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 EUR/USD pair had a strong showing on Wednesday as the 1.30 level has offered significant support. This also would have been predicated upon the idea that the Italians managed to sell a significant amount of bonds earlier in the day, without paying an outrageous yield.
The USD/JPY pair fell again during the Wednesday trading hours, dipping below the 92 handle for the third session in a row. However, for the third session in a row we also saw the market popped back over the 92 handle and form supportive price action.
The AUD/USD pair fell and broke below the 1.02 level on Wednesday, only to bounce back and show support in the general vicinity. The resulting daily candle formed a hammer, which of course shows significant support and is one of my favorite bullish signals.
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The WTI crude market tried to rally during the early hours of the session, but as you can see gave back quite a bit of the gains by the time the trading day was over with. We currently sit just above the $92.00 level, an area that has been stubbornly supportive.
Gold prices (XAU/USD) settled higher Tuesday, as weakness in the U.S. dollar helped prices regain their footing following losses last week. The XAU/USD pair traded as high as 1619.98 after finding strong support at the 1587 area.
The EUR/USD pair had a back and forth session on Tuesday, after plunging so violently on Monday. The fact that we held above the 1.30 handle was indeed bullish in and of itself, and as a result there will be a bit of hope out there for the Euro.
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The AUD/USD pair fell during the session on Tuesday as the "risk off" trade came back into play. Most of this would've been predicated upon the elections in Italy, and have very little to do with Australia itself.
The USD/CAD pair tried to rally during the Tuesday session, but as you can see by the charts we had serious trouble getting above the 1.03 handle. The pushback by the sellers caused the market to form a shooting star, which of course is one of the most bearish candlesticks that you can see.
The NZD/USD has closed, and quite strongly I might add, below the lower band of an ascending channel that the pair has been trading in for the past 6 months.
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