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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Forex Technical Analysis
The WTI Crude Oil markets fell during the session on Monday, reversing the recent strength that we have seen in this market. However, I still see a significant amount of support all the way down to the $93 level, which of course the $95 level itself being rather significant.
The EUR/USD pair went back and forth on Monday, essentially mirroring the action that we saw during Friday.
The USD/CAD pair initially fell during the session on Monday, but as you can see found enough support above the 1.10 level in order to turn back around and closed the day with a positive candle.
The EUR/CAD pair is not one that I talk about often, but it is a decent pair to trade at times. After all, the pair doesn’t have a large spread, and it does feature to very prominent currencies.
The GBP/CHF pair had a positive session on Monday, bouncing off the 1.4750 level, an area that has been supportive recently.
Check out the Forex signal for the USD/JPY pair here.
Check out the Forex signal for the GBP/USD pair here.
Check out the Forex signal for the EUR/USD pair here.
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EUR/USD's strong rebound and break of 1.3699 last week suggests that the pull back from 1.3892 has completed at 1.3507 already. Initial bias remains mildly on the upside this week for 1.3892 first.
Gold continued to gain ground against the American dollar during Friday's session and closed the week at $1268.50 an ounce, the highest level since November 20. Soft economic data out of the United States and the recent weakness in the American dollar has been providing support for safe-haven gold.
The WTI Crude Oil market initially fell during the session on Friday, but had enough support at the $96 level to bounce hard enough to form a hammer.
The EUR/USD pair try to rally during the session on Friday, but you can see that the 1.37 level offered far too much in the way of resistance, making the market fall and form a shooting star.
The EUR/JPY pair fell hard on Friday, slamming into the 140 level. The market has a lot of support below, extending all the way down to the 138.50 level, as we have seen quite a bit of noise in the general vicinity.
End the month on the right track with the weekly Forex forecast for some of the major pairs here.