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/CAD pair rose during the session on Friday, breaking out above the recent consolidation barrier. Because of this, it now appears that the market is ready to go to the 2.05 level, which of course is more than obviously a large, round, psychologically significant number for the markets to focus on.
Gold prices ended the month down roughly 6.7% at approximately $1095 an ounce, weighed by speculations that the U.S. Federal Reserve adopts a gradual pace of tightening this year.
Check out the Forex forecast using quant vs. chart reading analysis for the week of August 3, 2015 here.
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Get the weekly Forex forecast for the major currency pairs for the week of August 3, 2015 here.
The EUR/USD pair initially broke higher during the course of the last week of July, but as we have seen time and time again, the pair seems to be stuck between the 1.08 level on the bottom, and the 1.12 level on the top.
The USD/CAD pair fell during the last week of July, but as you can see we found plenty of support at the 1.28 level. In fact, that was probably the most important thing to happen during the course of the month, breaking above the 1.28 handle.
The USD/JPY pair had a slightly positive week for the last week of July, but as you can see we basically have been to change the attitude of this pair much. Even though it’s been very volatile, you can actually make an argument for an upward channel that we have been obeying.
The GBP/USD pair initially tried to rally during the course of the last week of July, but just as it had during most of July, it could not hang onto the gains and it ended up forming a bit of a shooting star.
As you can see on the weekly chart, we have formed a hammer at the 1.10 level during the course of the final week for July. That being the case, the market looks as if we are reaching an inflection point.
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The NZD/CAD pair pulled back during the session on Thursday, but bounced enough to form a shooting star. It appears that we are pressing up against the 0.86 level, and the fact that we formed a hammer suggests that the market should go higher given enough time.
The AUD/NZD pair is one that can be rather choppy, but recently we have seen a significant move lower, and that of course means that the Australian dollar is going to continue to soften against most currencies in the world in relation.
The SGD/CHF pair fell during the session on Thursday, testing the 0.70 level. Because of this, I think that the buyers are going to step back into this market on a short-term chart, and as a result we should continue to go higher.
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The USD/CHF pair initially tried to rally during the course of the day on Thursday, but found the 0.97 level to be a bit too resistive. By doing so, the market ended up forming a shooting star, which of course is a fairly bearish sign.
Gold prices ended Thursday's session down $7.87 as investors flocked to the greenback on expectations of tighter monetary policy in the United States.