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 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.
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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.
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.
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Bitcoin price rose above $60,000 in the overnight session as sentiment in the crypto industry improved ahead of the Federal Reserve decision.
The AUD/USD currency pair was flat on Wednesday morning as traders waited for the Fed decision and Thursday’s Australia jobs numbers.
Forex markets, especially the US Dollar, are expected to consolidate ahead of the US Federal Reserve’s highly anticipated policy meeting later today. Direction will be provided by the size of the rate cut announced, with sideways trading likely beforehand.