The decline of the US dollar and renewed fears of increasing COVID infections contributed to moving the price of gold to the $1797 resistance level, closing in on the psychological peak of $1800.
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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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It was natural, with the GBP/USD pair moving to the 1.4000 psychological resistance amid a sharp upward rebound, to be followed by profit-taking.
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The USD/JPY's bearish performance was strengthened after it breached the 108.00 psychological support level, with losses to the 107.88 support level, before stabilizing around 108.05 as of this writing.
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The bulls are trying to maintain the stability of the EUR/USD pair above the 1.2000 psychological resistance to confirm the bullish rebound.
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The West Texas Intermediate Crude Oil market broke down a bit during the trading session on Wednesday, slicing through a significant area of support at the $62.25 level.
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The euro fell a bit during the trading session on Wednesday to reach down towards the one point to zero level, where it turned around promptly and formed a hammer.
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The British pound pulled back initially during the trading session on Wednesday against the US dollar, but then turned around to show signs of strength.
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The NASDAQ 100 has rallied significantly during the course of the trading session on Wednesday to reach towards the 13,915 handle.
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The S&P 500 rallied significantly to wipe out all of the losses from the previous session, as traders came in to pick up the market on Wednesday and shake off any concern seen in the previous 24 hours.
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The DAX broke down a bit during the trading session on Wednesday but then turned around to show signs of strength again.
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The FTSE 100 initially fell during the trading session on Wednesday to reach down towards the 6800 level.
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The gold market rallied a bit during the trading session on Wednesday to pierce the 200-day EMA, but did pull back just a bit towards the end of the session.
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The Australian dollar initially dipped during the trading session on Wednesday but then turned around to show signs of strength again.
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The Bitcoin market initially fell during the trading session on Wednesday, reaching down below the 50-day EMA yet again.
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The GBP/USD has bounced back from its lowest level yesterday as the market reflects on the recent data from the UK.
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