The Dow Jones Industrial Average pulled back rather significantly later in the day after initially rallying due to a weaker than anticipated PPI number.
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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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Gold markets showed significant strength on Friday, responding to weaker-than-expected PPI numbers, contrasting the previous day's CPI data which was slightly stronger.
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The AUD/USD price was flat on Monday morning, in which will be a muted day without any major economic data and with the US markets being closed.
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The GBP/USD exchange rate remained in a tight range after last week’s positive UK GDP and US inflation numbers.
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The S&P 500 displayed a back-and-forth pattern, with the 4800 level proving to be a significant resistance point.
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Silver experienced a notable uptick in its price during the Friday trading session following the release of the Producers Price Index (PPI) figures in the United States.
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Bitcoin price suffered a harsh reversal after the Securities and Exchange Commission (SEC) approved eleven spot ETFs.
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The Euro's performance in the trading session remained relatively subdued despite some volatility.
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In Friday's trading session, Bitcoin exhibited a back-and-forth movement, indicating uncertainty in the market.
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My previous EUR/USD signal on 8th January produced a profitable long trade from the near pin bar which made a bullish rejection of the support at $1.0930 on the hourly time frame.
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The US dollar faced a decline against the Japanese yen in response to the weaker-than-expected Producers Price Index (PPI) data during the Friday trading session.
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The crude oil markets displayed a rally in Friday's trading session, as they strive to break out in an upward direction.
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The Australian dollar exhibited a rally in response to lower-than-expected PPI numbers in the United States, reflecting the prevailing confusion surrounding inflation.
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Natural gas markets experienced another rally on Friday, with traders closely monitoring the upcoming winter storm in the northeastern United States.
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Get the weekly Forex forecast for major currency pairs for the week of January 15-19, 2024 here.
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