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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EUR/USD's strong rebound and break of 1.3699 last week suggests that the pull back from 1.3892 has completed at 1.3507 already. Initial bias remains mildly on the upside this week for 1.3892 first.
Gold continued to gain ground against the American dollar during Friday's session and closed the week at $1268.50 an ounce, the highest level since November 20. Soft economic data out of the United States and the recent weakness in the American dollar has been providing support for safe-haven gold.
The WTI Crude Oil market initially fell during the session on Friday, but had enough support at the $96 level to bounce hard enough to form a hammer.
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The EUR/USD pair try to rally during the session on Friday, but you can see that the 1.37 level offered far too much in the way of resistance, making the market fall and form a shooting star.
The EUR/JPY pair fell hard on Friday, slamming into the 140 level. The market has a lot of support below, extending all the way down to the 138.50 level, as we have seen quite a bit of noise in the general vicinity.
End the month on the right track with the weekly Forex forecast for some of the major pairs here.
Check out the Forex signal for the USD/JPY pair here.
Check out the Forex signal for the GBP/USD pair here.
Check out the signal for the EUR/USD pair here.
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The XAUUSD pair advanced to its highest level since December 11 after the bulls managed to reverse the course and pushed prices above the 1245 resistance levels.
The WTI Crude Oil markets had another positive session on Thursday, poking up above the $97 level. This market looks like it’s ready to continue going higher, and as a result I feel that the market will continue to go higher over the longer term as well.
The EUR/USD pair had an absolutely phenomenal day during the session on Thursday, using the 1.3550 level as a launching pad.
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The XAU/USD pair closed lower than opening for a second consecutive day on growing perception that the data which will be released from the United States ahead of next week's FOMC meeting will beat expectations and bolsters the case for the Fed to continue scaling back its massive stimulus.
The WTI Crude Oil markets had a very strong showing on Wednesday, finally breaking above the $96 level, an area that I have five to be somewhat resistive. Now that we have closed above that area, I believe this market continues to go much higher, possibly to the $100 level although there is a lot of noise between here and there.