GBP/USD: British Pound has residual strength despite selloff
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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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Canada reported a surprise 289,600 jobs additions for May, against predictions for 500,000 losses.
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While the World Bank predicts a 3.2% GDP contraction for India’s fiscal year ending 2021, Fitch Ratings is looking ahead to a robust 9.5% recovery for 2022.
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Yesterday’s press conference by US Federal Reserve Chairman Powell dented misplaced optimism running rampant across the global financial system.
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A second Covid-19 infection wave will derail the fragile Australian economy, new research by the Organisation for Economic Co-operation and Development (OECD) revealed.
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EUR/USD: Price likely to rise when risk sentiment recovers
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The silver markets rallied a bit during the trading session on Wednesday, breaking above the crucial $18 level again as the US dollar has weakened.
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The Bitcoin market continues to rally rather significantly during the trading session on Wednesday to show more strength in a market that quite frankly looks as if it is trying to build up the necessary pressure to break out.
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Gold markets have rallied a bit during the trading session again on Wednesday as the Federal Reserve sounds dovish yet again.
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The crude oil markets initially dipped slightly during the trading session on Wednesday, reaching lows of the previous session before turning around and showing life again.
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Low water marks of 3.2500 were tested in April as traders sought the relative safety of the JPY, but as the markets resume a more confident nature the Thai Baht has begun to pick up strength against the JPY.
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For 4 consecutive sessions, the GBP/USD is trying to maintain recent risk on gains, which pushed it towards the 1.2755 resistance, the highest level in 3 months, but the Brexit file continues to be a pressure factor on any Pound gains.
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The Euro initially dipped during the trading session on Tuesday but found buyers near the 1.1240 level to turn around a break back above the 1.13 handle.
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The US dollar has fallen pretty significantly during the trading session again on Tuesday, as we reached towards the ¥107.50 level.
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The Australian dollar has fell during most of the session on Tuesday but then saw buyers come into the market late.
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