It appeared that Thursday could have kicked off a rather nasty selling opportunity.
Technical Analysis
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 GBP/USD is near important long-term support which has been tested on occasion the previous two months.
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The Federal Reserve's indications yesterday that reducing bond purchases are imminent increased the gains of the US dollar against the other major currencies.
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Despite the Federal Reserve's clear indications to tighten its monetary policy, the USD/JPY remained stable in a range between the 109.11 support and the 109.92 resistance, where it has settled as of this writing.
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The GBP/USD currency pair has been moving in a downward correction that pushed it towards the 1.3609 support level, its lowest in a month, before settling around 1.3650 as of this writing, before the Bank of England announces its monetary policy decisions.
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The Federal Reserve re-affirmed its desire to tighten its monetary policy as soon as possible, which increased the gains of the US dollar, and thus downward pressure on gold.
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BTC/USD is near short-term highs but continues to traverse within what has become a cautious range as incremental decreases have dominated recent trading.
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The USD/MXN is traversing a higher price range and volatility has erupted in the short term as global market conditions have created nervous sentiment.
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The USD/INR tested new highs yesterday, but then reversed slightly and has exhibited choppy conditions early this morning.
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Gold markets rallied ever so slightly on Wednesday as we continue to see more of an upward push in the market.
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The US dollar pulled back a bit against the South African rand on Wednesday to reach down towards the 200-day EMA.
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The US dollar drifted a bit from the highs over the last couple of days to show strength in the Canadian dollar in the short term.
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The West Texas Intermediate Crude Oil market rallied a bit on Wednesday to show signs of life again.
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The euro fluctuated on Wednesday ahead of the FOMC statement.
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The British pound fluctuated on Monday, waiting for the FOMC.
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