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Forex Technical Analysis
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Forex Technical Analysis
The S&P 500 had an adventurous day, initially pulling back during the trading session on Thursday, showing signs of exhaustion.
The GBP/USD pair rallied significantly during the trading session on Thursday, wiping out a lot of previous resistance due to the fact that the Iranians are willing to come to the table with some type of an agreement.
The Euro rallied during the trading session on Thursday, reaching towards significant resistance at the 1.13 level late in the day as it was revealed that the Iranians were willing to make significant concessions on the nuclear talks.
The US dollar broke down during the trading session on Thursday against the Japanese yen and what had been massive volatility.
The Australian dollar rallied significantly during the day on Thursday, breaking above the crucial 0.7050 level.
The crude oil markets got absolutely hammered during the trading session on Thursday, as we initially tried to rally but then broke down from there.
Natural gas markets tried to rally initially during the trading session on Thursday, reaching towards the $2.35 before rolling over after the inventory numbers came out.
Bitcoin markets rallied as expected during trading on Thursday, after forming a very neutral and supportive looking candle stick on Wednesday.
The NASDAQ 100 rallied rather significantly during the trading session on Thursday after word got out that the Iranians were willing to talk about the nuclear arrangement.
Gold markets initially gapped higher to kick off the Thursday session, but then pulled back rather significantly to find buyers underneath.
Although the pressure on the US dollar has increased again, the EUR / USD did not benefit greatly from the rebound, which did not exceed 1.1244 at the time of writing.
The GBP / USD is trying to move away from its lowest levels in 28-year by moving towards 1.2381 and settling around 1.2460 ahead of the UK retail sales figures.
The pressure on the US dollar, with the US interest rate cut nearing for the first time in 10 years, drove the ounce of gold price to the $ 1428 resistance level early Thursday, before settling around $ 1420 at the time of writing.
The weakness of the US dollar, investors risk aversion, and the return to safe havens contributed to the evaporation of the USD / JPY gains,
NZDUSD: Another new 3-month high