USD/JPY: Long-term low prices rejected
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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While the UK economy is predicted to contract by 10.2% in 2020, matching the Eurozone, it is above forecasts for France, Italy, and Spain, and expected to drop by 12.5%, 12.8%, and 12.8%, respectively.
Preliminary June PMI data out of the Eurozone releases on Tuesday surprised to the upside but did little to rally the Euro.
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South Africa’s economy is predicted to contract by 7.2% in 2020, as outlined during a budget adjustment delivered by Finance Minister Tito Mboweni.
Mexican President López Obrador acknowledged 85,000 formal job losses related to the Covid-19 pandemic, adding that the number is forecast to increase to 130,000 by the end of June, and 1,000,000 in total.
BTC/USD: Bulls just cannot break above $10,000
Even as global equity markets roiled late yesterday and early today the USD/MYR has been able to hold onto its known value range.
After steady gains against the US Dollar during most of June, sudden fear in the forex market sparked by renewed worries about Coronavirus has caused a selloff of the Euro against the US Dollar.
Gold has experienced a strong amount of selling early this morning and has come off of its highest value levels.
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Silver markets fell hard during the trading session on Wednesday, reaching down towards the $17.40 level, but have recovered slightly showing signs of support again.
Bitcoin markets broke down significantly during the trading session on Wednesday, reaching down towards the uptrend line that makes the ascending triangle.
The West Texas Intermediate Crude Oil markets have broken down significantly during the trading session on Wednesday as traders are starting to worry about whether or not the coronavirus numbers are going to pick up, and slow things in the economy down.
The gold markets did rally and break out to the upside during the trading session on Wednesday but gave back the gains as we get close to the $1800 level.
EUR/USD: Risk-off sentiment turn pushes price down