Gold markets have bounced a bit during the trading session on Monday to kick off yet another week of choppy sideways trading.
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 British pound initially gapped higher to kick off the week, but then pulled back towards the 1.2635 level, and the 200 day EMA to find enough buyers there
Turkish President Erdogan canceled proposed lockdown measures for fifteen municipalities, which were supposed to take effect over the past weekend.
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The Australian dollar has rallied on Monday, to test the top of the shooting star from Friday.
Singapore initiated the first phase of easing lockdown restrictions due to the Covid-19 pandemic.
Russian President Putin ordered his government to implement a swift economic recovery plan, which includes RUB5 trillion in emergency spending until the end of 2021.
The risk appetite and the positive US job numbers were a catalyst for the USD/JPY in correcting upwards to the 109.85 resistance, the highest level of for the pair in more than two months, before it closed last week’s trading around the 109.58 level.
The weakening of the US dollar and risk appetite contribute to stronger gains for the GBP/USD pair, pushing it to the 1.2730 resistance.
Throughout the week's trading, the price of gold was in a downward correction range amid continuing gains in global stock markets and growing investor confidence that the reopening of global economies may offset some of the catastrophic shocks caused by the Coronavirus.
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The EUR/USD price fell from the 1.1383 resistance, its highest level in three months, and closed the week's trading around the 1.1278 level.
The S&P 500 broke above the 3100 level during the trading session on Thursday, and now it looks as if the market is trying to break above the 3200 level.
The NASDAQ 100 has rallied significantly during the training session on Friday after the job numbers came out much stronger than anticipated.
The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Friday again as the job numbers came out stronger than anticipated.
The Australian dollar rallied again during the trading session on Friday as the “risk on trade” continues to dominate.