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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Forex Technical Analysis
Brazil’s Ministry of Economy announced 331,901 formal job losses in May, adding to the devastating blow the Covid-19 pandemic has on the economy.
South Africa’s economy delivered the third consecutive quarterly contraction.
Bears are in control of the USD/INR, with this technical indicator contracting deeper into negative territory.
Silver markets initially tried to rally during the trading session on Wednesday as we reached towards the $19 level.
Bitcoin traders bond during the trading session on Wednesday as we continue to grind across the 50 day EMA and the uptrend line that makes of the larger ascending triangle.
The West Texas Intermediate Crude Oil market has gone back and forth during trading on Wednesday, in a relatively tight range.
Gold markets have initially tried to rally during the trading session on Wednesday, but they have pulled back a bit moving towards a major value level.
For the 5th consecutive day, the USD/JPY was moving in an upward correction range, but with very limited gains not exceeding the 108.00 level, where the pair is settled at the time of writing.
Gold price gains increased sharply, reaching the $1786 resistance, the highest level in eight years, and gold futures for August increased by $19.30 or about 1.1% to $1,800 an ounce, the highest settlement since September 2011.
The last trading session in the first half of 2020 was good to the GBP/USD performance in a way that attracted the attention of Forex traders as the pair moved towards the 1.2400 resistance.
The S&P 500 has rallied significantly during the trading session on Tuesday, breaking towards the 3090 handle.
The NASDAQ 100 has shown itself to be resilient, breaking through the 10,000 level.
The upward correction opportunities for the EUR/USD currency pair remain weak.
The British pound initially pulled back during the trading session on Tuesday but found enough support underneath the turn around and rally.
The Euro went back and forth during the trading session on Tuesday, forming a “long-legged doji”, which shows extreme volatility yet extreme uncertainty.