The US Federal Reserve maintained unchanged interest rates at its policy meeting, assuring there would be no rate hike and committing to rate cuts as soon as inflation allows, indicating a dovish tilt.
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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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Get the weekly Forex forecast for major currency pairs for the week of May 06-11, 2024 here.
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The British pound has fallen rather significantly during the course of the trading session against the Swiss franc on Thursday, as we continue to see the 1.15 level offer a massive resistance barrier.
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The S&P 500 continues to consolidate overall in the United States on Thursday as we have the jobs never coming out on Friday.
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The euro rallied slightly during the trading session on Thursday, as we are now testing the 50-Day EMA.
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The Australian dollar initially tried to rally during the trading session on Thursday to break above the 50-Day EMA, only to turn around and show signs of negativity.
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The silver market initially plunged during the early hours on Thursday to reach the 50-Day EMA, and of course the $26 level.
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The Euro initially tried to rally a bit against the US dollar during the early hours on Thursday, but we continue to hang around the 1.07 level.
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GBP/USD shows hesitation as it navigates between key EMAs, with potential resistance ahead and jobs data on Friday likely to influence direction.
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The British pound has been all over the place during the early hours on Thursday as we continue to see a lot of noise.
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The German DAX has rallied just a bit during the early hours on Thursday as it looks like we are trying to recover a bit.
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The US dollar has bounced from the 18.5 level against the South African Rand, an area that has been important multiple times.
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The pound sterling has settled around $1.25, while the US dollar remains near its November peak, supported by expectations of a more cautious stance from the Bank of England compared to the US Federal Reserve on monetary policy.
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It seems that this week has been the most action-packed for the Japanese yen in the forex market since the start of trading this week.
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The EUR/USD pair remained steady around 1.0715 despite the US Federal Reserve's announcement and comments from Fed Chair Jerome Powell.
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