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 GBP/AUD is still dominated by a downtrend. On the intermediate term chart, the most visible feature is the sharp selloff in August and September, which pushed this pair from 1.7560 down to 1.6440. However, this may be ending soon.
The New Zealand Dollar has been in an uptrend for the last few months in relation to the US Dollar. Since May, it has appreciated from 0.6560 to 0.7390. It had reached this level twice, most recently earlier this week and is now pulling back.
EUR/CAD pair started to build a trading channel that by now is very well defined. This channel is drifting down, and about to meet the main up trendline, with a starting point at the 1.2450 low.
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Much to a surprise of many traders, the Euro has been very strong recently. It rallied against many other currencies, in many cases reaching important resistance levels, where next price swings will be decided. The EUR/GBP pair is at just such juncture.
Financial markets, including the currencies are having hard time finding direction.
Recently, the Swiss Franc has benefited greatly from its perceived status of a “safe haven”. This currency has been very strong, reaching an all time high against the Euro and marking major gains in relation to other currencies.
The major down trend in USD/JPY continues. Earlier in the week, this pair made another 15 year low at 83.34 and large-scale charts show no signs of a trend reversal yet. However, on smaller time frames the Dollar appears to be regaining some strength. Is it for real?
Although cable seems to want to push back up again and continue the uptrend of July, having a look at the markets there seems to be not enough steam to move the pair forward. Positive news is helping some weak rebound but to soon again find resistance and fall back off, sometimes even at a lower low.
On Wednesday, the Bank of Canada boosted its interest rates to 1 percent from 0.75 percent, making it a third increase in a span of four month. In response, the Canadian Dollar rallied strongly against other currencies, including the Swiss Franc.
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The most liquid currency pair, the EUR-USD, has been sending many mixed signals lately. After reaching a high of 1.3330, this pair pulled back to 1.2600.
Just like the other currencies, the Canadian Dollar has sold off considerably against the Japanese Yen lately
Recently, currencies have been subjected to a series of wild swings in public sentiment. Seemingly, every few days the perception switches from a “flight to safety” to a “pursuit of risk”. One of the best examples of this wavering opinion is the AUD-JPY.
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Sign up to get the latest market updates and free signals directly to your inbox.So far this week, the Japanese Yen, and all its crosses have been very volatile. They sold off significantly for 2 days following the emergency Bank of Japan policy meeting and recovered to some degree on Wednesday. This recovery ran into a stiff resistance though, and currently the JPY pairs are in a “no man’s land” of sorts – a holding pattern.
Over last few months, the USD/CAD has been moving sideways. It has not made any meaningful high or low since late May, when it reached 1.0852. Since then, the price oscillated in a range between 1.0680 and 1.0105.
The AUD/USD is still in an uptrend, as judged on basis of technical analysis. The price is above the 100 SMA and the up trendline, too. Last week, this pair rebounded from a conjunction of both of these lines, finding a support at 0.8770.