The British pound has pierced a major resistance during the trading session on Wednesday but has given back quite a bit of the gains in a sign of uncertainty.
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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 Euro rallied significantly during the trading session on Wednesday, breaking above the 1.14 level at one point.
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After touching higher values early this week the Mexican Peso lost some momentum, but importantly it has not shown an ability in the short term to punch through key technical resistance levels and the USD/MXN is still displaying selling pressure at critical moments.
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BTC/USD: Price sitting above strongly supportive area
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In early trading this morning the support level of 16.6000 appears to be developing into an intriguing juncture.
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The USD/BRL remains on the stronger side of its one-month range for the Brazilian Real and traders may be tempted to continue seeking selling positions.
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GBP/USD: British Pound has residual strength despite selloff
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Canada reported a surprise 289,600 jobs additions for May, against predictions for 500,000 losses.
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While the World Bank predicts a 3.2% GDP contraction for India’s fiscal year ending 2021, Fitch Ratings is looking ahead to a robust 9.5% recovery for 2022.
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Yesterday’s press conference by US Federal Reserve Chairman Powell dented misplaced optimism running rampant across the global financial system.
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A second Covid-19 infection wave will derail the fragile Australian economy, new research by the Organisation for Economic Co-operation and Development (OECD) revealed.
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EUR/USD: Price likely to rise when risk sentiment recovers
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The silver markets rallied a bit during the trading session on Wednesday, breaking above the crucial $18 level again as the US dollar has weakened.
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The Bitcoin market continues to rally rather significantly during the trading session on Wednesday to show more strength in a market that quite frankly looks as if it is trying to build up the necessary pressure to break out.
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Gold markets have rallied a bit during the trading session again on Wednesday as the Federal Reserve sounds dovish yet again.
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