The Forex market today is waiting for the Bank of England's decision, which will set the path of the British pound against other major currencies in the near future.
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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 improvement in US job numbers was better than expected, contributing to further gains for the USD/JPY pair, which settled around the 105.20 resistance level as of this writing, its highest in nearly three months.
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The bearish path that the EUR/USD pair is traversing is getting stronger, with the pair approaching the psychological support level at 1.2000.
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Mexico posted an 8.5% economic contraction in 2020, the worst since 1932, and the second consecutive annualized drop.
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The USD/ZAR completed a breakdown below its short-term resistance zone with rising bearish pressures.
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The S&P 500 has gone higher during the trading session on Wednesday but gave back the gains as we continue to fluctuate.
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The CAC 40 gapped higher to kick off trading on Wednesday, to not only break above the 5500 level, but also clear the 50-day EMA which had been so important over the last couple of weeks.
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The US dollar fluctuated against the Canadian dollar during the trading session on Wednesday, which in and of itself would probably not be noteworthy except for the fact that the crude oil markets broke out.
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The West Texas Intermediate Crude Oil market broke above the significant $55 level during the trading session on Wednesday, showing signs of continued bullishness.
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The NASDAQ 100 hit the all-time high again during the trading session on Wednesday but gave back the gains to drift lower by the end of the day.
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Gold markets did very little during the trading session on Wednesday, which is a good thing, considering just how negative the Tuesday session was.
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The Australian dollar did very little during the trading session on Wednesday as we continue to hang around the 0.76 level.
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Bitcoin rallied again during the trading session on Wednesday, as it looks like we are going to threaten that huge wick from three sessions ago.
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The euro fell initially during the trading session on Wednesday to reach down towards the psychologically important 1.20 level.
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The British pound pulled back ever so slightly against the US dollar during the trading session on Wednesday, as it looks like we are trying to reach towards the bottom of the bullish channel that I have drawn on the chart.
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