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 broke down significantly against the Japanese yen during the trading session on Friday, as there has been a major “risk off move.”
Gold markets exploded to the upside during the day on Friday, reaching above the downtrend line that has been so prevalent on the daily chart.
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In the early hours of the day, a strong contraction of China's industrial production was announced, confirming the negative expectations of the world's two largest economies due to continued trade war.
China's industrial output shrank more than expected, adding to investors' fears of the global economic recession and thus supporting the strong investor move to safe haven assets led by the Japanese Yen.
Stronger growth of US economy and foggy future of Brexit supports the GBP/USD's bearish stability to the 1.2580 support level, the lowest in more than 4 months before settling around 1.2615 at the time of writing.
So far, there has been no sign that the EUR/USD could rebound higher after testing its lowest level in two years before stabilizing around 1.1135 support at the time of writing,
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The USD/JPY has ignored the continued strong growth of the US GDP and continued to move downward to the support level at 108.79 at the time of writing
Earlier in Thursday trading, the GBP / JPY pair tried to correct as high as 138.71, but the bounce remains weak and the bearish momentum remains the strongest.
Gold prices tried to rally during yesterday's trading, but the gains did not exceed the $1286 level an ounce, after falling the previous session to the $1276 support level, where it is almost stable around at the time of writing.
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With Thursday's session started, the EUR / JPY pair is attempting to rebound higher, with but gains did not exceed 122.23 at the time of writing.
Ahead of the release of important US economic growth figures, the GBP / USD pair continues to struggle with a stronger bearish momentum towards the 1.2611 support level,