The West Texas Intermediate Crude Oil market went back and forth during the trading session on Thursday as competing headlines continue to throw the market around.
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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 FTSE 100 has rallied slightly during the trading session on Thursday, breaking above the 50 day EMA but did give back enough of the gains to show signs of hesitation at a previous gap.
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Natural gas markets initially fell during the trading session on Thursday but have found a bit of a boost after the inventory figure came out a bit better than others.
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While Eurozone PMI data surprised with upward revisions, disappointing German factory orders and trade data prevented a rally in the Euro.
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Australian data this morning showed the services sector contracted further in January, adding to selling pressure in its currency.
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Inflation expectations increased slightly but remained below the Reserve Bank of New Zealand’s annualized target.
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Yesterday’s surprise PMI revisions to the upside out of the Eurozone elevated the Euro, but this is short-term event is close to the end.
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The USD/JPY price got an upward momentum that pushed it towards the 109.85 resistance, the highest level in two weeks, and the support of the pair came from the growing optimism that China can reach a treatment for the deadly Corona virus.
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Oil prices remain depressed, and OPEC+ may not rush in to attempt to stabilize the sell-off just yet.
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After gold prices to the $1547 support in the beginning of yesterday's trading, it rose again to the $1562 resistance, and then stabilized around $1556 at the beginning of Thursday’s trading.
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At this year’s World Economic Forum, Ripple announced that it is considering an initial public offering late this year.
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Since the beginning of this week’s trading, the GBP/USD pair is going under downward pressure pushing it towards the 1.2940 support.
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AUD/USD: Long-term low near 0.6677?
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The strength of the US dollar pushed the price of the EUR/USD pair to break a strong support, which is the level of 1.1000, down to 1.0993 near its lowest level in more than two months.
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USD/JPY: Long-term resistance above 110.00
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