The German DAX initially tried to rally a bit during the course of the trading session on Wednesday but turned around to show signs of exhaustion.
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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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Gold was rather choppy during the early hours on Wednesday, but we do still have a significant amount of support below that comes into the picture to offer a bit of a potential buying opportunity.
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May 09, 2023. Gold Forecast and Analysis of the price of gold XAU/USD today
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The US dollar has rallied a bit against the Mexican peso during the early hours on Wednesday, as we continue to see a lot of volatility overall.
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Silver is outperforming Gold, so traders should be more confident of being long of Silver than of Gold.
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Bitcoin has drifted a little bit lower during the early hours on Wednesday, as we continue to see interest rates in the United States cause issues for crypto in general.
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The GBP/USD exchange rate has fallen below the psychological support level of 1.2500, extending losses to the 1.2467 support level before settling around 1.2495
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The AUD/USD exchange rate remained under pressure as traders assessed the recent actions by the Federal Reserve and Australia’s central bank.
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The GBP/USD pair will be in the spotlight on Thursday as the Bank of England (BoE) provides hints on when it will start slashing interest rates.
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The EUR/USD exchange rate softened this week after another set of economic data from Europe.
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Yet there are strong support levels nearby.
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GBP/USD attempted to hold above the 1.2500 level to avoid further losses, but with bearish sentiment ahead of the Bank of England's announcement tomorrow, GBP/USD has slipped to the 1.2484 support level as of writing.
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According to today's Wednesday trading, the value of the Japanese yen has fallen to over 155 yen against the US dollar, giving up about half of the gains it made last week.
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Amid the performance of the currency pair in Forex currency trading companies, EUR/USD may take cues from tomorrow's US initial jobless claims report and the University of Michigan's preliminary US consumer sentiment index on Friday.
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Gold prices are consolidating around $2320 an ounce today.
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