The market is probably looking for reason to go long given enough time, but we are likely to see buyers based upon value.
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 has gone back and forth during the trading session on Tuesday as we wait to see what the Federal Reserve has to say late on Wednesday.
The British pound initially fell during the trading session on Tuesday to reach down towards the 50-day EMA, only to bounce again to form a bit of a hammer.
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The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Tuesday as we continue to see crude oil outperform most other commodities.
The US dollar rallied a bit during the trading session on Tuesday to reach towards the 1.22 handle.
Bitcoin was trying to break out above the $40,000 level, and at the end of the session the market has not only broken above the $40,000 level, but it has also cleared the $41,000 level.
The price has room to rise beyond $42k if a breakout above $41k is achieved.
The resistance level at 1.4123 looks likely to remain pivotal.
The EUR/USD pair was little changed during the Asian session as traders focused on the previous and upcoming economic data from the United States and the Fed interest rate decision.
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The AUD/USD pair tilted upwards after the positive news from Victoria.
There was a sharp bearish start to the performance of the EUR/USD currency pair for this week's trading that pushed it towards the 1.2093 support level, before settling around the 1.2140 level
Within the completion of the performance movement at the end of last week, the price of gold moved at the beginning of this week’s trading amid bearishness.
For six trading sessions in a row, the price of the USD/JPY currency pair is moving within the range of an ascending channel, after which it tested the resistance level 110.15 in early trading today.
The price of the GBP/USD currency pair is trying to face the dollar's recovery yesterday.
The USD/JPY is trading slightly above the 110.000 level as of this writing, and if the higher value is sustained, it could spark speculative wagers.