Forex Technical Analysis
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Forex Technical Analysis
The EUR/USD pair has been an absolute mess for some time. Over the course of the last couple of months we have bounced from lows at 1.05, all the way to the 1.15 area.
The USD/JPY pair broke out of a significant ascending triangle during the course of the last couple of weeks, so I think that the next leg higher is on tap.
The AUD/CHF pair fell during the course of the last couple of weeks, and it looks like we are trying to break down below the 0.72 level. That is an area of that if it gets broken, should send this market looking towards the 0.70 handle next, and then the 0.6850 region.
The USD/CHF pair rocketed all the way to the 0.95 handle during the course of the last couple of weeks, but started to see significant selling pressure at that area to form a shooting star on the weekly chart.
The EUR/GBP pair initially fell during the course of the last couple of weeks, but as you can see has found a bit of support at the 0.71 level.
Start the new month of June 2015 with the weekly Forex forecast for the major currency pairs here.
The EUR/USD pair initially fell during the course of the day on Thursday, but as we did on Wednesday, we ended up bouncing enough to form a hammer. This hammer tells me that there is significant buying pressure below, but I have to worry about the 1.10 level above.
The USD/JPY pair initially went higher during the course of the day on Thursday, but found enough resistance near the 124.50 level to turn things back around and form a bit of a shooting star.
The USD/INR pair is one that a lot of you probably don’t trade. After all, the Indian rupee is a fairly exotic currency, but it is also a reflection of the Asian growth as well as emerging markets in general.
The EUR/GBP pair broke higher during the course of the session on Thursday, slamming into the 0.7150 level. This is an area that was supportive recently, so the fact that we bounced to this area suggests to me that we are going to have a little bit of a fight on our hands today.
The TRY/JPY pair fell initially during the course of the session on Thursday, testing the 46.50 level for support yet again. That being the case, the market forming a hammer of course suggests that we are going to have buying pressure soon.
The market had an interesting session on Thursday as the battle between the bulls and bears for supremacy intensified.
The EUR/USD pair fell initially during the day Wednesday, and even reached towards the 1.08 handle. However, we did find enough support to turn things back around and form a hammer.
The USD/NOK pair initially shot higher during the session after a short-term pullback, but Wednesday ended up printing a relatively bearish reversal signal.
The AUD/NZD pair fell during the session on Wednesday, going as low as 1.06 at one point. However, the market did in fact find support below and bounced slightly.