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 USD/JPY pair has been very positive over the last several months, and as a result I am still bullish of this market. However, June has seen a little bit of a stumble near the 125 handle. That makes sense though, as it is a large, round, psychologically significant number.
The GBP/AUD pair has been on fire lately, and the month of June of course was no different. With that being the case, I believe that this market should continue to go much higher, as we have broken the psychologically significant 2.0000 level.
Usually, the best forecasts for relatively long periods such as a month are made in the direction of exiting momentum, which puts the trader as the same side as the “fat tail” edge. Usually, the action of the previous 3 months or so is a good guide as to what will happen over the next 1 month period for major currencies such as the USD and the EUR.
Gold has been under pressure for a long time and this month was no different from the previous ones. With the help of the support around the $1166 level, the market tried to pass through the $1207/0 region but the bulls surrendered after the initial rally faded as buying dried up.
The EUR/USD pair bounced back and forth during the session on Friday, showing that there was real indecision in the marketplace. However, I recognize that the 1.11 level continues offer support, and there was of course a supportive uptrend line that I have drawn on this chart and has held true so far.
Check out the AUD/USD Forex signal for June 29, 2015 here.
Check out the USD/JPY Forex signal for June 29, 2015 here.
Check out the GBP/USD Forex signal for June 29, 2015 here.
Check out the EUR/USD Forex signal for June 29, 2015 here.
Trading the Singapore dollar against the Swiss franc is probably something that most of you don’t do, but I find this to be very interesting pair for several reasons. For starters, you have to keep in mind that the Singapore dollar is essentially the Swiss franc of Asia.
The GBP/USD pair initially fell during the course of the day on Friday but bounced off of the 1.57 level. This level is becoming more and more important, as it represents a bit of a “floor” in this market at the moment.
The NZD/USD pair fell hard during the session on Friday testing the lows yet again. I still believe that this market has further we go though, as the thinnest of margins keep this market above the 0.68 handle at the moment.
The GBP/CHF pair typically moves rather rapidly, so the fact that once we broke out we just simply sat hearing consolidated was a bit surprising to me. As the market fell on Friday, we simply recovered most of the gains that we had seen in the British pound from Thursday.
Get the Forex forecast for the week of June 29, 2015 using quant vs. chart reading analysis.
Don't end the month of June 2015 without getting the weekly Forex forecast for major currency pairs here.