Start the week of September 13, 2020, with our Forex forecast focusing on major currency pairs here.
Technical Analysis
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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Technical Analysis
South Africa reported a 51.0% GDP collapse for the second quarter, due to the Covid-19 related nationwide lockdown.
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Japan revised its second-quarter GDP lower, from an initial collapse of 27.8% to 28.1%.
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The US dollar has rallied again during the trading session on Thursday, as we have seen a huge “risk off” type of move late in the day.
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The US dollar has gone back and forth during the trading session on Thursday again, as we tread water against the Japanese yen just below the 50 day EMA.
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The Australian dollar has initially tried to rally during the trading session on Thursday but gave back the gains as risk disappeared from the markets late in the day.
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The S&P 500 initially tried to rally during the trading session on Thursday, but then broke down towards the 50 day EMA that of course is crucial.
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The NASDAQ 100 has been very negative as I am sure you were made aware this week, as we had crashed into the 50 day EMA yet again.
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The West Texas Intermediate Crude Oil market has been relatively quiet over the last couple of days, and that is probably something that is necessary after the bloodbath that we have seen.
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Silver markets initially looked very good during the trading session on Thursday, but the usual nonsense between the EU and the UK started to pick up during the day
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The Euro rallied significantly during the trading session on Thursday, especially as the ECB press conference started.
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Gold markets have rallied a bit during the trading session on Thursday, slaving into a downtrend line that makes up the larger pattern that we have been trading in
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The British pound delved during the trading session on Thursday, as the EU has threatened legal action now if the United Kingdom does in fact simply walk away from the trade agreement.
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A state of cautious anticipation for the reaction from the most important event of this week, which is the European Central Bank’s announcement of its monetary policy at a time when the Eurozone needs historic measures to revive the economy from the COVID-19 effects.
Technical Analysis
For the second day in a row, the price of gold moves higher, bouncing back to the $1951 resistance.
Technical Analysis