Since the beginning of this week, the gold price has been on an upward rebound, with gains reaching the resistance level of $2,528 per ounce, starting from the support level of $2,485 per ounce in the same week.
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 notion that the USD/INR exchange rate is overbought and that it will soon start to create downwards momentum is likely wrong.
The New Zealand dollar initially pulled back against the Swiss franc in the early hours on Wednesday, as we saw more of a risk off type of move.
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Forex trading is rarely a one way street. Shifts in momentum can strike quickly and hurt day traders without any warning.
The New Zealand dollar fell initially during the trading session on Wednesday only to turn around and show signs of life.
The EUR/JPY pair is one I am watching very closely.
The USD/INR pair is still a very bullish market.
I recognize that the market initially tried to rally but has fallen apart in the early hours of New York trading as the Consumer Price Index numbers came out at 0.3% month over month, hotter than the anticipated 0.2%.
The Nikkei 225 initially pulled back during trading on Wednesday to reach down towards the 35,100 yen level.
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The EUR/GBP pair has captured my attention, as market participants continue to see a lot of volatility in this market.
The German index initially pulled back just a bit during the course of the trading session on Wednesday, only to reach down towards the 18,150 level before turning around and showing signs of life.
The GBP/AUD pair stands out as we have seen such a “brick wall” form of the 1.97 level.
The Canadian dollar initially pulled back just a bit during the trading session on Wednesday against the Japanese yen only to turn around and show signs of life.
The GBP/USD price continued its downtrend after the UK published weak economic numbers, pointing to more Bank of England (BoE) interest rate cuts.
The EUR/USD currency pair was flat after the encouraging US consumer inflation data and ahead of the upcoming European Central Bank (ECB) interest rate decision.