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 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.
The setup behind the EUR/USD exchange rate is constructive, and there's a good chance the 2024 rally will be tested either this week or next.
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The GBP/USD exchange rate could test its 2024 high of 1.3250 if the Federal Reserve cuts US interest rates by 50 basis points this week.
The USD/JPY exchange rate has declined for the second consecutive week, reaching its lowest level since December last year. The pair dropped to the 139.60 support level, down about 14% from its high this year, indicating it has entered a correction phase.
The USD/BRL has been able to sustain selling momentum since Thursday of last week, the currency pair ended yesterday trading near the 5.5050 ratio, this after last Thursday’s value touched 5.6765.
Gold prices hit another record high at the start of this important week’s trading with gains reaching the $2,590 resistance level per ounce ahead of the US Federal Reserve meeting this week, during which the US central bank will assess its monetary policy for the first time in more than four years.
It was a very strong day for the euro against the US dollar on Monday as we broke back above the 1.11 level.
At this point, it looks like the US dollar will end up trying to continue to fight against the 200 day EMA.
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The US dollar has declined over the past couple of days, with the 50-day EMA acting as resistance. This suggests continued downward pressure, with the USD likely to target the 7.7875
The US dollar has been a little bit soft against the Swiss Franc again during the trading session on Monday, but we continue to pay close attention to the 0.84 level.
Gold initially did try to rally a bit during the Monday session, but it looks like we are stalling a bit.
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The USD/SGD in early trading this morning continues to show an appetite for bearish appetite from financial institutions as short-term speculators deal with the selling trajectory.
The AUD/USD pair continued its slow recovery as the US dollar weakness gained steam ahead of the Federal Reserve interest rate decision.
The GBP/USD pair made a strong bullish breakout ahead of a busy week in the market when the Fed and BoE will deliver their decisions.