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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Begin the week of October 13, 2013 the right way with this Forex forecast of some of the major pairs, here.
Gold prices continued to decline yesterday on speculations that there will be some kind of an agreement between the Democrats and Republicans before the October 17 deadline.
The WTI Crude Oil markets rose during the session on Thursday, bouncing off of the support area that we see at the $101 region that has been so supportive lately. This is simply a continuation of the supportive area that we've seen for a couple of weeks now, and as a result I think that this market will continue to grind in a somewhat sideways manner.
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The EUR/USD pair went back and forth during the session on Thursday, but found the 1.35 area to be supportive again, and as a result it's difficult to imagine shorting this market going forward. In fact, I think that even if we fall lower, the 1.34 area will continue to be supportive as well.
The NZD/USD pair fell during the majority of the session on Thursday, dipping down to the 0.8225 area. The bounce formed a nice looking hammer, but this is simply the next hammer or tight trading range for the market in a long string of them.
The GBP/USD pair fell during the session on Thursday, but bounced off of the 1.5925 area in order to form a little bit of a hammer. This hammer is sitting right on top of the gap from the beginning of September, and as a result it doesn't surprise me to see this support show up.
The USD/JPY pair rose during the session on Thursday, slamming into the bottom of the previous triangle, so now we have to ask whether or not the market is negating the triangle, or it is simply returning to the site of the breakdown and looking to retest it for resistance.
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Last week actually closed at 97.27, which was 75 pips below the lower trend line of the triangle, so this was a bearish sign. This Monday we had a daily close a little below 96.78, although the price did not remain down at that level for long.
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Monday and Tuesday this week then produced two small pull-back candles that closed near their highs. Yesterday then produced a strong bearish reversal candle that closed in the lower quarter of its range.
The XAU/USD pair (Gold vs. the Greenback) closed the day lower than opening on growing perception Democrats and Republicans will be able to resolve the budget crisis and increase the debt ceiling before the deadline.
The WTI Crude Oil markets fell fairly hard during the session on Wednesday, but remained above the truly significant support level in the form of the $100 range, which actually starts at $101.
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The GBP/USD pair fell hard during the session on Wednesday, breaking through the 1.60 level like it wasn't even there. I have to be honest, I didn't think this would happen quite this way, but it still shows signs of support right around the 1.5950 area, an area that had a gap from a couple of weeks ago.
The AUD/USD pair went back and forth during the session on Wednesday, but as you can see it's essentially deciding nothing. Granted, the market did form a little bit of a hammer, but in the end that's not a big surprise considering the leasing too much pressure to the upside.