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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GBP/USD: Pound becoming less weak?
EUR/USD: Euro one of the main gainers from USD weakness
The S&P 500 has rallied with force during the trading session on Monday, as we continue to see a lot of noise out there.
The US dollar has initially tried to rally during the trading session on Monday, reaching towards the ₹76 level before giving back the gains.
Silver markets rallied significantly during the trading session on Monday, but quite frankly they have stretched far too much to continue the momentum.
Gold markets initially tried to rally during the trading session on Monday but gave back the gains to break below the $1750 level to find even more weakness later in the day.
The West Texas Intermediate Crude Oil market rallied again during the trading session on Monday, gaining over 7% at one point.
While yesterday’s news regarding a promising Covid-19 vaccine sparked risk-on sentiment, allowing the GBP/JPY to accelerate out of its support zone as demand for the safe-haven
Singapore reported a smaller trade surplus in April as compared to March, on the back of a monthly decrease in non-oil exports while posting an annualized increase.
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During the trading week, the USD/JPY tried to avoid further collapse, which pushed it towards the 106.74 support, where the pair bounced to the 107.45 level by the end of trading last week and closed the week trading around the 107.16 level.
Increasing global geopolitical and commercial tensions contributed to more interest by investors to buy more gold bars, which pushed the price of gold to the $1752 level, the highest for eight years.
The exchange rate losses of the GBP/USD exacerbated during last week's trading until it reached the 1.2100 support level, the lowest since the end of last March's trading.
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Sign up to get the latest market updates and free signals directly to your inbox.Throughout last week's trading, the price of the EUR/USD pair was trying to avoid a breakdown below the 1.08 psychological support in order not add to losses, especially with the continued strength of the US dollar as a safe haven.
The Euro has gone back and forth during the trading session on Friday again, and as a result it is obvious that the market has been dancing around the 1.08 level.
The US dollar has gone back and forth during the trading session on Friday, to close out the week on a relatively positive note as the candlestick looks a bit more like a hammer