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.
Forex Technical Analysis
Forex Technical Analysis
The XAU/USD pair rose %0.55 over the course of the week as concerns over escalating conflict between Ukrainian troops and pro-Russian rebels in eastern Ukraine increased desire for the relative safety of gold.
The EUR/USD pair fell during the course of the day on Friday, breaking down towards the 1.321 level, an area that in my estimation is a minor support level at best.
The EUR/CAD pair fell initially during the session on Friday, but found enough support near the 1.4250 level in order to bounce and form a hammer for the second day in a row.
The NZD/USD pair tried to rally during the session on Friday, but found the 0.84 level be far too resistive. Because of that, the market turned back around and formed a shooting star for the second day in a row, a very bearish sign.
The USD/CAD pair initially fell during the course of the day on Friday, but found enough support near the 1.08 level to turn things back around and form a hammer. As you know, I have been bullish of this pair for some time now.
The GBP/USD pair initially fell during the session on Friday, but as you can see found enough support near the 1.6550 level. With that, it appears that the market is trying to find a little bit of support near this area, as the 1.65 level below has held the market higher.
Get the weekly Forex forecast for the end of the month of August 2014 here.
The EUR/USD pair broke down over the course of the last month, as August was absolutely horrible for the Euro. As you can see on the weekly chart attached this article, we had three hammers in a row that were broken down below with a massively bearish candle.
The GBP/USD pair has sold off rather drastically, as the US dollar continues to be one of the most desired currencies in the world at the moment. With this, I am looking at the 1.65 level as the first serious battleground that could protect the value of the British pound.
The EUR/CHF pair continue to fall during the month of August, but as you can see I have a massive horizontal line at the 1.20 level on this weekly chart. This is because 1.20 is the area that the Swiss National Bank defended so vigorously in the past.
The USD/JPY pair finally broke out to the upside and above the 103 level during the month of August. That being the case, I feel that this market will continue to try to build up bullish pressure, and eventually test the 105 level.
The EUR/CAD pair fell hard during the course of August, crashing through a longer-term trend line the goes back to late summer of 2013. Breaking that trend line tells me that the Euro will continue to fall, even as oil prices to know favors whatsoever for the Canadian dollar.
The XAU/USD pair (Gold vs. the American Dollar) closed higher than opening for a third consecutive day as investors moved to the safety of gold after flaring Ukraine tensions ruined investors' appetite for riskier assets.
The EUR/USD pair tried to rally during the course of the day on Thursday, but as we have seen over the last several sessions, the sellers step been above the 1.32 handle.
The GBP/JPY pair fell during the bulk of the session on Thursday, but later in the day we saw the Japanese yen selloff in general, and as a result this pair rose right along with the USD/JPY pair.