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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It's easy to see that there's been a lot of selling pressure.
The GBP/USD exchange rate rose slightly after the July ADP nonfarm private payroll data and the Federal Reserve interest rate decision.
The EUR/USD pair wavered after the flash European inflation data and the relatively dovish Federal Reserve interest rate decision.
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The AUD/USD exchange rate dropped to its lowest point since May 1st and then bounced back.
Bitcoin has continued to fall despite generally bullish stock markets, suggesting a weakness in the cryptocurrency. However, it may have found support earlier today at $63,613.
Today, the Japanese yen traded around 151.70 yen to the dollar after experiencing sharp swings earlier in the session as the Bank of Japan raised interest rates to 0.25%
For more than two weeks, the GBP/USD price has been subject to profit-taking since testing the resistance level of 1.3044.
The euro held steady around the $1.0815 support level, remaining below a four-month high of $1.094 hit on July 17, as fresh key economic data did little to change traders’ bets on a European Central Bank rate cut in September.
As expected, gold prices rose to around $2,425 an ounce during trading on Wednesday, paring earlier losses driven by safe-haven demand amid fears of an escalation in the Middle East conflict.
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The EUR/USD is within the middle of its one month chart, this as August gets set to start and the Federal Reserve promises to deliver rhetoric later today which will cause volatility.
The USD/RUB remains one of the more challenging currency pairs on the Forex market to trade.
The USD/ZAR has traversed higher in the past couple of weeks, but the currency pair is within a trading range which seems to be expressing equilibrium instead of nervousness.
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The NZD/USD currency pair has not provided bullish traders with much opportunity for smiles recently.
The USD/INR is trading within the higher elements of its long-term price range, and it has become clear the Indian government is set upon controlling the known realm of the currency pair in an effort to manage the economy.
The Australian Dollar is usually positively correlated with the performance of global stock markets but is weakening even as major equity indices rise in value.