Last week printed a bearish pin bar off a fairly strong resistance zone. The uptrend remains intact but has not been able to make significant new highs in recent weeks.
Last month printed a bearish candle, though one showing plenty of support in its long lower wick, so it was not strongly bearish. It was the smallest ranging month of 2013.
The American dollar gained ground against the precious metal during yesterday's session after the ISM Services Purchasing Managers' Index came out stronger than forecasts.
The WTI Crude Oil markets fell during the session on Tuesday, testing the $93 level. That level has offered support though, and as a result the candle does look a little bit like a hammer.
The EUR/USD Tuesday, but as you can see we still maintain in the area of 1.35, an area that has been support for some time now. That being the case, it doesn't surprise me that the market did get a little bit of a bounce towards the end of the session, and as a result I am looking at the area as a potential "buy zone."
The USD/CAD pair rose during the session on Tuesday, breaking the top of the hammer that had formed on Monday. I had stated that the hammer formed at the 1.04 handle, and as a result this market looks very well supported at the area, based not only upon that candle, but the previous resistance.
The NZD/USD pair rose during the session on Tuesday, closing above the 0.8350 handle. This of course was the signal that I had been looking for, and as a result I think this market will continue to go higher, based upon the fact that we have broken above a relatively significant resistance barrier.
The GBP/USD pair rose during the session on Tuesday, breaking back above the 1.60 level, an area that I have been watching for some time now.
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Gold prices (XAU/USD) settled slightly higher yesterday but remained within the previous day's trading range. The XAU/USD pair seems to be trying to form a bottom since the prices bounced off of the 1306.05 level which is also the 50% retracement based on the bullish run from 1251.60 to 1361.76.
The WTI markets did very little during the session on Monday, essentially reaffirming the fact that the 95 level is going to be a slightly resistive area, while the 94 level will be supportive.
The EUR/USD pair initially fell during the session on Monday, but as you can see there was enough buying interest below the 1.35 level in order to continue to show support at this area as we have seen over and over again.
The GBP/USD pair bounced during the session on Monday, showing the 1.59 level as being supportive. Because of this, it appears that the overall consolidation is going to continue, and I started buying this pair early during the Monday session.
The USD/CAD pair did move too much during the session on Monday, but what it did do was fall enough to test the 1.04 support level. At the end of the day, we formed a nice looking hammer, and this suggests that the market will continue to recognize the 1.04 level as a significant area.
The NZD/CHF pair isn't one that most of you trade over the longer term, but it is one that you should be paying attention to. This is because it is very sensitive to the risk appetite of markets in general, not just in New Zealand or Switzerland.