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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For the second consecutive day, the USD/JPY is recovering from its sharp losses, which extended to the 13-month high support level of 139.60.
The decisions of the US Federal Reserve, the tone of its policy statement, and the comments of its chairman, Jerome Powell, will determine the fate of the current upward rebound.
As expected, the GBP/USD has maintained its recent gains pending the reaction to the US and UK monetary policy decisions this week.
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Gold prices are hovering around $2580 per ounce, near record highs.
The West Texas Intermediate Crude Oil market initially fell a bit during the day on Tuesday, only to turn around and show signs of life again.
The US dollar has rallied again against the Mexican peso, breaking the top of the inverted hammer from the previous session on Tuesday, and therefore it does look like we are starting to see a certain amount of strength come back into the market.
The S&P 500 looks particularly strong as we are breaking out to the upside.
The gold market has pulled back just a bit during the course of the trading session on Tuesday
The first thing I see is that we touched the 200 Day EMA during the trading session, only to turn around and show signs of weakness again.
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The British pound has pulled back just a bit in the early hours on Tuesday, as we are looking at the 1.32 level as a bit of a ceiling, but perhaps more importantly, we are looking at a bullish flag offering a bit of resistance.
It’s obvious that we are struggling a bit to find some type of directionality
The Euro has rallied a bit against the Swiss franc during the trading session after initially pulling back on Tuesday, and now it looks like we are trying to get to the 0.9450 level.
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During the trading session on Tuesday, we've seen the US dollar pick up a little bit of strength against the Swiss franc as traders are trying to sort out whether or not there is some type of floor being built into the market here.
The EUR/USD pair pulled back slightly as the market continued to price in a 0.50% rate cut by the Federal Reserve.
During the trading session on Tuesday, we have seen the euro rally quite a bit against the Japanese yen, as it looks like we are trying to do everything we can to form some type of bottom in this market.