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 WTI Crude Oil markets fell during the session on Monday, but as you can see found enough support at the $102 level in order to bounce and form a hammer. This hammer of course suggests that we are going to see continued support in this general vicinity, and as a result I am waiting for daily close above the $104 level in order to start buying again.
The EUR/USD gapped a bit higher at the open on Monday, but then spent the rest of the day pulling back. In the end though, we got a bounce, and a hammer has formed as a result. This of course is a strong sign, and I think the bulls will step in and take over yet again, as we target the 1.36 handle.
The GBP/USD pair bounced a bit during the session on Monday, proving the 1.60 level to be as supportive I had originally suspected. This market has been strong for some time, and I think this could continue to be the case going forward as well.
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The USD/JPY pair fell during the Monday session, continuing the breakdown of the wedge that gave way recently. However, I am bit cautious about this pair because the nonfarm payroll numbers not coming out last week.
AUD/USD fell during the session on Monday as the Dollar continues to be on the back foot against most other currencies around the world in general, but finally had a good day against the Aussie.
Check out the weekly signal for the GBP/USD pair here.
Between the Macro events occurring, and the Technicals, the pain trade seems to be lower for the US Dollar. The only bull case I could think of at the moment is that it seems that the sell the dollar trade is starting to get extremely heavy, triggering a short-term reversal.
The action has been very quiet over the previous two weeks. Since the pin bar off the bullish trend lines, we had a very tiny bullish reversal candle (marked at 1), then a near doji candle last week.
Last week was bearish, closing hard on its low, with a fairly large upper wick. It is interesting to note that the week before that was unable to close above the resistance level of 1.6177.
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Gold prices fell 2.4% for the week but managed to close just above the bottom of the Ichimoku cloud on the daily time frame. While the focus of the market remained on the partial government shutdown, political wrangling in the U.S. Congress increased gold's attractiveness as a safe-haven asset.
The WTI Crude Oil markets rose slightly during the session on Friday after gapping just a touch lower. That being the case, we still see plenty of resistance at the $104 level, so I do not necessarily think that buying at this point in time is possible.
The EUR/USD pair fell during the session on Friday, as the nonfarm payroll numbers did not come out due to the US government shutdown. That being the case, the US dollar got a little bit of a reprieve as there was no bad news.
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The GBP/CHF pair went back and forth during the session on Friday, the markets testing the 1.45 level. The market certainly sees a lot of support in this general vicinity, and the fact that we formed a bit of a hammer certainly shows just how supportive this area could be.
The GBP/USD pair fell hard during the Friday session as there was no nonfarm payroll number announcement to get in the way of the US dollar.