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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With so many markets closing up last week, it looks like the tides are finally changing - or are they? Take a look at our forecasts for the majors this week to see what you can expect in your Forex trading.
So far, in 2011 the EUR/NZD pair has not made much progress. It started the year at around 1.7250 and now, six month later is at 1.7500, which not much more than a daily fluctuation. Nevertheless, that does not mean that the price action has been boring – quite the opposite.
Standard & Poor’s after-market hours downgrade of the U.S. economy is not necessarily that big of a surprise as the credit agency had put the U.S. on credit watch with negative implications (suggestion a 50/50 chance of a downgrade within 90 days) back on July 14th. Following Saturdays announcement, investors are now faced with two concerns.
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Following a week of extreme market volatility, the U.S. Dollar Index closed relatively unchanged against its major counterparts, as illustrated by most liquidly-traded currency pair (EURUSD) which remains locked in an astonishingly narrow 3.3% range since mid July. Get the roundup of all major currencies here.
Technical and fundamental analysis of EUR, USD, AUD and four other major currencies, all in one place.
This has been a very good week for the Euro. The common currency rallied first anticipating a positive austerity vote in Greece and then in response to it. All said, in last four days, the Euro advanced over 400 pips against the USD while also gaining on other currencies.
With the move above 1.4440, the hourly trend is now considered on the upside. Right now the market is overbought and some kind of a pullback towards 1.4425/20 can be seen later today but as long as the prices hold above 1.4340, the hourly trend remains higher and gains towards 1.4570 are seen. However, the upside potential is likely to be limited to there as the triangle on the daily chart from the May top does not look complete yet.
With the financial world focusing on Greece, it is of no surprise that the European currencies are among the most volatile now. The Euro responds sharply to every news release, while the Swiss Franc keeps making new all time highs against other majors, just as the Australian Dollar used to do only few weeks ago.
If you trade AUD/CAD, this signal is for you. And if you don't, use this free Forex signal as a chance to try out a new currency pair.
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The British Pound is typically a rather volatile currency. Most of its crosses have large daily ranges and easily identifiable trends. The GBP/CAD is not much different with one possible exception – its very long-term chart shows a tight consolidation.
Take a look at technical and fundamental analyses of the major currency pairs side by side to get a look at where the market will be going in the days ahead.
Not that long ago the EUR/JPY was in a strong bullish mode. Following the G7 intervention to weaken the Yen, this pair rallied to 123.31, a large appreciation, considering that the preceding low had been at 107.65. Since then, however, things have changed dramatically.
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Sign up to get the latest market updates and free signals directly to your inbox.So far this week, currencies have been behaving in a choppy manner. It seems like every economic news release caused a change in direction, lasting few hours, perhaps half a day, only to reverse again in response to the next announcement.
Expect a drop in this pair targeting 1.03000 minor waves (iii), (iv) & (v). Set a stop-loss just above wave B at 1.07817.
NZD/USD has completed major wave V. It broke the channel on a corrective wave ABC. What's up next?