Forex Technical Analysis
The XAU/USD pair has been range bound since prices bounced off of the 1320 level. Although gold prices advanced two days in a row, we are still trapped in a relatively small range during the Asian session today.
The WTI Crude market fell during the session on Wednesday, breaking below the $87.00 level. Within this chart, you can see that in the after hours we are continuing the weakness, and a break of the $86.00 level wouldn't be surprising, and it would be very bearish.
The EUR/USD pair had a very negative session on Wednesday, as we continue to flood around the 1.31 handle. In fact, at one point time we put a serious attack on the 1.30 handle, an area that I think would lead to lower prices if we can break down below it on a daily close.
The USD/JPY pair of positive session on Wednesday, but failed to break above the 98.25 level. This area has been support recently, and as a result it was expected to be resistant. In fact, it has acted as such, and as a result the candle couldn't quite break above it and hold for any length of time.
The GBP/USD pair had a negative session on Wednesday, piercing the 1.5250 support level, albeit for just a brief moment or two. Nonetheless, it does appear that we have made a serious attack on the support, and it seems that this market could very easily drop from this level.
The AUD/CHF has printed a Bullish Pin Bar on the 0.9600 support zone after yesterday’s price action. Support is seen at this level from the highs in February, as well as October 2012 and beyond.
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The EUR/GBP pair is resuming its upward trend. Get the Forex signal for this pair here.
The XAU/USD pair closed higher than opening as market players started taking profits near the 1320 support level as expected. Gold prices hit 1321.52 yesterday, the lowest since January 2011, before bouncing back to the 1403.
The WTI Crude market fell initially during the session on Tuesday, reaching all the way down to the $86.00 level. However, we got a significant bounce from that level, and closed just below the $89.00 level by the end of the day.