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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I will start with the daily chart for the EUR/JPY to begin my analysis today. I hate repeating myself too much but in the event you haven't read my analysis on the other pairs I cover I have been stating that today and in just a few hours the Non-Farm Payroll report will be released and it is the last report of the year and just around the Holiday Season, in anticipation of the report not much trading will take place.
It has been quite a week for this pair mostly due to the actions of the ECB. Price came all the way down to the weekly 144 ema then all the way back up to the weekly 5 ema. At this time, the weekly candle is a doji.
The EUR/USD pair looks to continue the back and forth motion as the debt crisis churns on. The pair has seen quite a bit of support in the 1.31 – 1.35 area over the last two months, and every time this pair reaches that area – it gets a bounce.
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The Kiwi, or NZD/USD has been basically Bullish since March 2009 when it hit a low of 0.48939. It reached what appeared to be the end of its bullish run in July of this year, cresting at 0.88415 and falling immediately after.
Wall Street jumped yesterday over 4% in a rally that you see only after outstanding news or sharp declines. In this case, there is not any encouraging news in the horizon, so the reason for the sharp risings is the short-squeeze phenomenon.
The GBP/USD starts it's day off in a very bearish position, but it is a mixed bag. This pair has made a perfect fib of the last move down to the 50.0 level which was overlapped by the 55 ema almost as well as the 21 ema.
This pair is a tough read for me today. Based on correlation I am bullish for this pair, however, the technicals are looking bearish. Since yesterday the market has been very unpredictable, and with the Non-Farm Payroll coming out on Friday the market will behave in strange ways.
Starting my analysis of the EUR/USD I will begin with the weekly time frame. It looks bearish, but I not bearish on this pair because I am bearish on the Swissy and these two pairs are almost exact reciprocals of each other.
Yesterday this pair made a big leap, of course it had very little to do with the technicals and had everything to do with the fundamentals.
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Yesterday the Swissy took a dive. As with the other pairs, yesterday's big move was mostly fueled by the ECB and had very little to do with technical analysis. Technically, I had no doubts price would fall and I mentioned that in my analysis yesterday.
Currency: EUR/USD Trend Expected Direction: Down Strategy: Elliott Waves and Fibonacci Trading.
Today the North American markets saw their biggest gains in 2.5 years, all due to a decision from 6 major banks in an effort to prop up the world economy...and the 6 'cousins' are all correlating in the right ways for further movement.
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The investors are waiting for the flow of employment data that starts today and ends on Friday with the unemployment rate
The action by several central banks on Wednesday to lower the borrowing rates for Dollars has boosted several of the “risk on” trades in the global currency markets.