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 WTI Crude Oil market fell a bit during the trading session on Wednesday, but obviously on very low volume.
The US dollar did almost nothing against the Japanese yen during the trading session on Wednesday, as most people are away from the currency markets.
The S&P 500 was pretty quiet during the Wednesday session, which of course is what you would expect in a thin environment.
If gold manages to test the resistance at 1283 an ounce, the highest level for the precious metal in 3 weeks, it would be a good chance for it to move towards the psychologically important peak at 1300.
It seems clear on the GBP/JPY chart that the pair is moving in tight ranges with slight bullish bias awaiting stronger catalysts for the GBP to overcome the resistance at 152.00 for a stronger bullish chance.
Technically, the EUR/JPY upward chance is still stronger as shown on the daily chart.
The steadiness of the GBP/USD on the daily chart warns that the pair might experience a price explosion determining the direction strongly.
The EUR/USD is still established around levels supporting upward directions.
Gold prices rose to the highest level in nearly four weeks on Tuesday as geopolitical risks and weakness in the greenback bolstered the precious metal’s appeal.
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The EUR/USD pair fell during the trading session on Tuesday, but found enough support near the 1.1850 level to turn things around and form a hammer.
The S&P 500 barely moved during the trading session on Tuesday, which of course wasn’t overly surprising considering that the session was the first day after Christmas.
The US dollar fell slightly during the trading session on Tuesday, as traders came back from the holidays.
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Gold had a better chance in achieving more gains, reaching to $1279 an ounce, the highest price for the metal in 3 weeks.
If it wasn’t for the passage of the US tax cut bill last week, the USD/JPY pair would have had a chance for more gains.