Forex Technical Analysis
After a temporary pause on Tuesday, gold prices continued to move higher yesterday. The XAU/USD pair managed to break above the 1430 resistance level as the American dollar weakened after the data released by the Commerce Department showed that demand for durable goods slumped in the previous month.
The WTI Crude Oil market rose during the session on Wednesday, reaching the $91.55 level by the end of the session. I have recently mentioned that the $92.00 level would be the beginning of significant resistance, and they do feel that it is a "zone" all the way up to the $92.50 level.
The EUR/USD pair fell during most of the session on Wednesday, but as you can see the bullishness that came into the market that the Euro was pushed above the 1.30 handle.
The other day, I mentioned this pair in my analysis and told many of you that I thought it would start falling again. It has certainly done just that, and it also has done it in congruence with the rising of oil prices.
The USD/JPY pair fell during most of the session on Wednesday, but managed to form a bit of a hammer for the session. While the candle itself isn't that impressive, the fact that it formed just after a massive hammer on Tuesday is what caught my attention.
The AUD/USD has been falling more or less since April 10th and from the 15th until today the pair has been trading in a descending channel seen clearly on the 4 hour time frame.
According to the analysis of the EUR/JPY and AUD/USD trader profited on a binary options platform.
Gold has been a hot topic in the news recently based on the prices that have fallen drastically. Many people think that this trend could be over but we have the predictions for the next month right here. Get all the information you need for gold prices and what it can mean for your trading.
This time we would like to talk about the merits of two opposing trades: long and short USD-JPY. The rationale is to highlight the reasons in favor of each move and by doing so clarifying the risks of the opposite move. Get the analysis here.
The ounce of gold is bouncing back since several sessions due to its very strong downtrend those past weeks. Get the Forex signal for the XAU/USD pair here.
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