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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The Euro initially tried to rally during the trading session on Monday but found the 50 day EMA above to be a bit too resistive.
OPEC+ agreed to an unprecedented production cut of 9.7 million barrels per day or roughly 10% of capacity, ending a multi-week price war between the consortium and Russia.
The Australian dollar has rallied a bit during the trading session on Monday to pierce the 50 day EMA.
The US dollar fell hard against the Japanese yen to kick off the week on Monday, but it should be noted that liquidity may have been a bit of an issue
BTC/USD: Support at $6,576 probably strong
GBP/USD: Breakout beyond 1.2515
EUR/USD:Strong resistance at 1.0968
Ripple has staged a massive recovery in percentage terms after the initial response to the global Covid-19 pandemic forced broad-based selling across the financial market
The US dollar has been relatively quiet against the Indian Rupee during the trading session on Monday but that’s not a huge surprise.
Bonuses & Promotions
The British pound broke above the 1.25 level during the trading session on Monday to kick off the week, which of course is significant from a psychological standpoint.
US President Trump aims to maintain voter trust in the economy post-Covid-19.
The West Texas Intermediate Crude Oil market initially gapped higher to kick off the trading session on Monday as rumor started to come out
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The pressures on the USD pushed the USD/JPY to retreat to the 108.20 support before closing the week's trading around the 108.45 level and complete the pace of decline at the beginning of this week's trading down to the 107.80 support at the time of writing.
Increased uncertainty and weakening of the US dollar were motivating factors for gold investors to push gold prices up to the $1692 resistance, its highest in seven years, before it closed last week’s trading around the $1675 resistance.