through during the session yesterday.
For the second day in a row, the EUR/USD continues the bullish correction with stronger gains that pushed it towards the 1.1030 resistance.
The British pound pulled back a bit from the 50 day EMA during the trading session on Wednesday as we continue to see the US dollar strength in overall.
The Australian dollar has gone back and forth during the trading session on Wednesday, reaching towards the 0.6665 level before pulling back.
The silver markets initially pulled back a bit during the trading session on Wednesday as we continue to see a lot of volatility in this market.
The US dollar rallied a bit during the trading session again on Wednesday as the “risk off trade” came back into play.
Gold markets initially broke down during the trading session on Wednesday, breaking well below the $1700 level.
One of the most over-hyped events for Bitcoin was the third halving event, which concluded on May 11th, 2020.
Canada’s economy struggled before the Covid-19 outbreak, issues were intensified after oil prices collapsed, and the problems persist today.
Per Christine Lagarde, the President of the European Central Bank, the Eurozone economy is forecast to plunge 8% to 12% in 2020 due to the nationwide lockdowns implemented in response to the Covid-19 pandemic.
Business confidence in New Zealand recovered in May but remained deep in depressive conditions.
The US dollar has been grinding back and forth against the Indian rupee for the last couple of months, forming a bit of a massive symmetric triangle.
Gold markets have been sideways during most of the month of May, using the $1700 level as support.
