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 initially fell during the session on Monday, but as you can see on Friday we had already formed a hammer. This hammer suggested that there was support at the 1.60 level, and as a result I started buying as we get close to that level.
XAU/USD closed lower than opening yesterday as the initial rally faded after the bears run out of steam at the 1660 resistance, which is the Kijun-sen line (twenty six-day moving average, green line) on the 4-hour chart.
The AUD/JPY printed a spinning top off of resistance at 92.50 yesterday and has since been falling slowly during Asian Trading.
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Going into 2013, the Japanese Yen continues to weaken against the USD as the newly elected Prime Minister, Shinzo Abe sends strong signals through recent statements. Check out the 2013 forecast for the USD/JPY pair here.
The EUR/USD pair a slightly positive session on Friday after the US Non-Farm Payroll numbers came out roughly in line with overall consensus. Looking forward, this normally represents a "risk on" rally waiting to happen, and this of course normally pushes his pair higher.
The USD/JPY pair has been quite active lately, and as you can see by the chart certainly bullish. As many of you know, I have been long in this pair for quite some time now, and have been espousing the idea of this pair being a longer-term buy-and-hold type of proposition.
The AUD/USD pair fell to the 1.04 level on Friday, but after the jobs number came out of the United States, we get a significant bounce all the way back up to the 1.0477 area.
Although XAU/USD fell for the week, Friday’s price action was really interesting. The XAU/USD pair broke below the 1655 support and (almost) touched the bottom of the descending channel (1625) and climbed back above the 1655 level, printing a hammer on the daily chart.
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The Swissy (USD/CHF) fell to a low last week of 0.9076 after breaking a key support level for the pair at 0.9265 on December 13 when the pair successfully opened and closed below the level and then continuing to fall the next day.
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The EUR/USD pair fell rather precipitously during the Thursday session after forming the shooting star for Wednesday. I had suggested previously that this could be a signal of things to come, and this appears to be exactly what has happened.
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The AUD/USD pair broke above the 1.05 level during the Thursday session again, and just like it did on Wednesday, he gave back enough gains to fall below it at the close. With this being said, we formed a hammer, and it does show that the 1.05 level is significant resistance.
XAU/USD fell sharply after the bears increased selling pressure and pulled the pair below the 1684 support level. We see that the relief rally is running out of gas as the markets turned their attention to the economic data releases again.