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 AUD/USD pair rose during the session on Monday, breaking through the 0.95 handle finally. In fact, this market now looks like it's poised to breakout to the upside, and finally get above the 0.9550 level that I have been looking for in order to start buying.
The USD/CAD pair did very little during the session on Monday, continuing to hang about the 1.0350 handle. It does show that there is a little bit of support there, and as a result the hammer like candle that printed for the session is not much of a surprise.
Aussie versus the US Dollar is still on an uptrend since the end of August, from .89 to currently at .9472. Short-term immediate support at .9425, and could trade on the long side, with that level as a stop.
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The WTI Crude Oil markets fell during the majority of the session on Friday, but as you can see found enough support right around the $101 level in order to bounce and form a nice looking hammer.
The long-term upwards trend is still entirely intact. Last week was a bullish reversal candle, but it only closed about halfway up its range, so it is not a very reliable bullish sign.
Begin the trading week with a signal for the EUR/USD pair here.
Gold prices fell for the week as investors continued to price in the Federal Reserve’s possible trimming of its massive stimulus later this year. The XAU/USD pair has seen quite a selloff recently as the market conditions (both technically and fundamentally) have been working against gold.
Last Wednesday, the price did actually close lower than the previous Friday’s low. However, the daily candle did not close within the lowest quartile of its range, now was this low broken the next day.
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The EUR/USD pair rallied during the session on Friday, but as you can see gave back about half of the gains in order to form a shooting star. The shooting star is sitting just above a significant support zone in the form of the 1.35 handle, so I'm not particularly concerned about any weakness that the Euro could show at this point.
The USD/JPY pair rallied again during the session on Friday, to bump up against the bottom of the triangle that I have been talking about recently. The real question now becomes whether or not it is a true triangle, or is simply a failed pattern.
The AUD/USD pair rose during the session on Friday, but as you can see still struggles to get above the 0.95 handle. This area is significant resistance, so it doesn't surprise me although we continue to meander just below it.
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Begin the week of October 13, 2013 the right way with this Forex forecast of some of the major pairs, here.
Gold prices continued to decline yesterday on speculations that there will be some kind of an agreement between the Democrats and Republicans before the October 17 deadline.