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 USD/CAD pair rallied in the beginning part of the Monday session, but found the previous support at the 0.99 level to offer far too much resistance to get above it.
The GBP/JPY pair is typically a big mover, which is kind of ironic as we have seen very little volatility in this currency pair over the last couple of weeks. This may be because of the massive move higher we saw over the last couple of weeks in November, and the fact that the buyers they simply need to rest.
In a move that surprised many traders yesterday, the GBP/USD remains Bullish in spite of better than expected NFP numbers out of the US on Friday, and lackluster if not downright poor performance numbers across every news event for the Sterling last week including manufacturing production and services PMI.
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XAU/USD turned bullish after the bears failed to break the 1685 support. Although gold prices ended the week lower, the recent price action suggests that the bulls will not give up so easy.
The EUR/USD pair fell for the balance of the session on Friday as the nonfarm payroll numbers came out of the United States much stronger than anticipated.
The AUD/NOK pair had a fairly bullish session on Friday as you see the last couple of sessions have been quite strong for the Australian dollar. Essentially, this pair measures gold versus crude oil, and as such is a very interesting one to watch as it could show potential flow of commodity markets going forward.
The GBP/USD pair fell during most of the session on Friday, but ran into enough support in the 1.60 vicinity to see a bounce by the end of the trading day. This bounce produced a nice-looking hammer, and quite frankly at an area that I would've expected to see it happen.
The Kiwi is performing quite well compared to the weakness of the Sterling in the past week. As a result the GBP/NZD has broken out of a triangle formation that has held the pair in check since August with continually higher lows and especially, lower highs.
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XAU/USD halted its decline at the 1685 area after two consecutive days of losses. The pair turned north after European Central Bank President Mario Draghi said the ECB left the its monetary policy unchanged but Governing Council members had a wide discussion on interest rates, leaving the door open for an interest rate cut early in 2013.
With today being nonfarm payroll Friday, we can expect a lot of volatility in the currency markets for a brief time period as the Americans make their announcement. Leading up to this, it will more than likely be very quiet in many of the currency pairs that you watch.
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The GBP/USD pair fell during the session on Thursday as the "risk off" trade came back into play in various currency markets. However, we have the nonfarm payroll number coming out today and this will typically move this pair.
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