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.
After a recent positive move for the GBP/USD path pushed it towards the 1.2670 resistance, the pair failed for three consecutive trading sessions to overcome that resistance, which is technically an obstacle for the pound in completing the correction pace.
The continued monitoring of increasing numbers of new infections with the Coronavirus in the United States, along with the renewed tensions between the two largest economies in the world, are the most important factors that explain the continued downward pressure on the USD/JPY, which is struggling to return to stability above the 108.00 resistance to exit the bearish channel that is in control since the beginning of the current month’s trading.
Speculators who like short quick dashes of volatility need to consider the USD/MXN within their trading menu, this for a potential worthwhile endeavor.
AUD/USD: Improving risk sentiment boosts Aussie
The Brazilian Real remains a technical battleground for speculators using charts and searching for short term trading possibilities.
The USD/ZAR continues to press up against important support levels which look more vulnerable as the short term trend of the South African Rand seemingly gains incremental momentum.
The USD/PKR is still hovering near values of 166.5500 in early trading this morning.
India, presently the third-most infected country with Covid-19, is on course to join the US and Brazil with over 1,000,000 confirmed cases.
Singapore entered a technical recession as it reported a second-quarter GDP plunge of 41.2% quarter-over-quarter.
GBP/USD: Pound catching up with the Euro
The British pound broke down significantly during the trading session on Tuesday but found enough support at the 50 day EMA to turn things around to form a hammer.
The Australian dollar initially fell during the trading session on Tuesday but then turned around again.
