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
Although the XAU/USD pair traded as low as 1302.04 during yesterday's session, dull economic numbers out of the United States and lack of progress on the U.S. budget and debt ceiling discussions helped gold bulls to defend this critical support level.
The WTI Crude Oil markets fell during the session on Thursday, finding the $104 level to be a bit too resistive. It's not a cute surprise, I did suspect that would be the first barrier to overcome, and the fact that today is nonfarm payroll Friday doesn't exactly help the case for a longer-term move anyway.
The EUR/USD pair rose during the session on Thursday, breaking above the 1.36 handle finally. Now that we are above there, looks like this market certainly is biased to the upside, and with the nonfarm payroll numbers coming out later today it's very likely we could get a large move.
The EUR/JPY pair had a positive session on Thursday, but as you can see gave back almost all of the gains in order to form a nice looking shooting star.
The GBP/USD pair fell during the session on Thursday, showing signs of a possible reversal. However, I do not think that this selloff had anything more to do with a reversal than the simple fact that the nonfarm payroll is today, and traders may be taking risk off of the table as they get concerned about the possibility of the numbers being a bit of a surprise.
The Australian dollar fell initially during the US dollar during the Thursday session, but as you can see we popped in order to close right about the 0.94 handle.
On Monday, 97.75 was tested, broken by 25 pips, and then rose to a maximum long gain of 97 pips, again hitting the upper trend line of the new bearish channel and reversing there to the pip. Get full analysis here.
We can see that this current week is going to be a bullish engulfing week, provided that it closes above 1.3533 (last week’s open), which seems very likely to happen.
The XAU/USD pair bounced off of the 1275 support level and traded as high as 1323.84 as soft economic data out of the United States lead some investors to shift money from equities to gold.
The WTI Crude Oil markets rose during the session on Wednesday as the bottom of the consolidation area continued to pressure the market to the upside. The move isn’t that very surprising to me, and as a result I bought into this market earlier in the day.
The EUR/USD pair went higher on the session for Wednesday, breaking above the top of the shooting star for the Tuesday session. This market looks as if it wants to go higher overall, but with Friday being nonfarm payroll Friday, I believe the next 24 hours should be very quiet.
The GBP/USD pair rose during the session on Wednesday, but he did not break the top of the shooting star from Tuesday. Because of this, I feel that this market is still struggling to go higher, and that of course makes sense with Friday being nonfarm payroll day.
The EUR/GBP market rose during the session on Wednesday after initially falling, showing that this market is still tight and stuck in consolidation. The consolidation area is just below the 0.84 level, an area that was one significant support.
The EUR/JPY pair fell during the balance of the session on Wednesday, but as you can see got enough of a bounce near the 131.50 level in order to form a nice looking hammer.
As the US government shuts down, there has been an increasing amount of chatter regarding gold -- an asset traditionally regarded as a hedge against breakdowns in government. Get the full analysis here.