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.
Gold markets rallied initially to break above the $1800 level but gave back the gains and now looks absolutely anemic after Jerome Powell suggested during his congressional testimony on Tuesday that “transitory” is not a word he would use to describe inflation anymore.
Silver markets initially tried to rally on Tuesday but got absolutely slammed after Jerome Powell suggested that inflation is no longer considered to be “transitory.”
The Bitcoin market went back and forth on Tuesday as the US dollar shot straight up in the air.
The EUR/USD declined sharply during the American session after a hawkish statement by Jerome Powell.
The GBP/USD pair was under pressure during the American and Asian sessions as concerns about the new Omicron variant rose.
The BTC/USD pair was in a tight range during the overnight session even after a relatively hawkish Federal Reserve chair.
WTI Crude Oil has delivered a punch to speculative positions the past handful of days as the commodity reacts to nervous global trading conditions.
Gold clearly demonstrated a rather turbulent month of results in November and traders should prepare for the potential of additional amusement park-like thrills.
For the third day in a row, the USD/JPY is settling below the 113.00 support level after strong selloffs which the pair recently witnessed as it collapsed from its highest level in six years, when it tested the 115.52 resistance level last week.
For two trading sessions in a row, the EUR/USD tried to stop its losses which extended to the 1.1186 support level, the lowest in 16 months, but the rebound gains did not exceed the 1.1330 level, instead settling around the 1.1270 level today.
The price of gold has been trying to recover to stabilize above the psychological resistance of $1800, which may give the yellow metal the impetus to move higher to avoid selloffs.
Britain is expanding its COVID-19 booster vaccine program to millions more people as part of efforts to tackle the spread of the new omicron variant, which is feared to be more contagious and resistant to vaccines.
The USD/BRL has traded slightly higher since the 25th of November, but it remains below values achieved only a couple of days before on the 23rd.
There is plenty of room to fall.
The USD/INR has broken through short-term resistance and climbed higher as nervous trading sentiment grips Forex globally.
