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 XAU/USD pair closed higher than opening, snapping five consecutive days of losses, as investors started the week by taking some of their recent profit off the table. A recent string of encouraging U.S. economic data has stoked speculations the Federal Reserve may act sooner to hike interest rates.
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The West Texas Intermediate grade of crude oil had another negative session for most of the day on Monday, but found support just below the $91.00 level in order to bounce and form a nice-looking hammer.
The EUR/USD pair initially fell during the course of the day on Monday, but turned back around to form a nice-looking hammer. This hammer of course suggests that there are buyers underneath, and we could pop a little bit higher.
The natural gas markets did in fact have a fairly positive day on Monday, breaking above the top of the hammer from the Friday session which of course found support at the $3.80 level. This is a market that has been going sideways for some time now, with a slightly upward bias at this moment.
The USD/JPY pair fell during the course of the day on Monday, but as you can see found enough support at the 107 level to turn things back around and form a hammer. The hammer of course is a very bullish sign, and as a result I do believe that there will be continued buying pressure in this marketplace.
The GBP/USD pair fell during the session on Monday, respecting the gap from earlier last week that formed at the 1.6250 region. This of course suggests that we are going to see a bit of a pullback, at least in the short-term.
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The AUDUSD has been in an overall corrective phase for an extended period of time after it broke down below parity.
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