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 USD/CAD pair rose during the session on Friday, breaking above the 1.0450 handle at the close. This is a continuation of the move that smash through the resistance at the 1.04 level, showing that the market is in fact ready to breakout towards 1.05 level, and then possibly as high as 1.06 level.
The AUD/USD pair fell during the session on Friday, showing that there is continued weakness in the Australian dollar. That being the case, I feel that the market will more than likely go down to the 0.95 level before it's all said and done, where it should find significant amount of support.
The GBP/AUD pair tried to rally during the session on Friday, but as you can see got stuck above the 1.69 level, an area that has been rather supportive in the past.
The USD/JPY pair fell during the bulk of the session on Friday, but as you can see bounced high enough off of the 97 level in order to form a hammer.
Last week was a slightly bearish doji, the most significant things about it were its high (at almost exactly the expected 1.6250 resistance level) and its close, which was just below the resistance level at 1.6177.
End the month of October with this forecast of some of the major Forex pairs.
The XAU/USD pair scored a gain of 1.01% on Thursday as weakness in the American dollar continued to lure some investors back into the market.
The WTI Crude markets fell during the session on Thursday, but found the $96 level supportive as we had anticipated previously. That being the case, there's this market is going to find some support in this general vicinity, and should be noted that the candle for the Thursday session is in fact a hammer, one of my favorite bullish scenarios.
The EUR/USD pair rose during the session on Thursday, breaking above the 1.38 level for the first time in quite a while. The Euro continues to strengthen against the US dollar because of the Federal Reserve issues as far as tapering is concerned.
The NZD/USD pair fell during the session on Thursday, which is a bit ironic considering that the US dollar should be in trouble.
The USD/MXN pair rose during the session on Thursday, as the Mexican peso continues to weaken. For those of you that don't typically trade this currency, it should be noted that the Mexican peso is highly leveraged to the oil markets, as many of the rings in the Gulf of Mexico are actually Mexican owned.
The USD/CAD pair rose during the session on Thursday, finally smashing through the 1.04 handle, an area that I referenced as a trigger to start buying the US dollar over the Canadian dollar.
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Gold gave up some of its recent gains against the American dollar during yesterday's session as investors continued to take profit off the table. The XAU/USD pair had extended its gains and jumped to a three-week high on Tuesday after the bulls managed to break through the 1326 resistance level.
The WTI Crude Oil markets fell during the session on Wednesday, finding support at the $96 level. The resulting bounce formed a nice hammer for the day, and this of course is very supportive looking candle all of a sudden.