The US dollar has rallied significantly during the trading session on Wednesday, reaching towards the ¥107.50 level.
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 S&P 500 initially pulled back a bit during the trading session on Wednesday but found buyers underneath to turn things around and show signs of strength again.
The British pound initially pulled back a bit during the trading session on Wednesday but found enough support near the 1.2650 level to show just how strong things are getting in the British pound.
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EUR/USD: Higher prices very likely
Gold markets have rallied during the trading session on Wednesday as we have broken above the $1850 level.
The West Texas Intermediate Crude Oil markets have initially fallen during the trading session on Wednesday but found enough support to turn things around and show signs of strength.
Silver markets rallied rather significantly during the trading session on Wednesday, breaking above the $23 level.
The US dollar initially fell during trading on Wednesday against the South African Rand but has bounced enough to show signs of life again.
The European Union leaders have agreed on new spending plans worth 1.8 trillion Euros, which includes a 750 billion Euro rescue package to counter the effects of Coronavirus, which will be largely funded through the issuance of European Union bonds.
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Gold prices rose sharply and gold futures settled at their highest level in almost 9 years, supported by the European Union's announcement of a Eurozone recovery fund, and optimism about the new stimulus in the United States.
The pair is trading around 1.2715 at the time of writing.
Investors have abandoned the US currency, temporarily, since the announcement of reaching vaccines to counter the COVID-19 pandemic, despite new and record numbers of infections in the United States and some countries of the world.
Common sense tells us that sentiment in the global markets has an effect on many financial assets.
When Sweden decided to follow its own path regarding coronavirus it was widely criticized by many global health organizations and national governments.
The precious metal has gained significantly early this week.