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 NZD/USD pair rose during the session on Thursday, as the retail sales number out of New Zealand came out 1.6% better than expected. This of course is very bullish for the domestic economy, and as a result we finally managed to break through the 0.85 handle that has been so resistive lately.
The GBP/USD pair fell during the Thursday session yet again, and managed to get below the 1.55 handle. This pair simply seems like he cannot get out of its own way, and this has been especially true since we broke through the bottom of the hammer on Tuesday.
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The WTI crude market had a negative showing during the Wednesday session, pulling back after trying to breakout and above the $98.00 level. If you read the analysis from yesterday, you know that I had pointed out the $98.00 level as being potential trouble for the buyers and this seems to be exactly what has happened.
The XAU/USD pair closed lower than opening as investors took a cautious stance ahead of the G-20 talks starting tomorrow. The pair maintains its bearish outlook while trading within the descending channel originating in October 2012.
The EUR/USD pair rose during the session again on Wednesday, but found the 1.35 level as being far too resistive to overcome. The resulting action formed a beautiful looking shooting star, and at the exact spot you want to see it.
The GBP/USD pair fell significantly during the Wednesday session again, breaking the bottom of the hammer that had been formed on Tuesday. Because of this, I have to admit that the support that I expected for this pair never appeared during the Wednesday session.
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The NZD/USD pair had another positive session on Wednesday, continuing to press up against the top of the recent consolidation area with the barrier being based upon the 0.85 level. I see this area as a major point of contention in this currency pair, and if we can get above it this would mean big things indeed.
From what I can tell, the GBP/NZD is trading at a lower price than ever before. The previous all time low was at 1.85439 and was set in August 2011.
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The XAU/USD pair (Gold vs. the American dollar) bounced off of the 1640 support level and formed a hammer yesterday. The pair closed the day higher after three consecutive days of losses as the American dollar lost strength against most of its major counterparts.
The EUR/USD pair initially fell during the session on Tuesday, but found support at the 1.3350 area in order to bounce and turn the market around showing significant support and momentum higher. The candle is kind of a strange shape; almost hammer like, but at the end of the day we still find the 1.35 level above offering resistance.