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 Australian dollar rallied slightly during Wednesday’s session, but traders are now focused on the upcoming FOMC statement, interest rate decision, and, most importantly, Jerome Powell’s press conference.
During the trading session on Wednesday, I have noticed that the New Zealand dollar has rallied quite nicely against the Singapore dollar.
The natural gas market initially did rally during the day on Wednesday but has seen a lot of noise right around the $2.60 level.
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The US dollar pulled back slightly during the early hours on Wednesday as we continue to hang around the 0.84 level.
We have bounced from a fairly significant support level.
The GBP/USD exchange rate popped to a high of 1.3296 in the overnight session after the Federal Reserve delivered a jumbo interest rate cut.
The EUR/USD pair popped and then erased some of the gains after the Federal Reserve slashed interest rates by 0.50%.
Bitcoin price held steady above $60,000 as traders reacted to the first interest rate cut by the Federal Reserve.
The US Federal Reserve’s dovish rate hike and statement have had the effect of making the Australian Dollar the strongest major currency on improved risk appetite.
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The first thing I see is that we had broken out to the upside, especially as the Federal Reserve had cut interest rates by 50 basis points in the afternoon.
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.
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As expected, the GBP/USD has maintained its recent gains pending the reaction to the US and UK monetary policy decisions this week.
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.