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Forex Technical Analysis
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Forex Technical Analysis
The US dollar remains the best performing currency compared to other major currencies.
Larger and continuous losses caused by the Corona virus (Covid-19) = new historical and record gains for gold.
The gains of the US dollar stopped, giving the GBP/USD price only the opportunity to correct towards the 1.2980 level during last Friday's trading session, and its recent gains were capped around the 1.2848 support.
At the end of last week’s trading, the price of the EUR/USD pair got a new long awaited momentum for the upward correction supporting gains to the 1.0863 level before closing the week's trading around the 1.0847 level.
The natural order of things is that eventually what goes up must come down.
Turkey’s economy is in full recovery mode. The central bank lowered interest rates once again by 50 basis points to 10.75%.
Bitcoin rallied slightly during the trading session on Friday, showing signs of life again at the $9500 level.
AUD/USD: Breakdown towards 0.6500 looks likely
Natural gas markets initially fell during the trading session on Friday, reaching down towards the gap that had formed at the beginning of the week.
West Texas Intermediate Crude Oil markets fell initially during the trading session on Friday but found support near the $52.50 level to bounce a bit.
USD/JPY: Bullish breakout collapsing
BTC/USD: Pivotal point remains at $9,518
The Australian dollar went back and forth during the trading session on Friday, initially dipping lower but turning around to form a bit of a hammer which is a slightly bullish sign.
The US dollar has pulled back a bit against the Japanese yen during the trading session on Friday, as we reached the ¥112.30 level.
The Euro has exploded to the upside during the trading session on Friday, as there has been a significant amount of short covering going into the weekend.