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 USD/CAD pair is a market that I’ve been very interested in since we broke above the 1.06 level. The fact that we broke above that area signified to me that this market was going to go much higher.
The USD/CHF pair is one that I don’t talk about much these days, simply because it really hasn’t done much. However, when you look at the monthly chart one thing starts to standout right away: it appears that we are starting to come dangerously close to a significant downtrend line.
The EUR/JPY pair had a positive month for February, after getting beat up severely during the month of January. However, and less you look at monthly charts, you may not recognize that the massive selloff during the month of January was essentially a return to the previous breakout level.
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The EUR/USD pair continued to bounce around in the relatively tight range that we have seen for several months during the month of February.
Gold prices (XAU/USD) settled slightly higher after a slow session yesterday. The pair traded as low as 1323.73 but erased some of its recent loses as weaker than anticipated U.S. data eased the greenback’s safe-haven appeal.
The WTI Crude Oil markets fell during the session on Thursday, showing significant weakness during the day but remaining above the $102 level. The resulting daily candle is a shooting star, so we have to wonder whether or not this market is going to start falling.
The EUR/USD pair of course fell during the beginning of the session on Thursday, but as we have seen more than once, the 1.36 level offered support. That being the case, I feel that the market is probably going to go higher in the short-term, but quite frankly this is nothing to write home about.
The USD/JPY pair fell during the bulk of the session on Thursday, but as you can see a found enough support below in order to bounce and form a hammer.
The GBP/USD pair fell during the majority of the session on Thursday, but found enough support down towards the 1.66 level in order to form a hammer. This hammer of course signifies that there is buying power below, and this could send the market higher.
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The USD/CAD pair has been one that I’ve been bullish of for some time now. The US dollar continues to appreciate overall against the Canadian dollar, which I find interesting considering that the oil markets have been rising at the same time.
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The XAU/USD pair closed yesterday's session lower than opening after four consecutive days of gains. Although the pair initially traded as high as $1345.31 an ounce, the precious metal lost some strength on technical selling and as better than expected U.S. housing data led to a bounce in the dollar.
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The EUR USD pair fell during the session on Wednesday, and even managed to close below the 1.37 handle. However, it wasn’t necessarily a convincing move and it’s easy to tell that there is quite a bit of support below this area anyway.
The USD/CAD pair had a strong showing on Wednesday, as the uptrend looks set to continue finally. The recent pullback was needed though, and as a result I think that the buyers are going to start stepping in again.