With the Eurozone in a recession, Germany entered one before the rest of the bloc after fourth-quarter data was revised lower.
Technical Analysis
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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Preliminary Japanese first-quarter GDP data decreased less than forecast but confirmed the economy entered a recession.
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Get our trading strategies with our monthly & weekly forecasts of currency pairs worth watching using support & resistance for the week of May 17, 2020.
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Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of 18 may, 2020 here.
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Get the weekly Forex forecast for major currency pairs for the week of May 18, 2020 here.
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China reported a better than expected rebound in April industrial production, but retail sales remained depressed
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The Euro fell during the trading session on Thursday, reaching towards the 1.0750 level, an area that I think is rather supportive.
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The US dollar initially fell during the trading session on Thursday but found enough support below the ¥107 level to turn around and show signs of strength.
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The Australian dollar has fallen rather hard during the trading session on Thursday as it reached towards the 50 day EMA.
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The S&P 500 has broken down a bit during the trading session initially on Thursday, especially in the Globex session as futures traders bet on further weakness.
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The NASDAQ 100 has pulled back a bit during the trading session on Thursday but shown an extreme amount of resilience to break above the 9000 handle.
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The British pound has broken down significantly during the trading session on Thursday but then bounced to show significant support.
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Silver markets have broken above the $16 level during the trading session on Thursday, clearing the top of the rectangle that I have marked on the chart.
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The West Texas Intermediate Crude Oil market has rallied significantly during the trading session on Thursday, slicing through the 50 day EMA
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Based upon the action that we have seen during the trading session on Thursday in Bitcoin, it looks as if we are trying to carve out a new range.
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