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 GBP/USD pair had a rough and tumble day during the Wednesday session, as we initially broke down below the 1.25 support level which of course was a very bearish sign that I had pointed out the possibility of recently.
The CAD/JPY pair had a back and forth session during the Wednesday trading hours, testing the 100 handle yet again. This market looks like one that has recently broken out of an ascending triangle, and as a result should continue to see bullishness going forward. The 100 handle acting as support isn't much of a surprise, after all it's probably the biggest round psychologically significant number on the chart.
The XAU/USD pair had 4 bearish days in a row as the American dollar continued to gain strength on hopes that the data which will be released from the United States this week will beat expectations.
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The GBP/USD pair initially rallied during the session on Tuesday, but fell rather sharply shortly afterwards. As you can see by this chart, we have sliced through the 1.5250 level again, which of course was the epicenter of support going forward.
The EUR/USD pair tried to rally during the session on Tuesday, but you can see that there was plenty of resistance above the 1.30 handle.
The USD/CAD pair had a strong showing on Tuesday, breaking above the 1.01 handle and more importantly the top of the hammer that had formed on Monday.
The WTI Crude Oil markets fell during the session on Tuesday, plunging towards the $94.00. This area has been supportive lately, as well as resistive.
Gold prices (XAU/USD) closed the session lower than opening on growing expectations the U.S. Federal Reserve will reduce the pace of monthly asset purchases
The EUR/JPY pair fell during the session on Monday, but as you can see bounced quite a bit by the end of the day in order to form a hammer. This hammer of course is focused on the 132 handle, and as a result looks like we are ready to continue going higher. With that in mind, a break of the highest from the Monday session is indeed a buy signal, and one that I fully intend on taking.
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The GBP/USD pair initially tried to rally during the Monday session, but as you can see found too much resistance at the 1.54 area in order to continue. In fact, we fell enough to form something that looks kind of like a shooting star, at least in its meaning. We are now sitting on top of support at the 1.53 area, which I believe is simply the outside border of the true epicenter of support at 1.5250, based upon the recent stair step action.
The EUR/USD pair went back and forth during the session on Monday, finding the 1.30 level is far too resistive, while the 1.29 level below offers support. This very neutral looking candle suggests to me that we will continue to grind away in this market, and probably struggle for any real sense of direction for any real length of time. Granted, we did selloff pretty significantly last week, but in the end this pair tends to have nine lives over the course of time, and as a result it is always difficult to short.
The WTI market fell during the Monday session, closing just below the $95.00 handle. This market looks like it's trying to find some type of support in the $94.00 area, and as a result I think that we will see fairly tight trading over the next couple of sessions. In the long run, this could be a different story but we should see some type of consolidation in this general vicinity.
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According to the analysis of the USD/JPY and AUD/USD trader profited on a binary options platform.
The XAU/USD pair posted first weekly loss in three weeks as a strong rally in the U.S. dollar pushed prices down. Friday's settlement was the lowest closing price since April 24. Gold has been under pressure for some time because of the persistent improvement in U.S. data and expectations that the Federal Reserve will scale back quantitative easing before the end of 2013.