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Currency trading analysis and daily forex market forecast, by forum.forex
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[QUOTE="Somrat4030, post: 241925, member: 43126"] [HEADING=1]April-27, 2022, Currency market latest forecast, by forex forum.[/HEADING] [IMG alt="Trading analysis"]https://www.forum.forex/attachments/currency-market-latest-forecast-copy-jpg.1910/[/IMG] [HEADING=3][/HEADING] [HEADING=3]The pound’s recent demise entered new depths on Tuesday after it sunk into the 1.26 range against a broadly firm dollar for the first time since July 2020.[/HEADING] Concerns about Britain’s economic outlook deepened following the release of government debt numbers and mounting fears that Covid-19 restrictions in China will dent the global economy. Data from the Office for National Statistics showed that British government borrowing during the 2021/22 financial year was almost 20% higher than the consensus. The figures highlighted the challenge facing chancellor Rishi Sunak, who is under pressure to offer fresh financial support to households and businesses hit by sky-high inflation, despite the amount of new debt held by the government. [B]Technical analysis[/B] At the time of writing, GBP/USD is trading at $1.2545, down 0.3% from today’s opening levels. Elsewhere, The Australian currency is weakening against the yen, pound, and euro but is strengthening against the U.S. dollar. The prices are under pressure amid new coronavirus restrictions lockdowns in China. Possible blockage of Beijing causes fears in the market that the country will significantly reduce the consumption of raw materials and energy resources, including iron ore and coal, supplied from Australia. Finally, the Australian dollar is facing uncertainty because of the upcoming parliamentary elections, which could well lead to a change of power. According to polls, Scott Morrison’s ruling coalition is currently far behind the opposition, even though the Prime Minister has promised to introduce a number of tax breaks for citizens in case of re-election. [B]XAUUSD Technical analysis[/B] Technically, Gold Price breached the March 29 lows of $1,890 but found bids just above the end-February lows near $1,880. Even though XAUUSD is bouncing back towards the $1,900 mark, the 14-day Relative Strength Index (RSI) keeps pointing lower below the midline, suggesting that any recovery attempts are likely to remain shallow. If bulls succeed in recapturing $1,900 on a sustained basis, then Tuesday’s high of $1,911 could be retested. Further up, the $1,950 psychological level will be closely followed by XAU bulls. [B]You can learn more about forex trading tips and daily latest currency trading analysis at [/B][URL='https://www.forum.forex/'][B]forum.forex[/B][/URL] [B]Thank You[/B] [/QUOTE]
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