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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EURUSD: Supported again above 1.1100
The Euro rallied significantly during the trading session on Friday, reaching towards the 1.1165 handle.
The US dollar initially rallied against the South African Rand during the trading session on Friday, but then rolled over rather significantly.
The S&P 500 broke down during the trading session on Friday, slicing through the 200 day EMA.
The WTI Crude Oil market broke down again during the day on Friday, slicing through the $55 level.
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.
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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,
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