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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Gold prices dropped $4.22 an ounce on Wednesday, dragged down by a stronger dollar and U.S. equities closing at record highs.
The unchanged inflation in the Eurozone, as expected, and the return of the USD strength, is pushing the dollar’s index to 93.51 DXY.
For the third day in a row, the EUR/JPY is trying to stabilize above the resistance level at 132.00 to support the upward path of the pair.
The GBP/JPY was under bearish pressure below 148 level, which supports the bearish corrective move of this pair.
Since the USD/JPY lost the peak of 113.43, the bearish pressure increased on the pair, and remained stable for two weeks in tight ranges between 111.65 and 112.50, waiting for new catalysts to move in any direction.
The EUR/USD pair fell during the Tuesday session, reaching towards the 1.17 level underneath. The British pound initially tried to rally during the day on Tuesday, but found enough resistance above the 1.3250 level to turn around and fall again
The WTI Crude Oil market initially fell during the day on Tuesday, reaching towards the $51 level. The natural gas markets initially rallied significantly during the day on Tuesday, but found enough resistance above the $3 level to turn things around and break down to the $2.92 level.
The US dollar initially fell during the day on Tuesday, reaching towards the 112 level.
The S&P 500 initially fell during the day on Tuesday, but found enough support to turn around and form a hammer again.
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Gold prices fell $10.22 an ounce on Tuesday, extending their losses to a second straight session, as strength in the U.S. dollar eroded the appeal of the precious metal.
The EUR/JPY retreated yesterday to the support level at 131.65 during yesterday’s trades, in light of the correction path going on for three sessions after a gain to the peak at 133.48 during last week's transactions.
Before the release of the inflation data- CPI of the Eurozone, the EUR/USD was under bearish pressures for corrections to the support level at 1.1774 at the beginning of Tuesday’s trades, and the pair is established around that level at the time of writing.
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The USD/JPY is trying to avoid settlement below 112 level not to increase the bearish pressures on the pair towards lower levels.
The GBP/USD retreated to the support at 1.3225 level after reaching to 1.3337 last week, as the USD regained strength.