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 pair fell hard on Friday, testing a serious support level in the form of the 1.55 – 1.54 range. This is the area that we broke out above recently to free the Pound to reach for the 1.58 level.
The WTI Crude Oil markets fell again on Friday, as the US dollar in general saw buying pressure. Because of this, I believe that we are presently “taking a break” from the incredible amount of effort it took to break out to the upside in the oil markets.
Gold prices settled at $1205.44 per ounce, falling nearly 1.5% over the course of the week, as gains in the dollar sapped demand for the metal.
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The EUR/USD pair went back and forth during the course of the day on Thursday, testing the 1.11 level for support. The area below all the way down to the 1.10 level continues to offer support as well, and as a result it’s probably only a matter of time before the buyers step in.
The WTI Crude Oil market had a very positive showing during the day on Thursday, breaking above the $60 level again.
The USD/CAD pair initially tried to rally during the session on Thursday again, but just as we had on Wednesday, the sellers came back into the marketplace and pushed price back down.
Gold prices fell $3.5 an ounce yesterday, erasing previous day's gains, as data from the labor department showed that the job market is on the right track.
Get the AUD/USD Forex signal for May 21, here.
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Sign up to get the latest market updates and free signals directly to your inbox.Gold edged higher on Wednesday as the dollar pared its recent gains after minutes from the Fed’s last meeting showed policy makers believed June is probably too soon to start raising interest rates.
The EUR/USD pair fell during the day again on Wednesday, but we are starting to approach an area that I believe will be rather supportive.
The USD/CAD pair tried to rally initially during the day on Wednesday, but struggled as we approached the 100 day exponential moving average.