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
On Friday we broke a price channel we the EUR/USD has been trapped to the upside and the price was touched by the daily 13 ema that caused the bulls to take profit forcing price back down.
The focus last week for markets has been on Europe but this will change in the coming week with theFederal Reserve gearing up for one of the most important FOMC meetings in along time.
With the housing data and FOMC details coming out of the USA this week, the US economy could be put on hold more or less until these statistics come out. The Canadian dollar, or Loonie as us Canucks call it, seems to have taken advantage of the situation and gained some serious ground on its southern cousin, the Greenback.
This pair finds itself caught up in between long term resistance and short term support. On the daily we have reached a 38.2 Fib to the downside overlapped with the 233 ema and the 5 ema pushing price down, yet the Stochastics is in the oversold beginning to cross up.
We start out this session within a very tight range for this pair. I have a feeling this range will soon be busted to the upside and I will expect bullish conditions for this pair.
This pair continues on its way back up. It has been confined in a bit of a price trap and began its week at the bottom and continues to head up.
This pair still looks bullish and has continued to ride the 5 ema downward but the ema's are beginning to catch up with each other and there appears to be less angle and separation between the ema's which indicates that price is slowing and the move is weakening based on the daily price action.
Last week price broke out of its trap to the down side and the past couple weeks have been bearish indeed, however, while looking at the weekly chart price has fibbed to the zone between the 38.2 and 50.0 fib levels.
See how one trader used analysis from DailyForex to place profitable trades for EUR/USD and GBP/USD.
The AUD/USD has been in a bearish mode the last couple weeks, however, it appears to be consolidating a bit and I think that is due to the weekly 55 ema acting as support.
The EUR/JPY does continue to look just as bearish as ever, but after this pairs recent drop down it has been trapped in a 100 pip consolidation range.
The EUR/GBP has made its retracement back up precisely to the 61.8 Fib Level which just happens to overlap with the Daily 233 and 21 ema's and the daily 21 looks like it is setting up to cross below the daily 233.
The GBP/USD has been extremely bearish but I keep saying that a retracement is long overdue. Finally, I think the retracement is coming together.
We have just began to touch the 38.2 Fib level of the previous swing and keep in mind a swing fib is a swing fib and a move fib is a move fib.
There could be a reversal in the works on the UERCAD pair. Today's daily candle is a 174 pip bullish engulfing candle formed off of support at 1.3475.