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 EUR/USD pair tried to rally during the session on Wednesday, but as you can see the downtrend line that I have drawn previously from the weekly chart was just above, as was the 1.34 handle. Both of those offered enough resistance to keep the market from going higher, and then of course the last nail in the coffin was the comments coming out of the Federal Reserve during the session on Wednesday.
The GBP/USD pair fell rather hard during the session after initially trying to rally on Wednesday. The Federal Reserve meeting in minutes afterwards of course rattled the markets, especially when the Federal Reserve Chairman stated that the Federal Reserve may taper off of quantitative easing later this year, and more importantly be completely out of it by the middle of 2014.
The USD/CAD pair initially fell during the session on Wednesday, but as you can see bounced quite hard by the end of the day to test the 1.03 handle. This is predicated upon the statement coming out of the Federal Reserve meeting that suggested that the central bank will be out of the quantitative easing game by the middle of next year.
Shinzō Abe must be smiling today. The FOMC announcement yesterday was just what the Yen needed to kick start another bull run.
The EUR/GBP printed one of the largest bullish daily candles yesterday in about a month, but is this the start of a new Bullish movement or will we drift lower again and maintain the daily triangle formation?
The American dollar continued to gain ground against gold during yesterday's session on growing expectations that the Federal Reserve will provide more information about the timeline for scaling back its monthly asset purchases.
The WTI Crude Oil initially fell during the session on Tuesday, but as you can see the bottom of the range offered enough support in order to bounce this market high enough to make a serious challenge to the top of the shooting star from Monday.
The EUR/USD pair fell initially during the session on Tuesday, but as you can see yet again we have found that the 1.33 region has offered enough support in order to show the area to be an area of interest for the buyers yet again.
The AUD/CAD pair fell during the session on Tuesday, but as you can see got a bit of a bid at the previous hammer that had formed at the absolute low that we've seen recently. It appears that the 0.9650 level is offering a bit of support, and as a result the market formed a nice looking hammer.
The USD/JPY pair rose during the session on Tuesday, confirming that the 95 handle is in fact offering a bit of support. In fact, I believe that the support level down here extends all the way down to the 94 handle, and as a result we should continue to see buyers step in at these low levels.
The AUD/JPY, like many of the Yen crosses has been hovering just above a major support level since last week, seemingly unable to go lower...or higher. Learn more here.
The XAU/USD pair (Gold vs. the American dollar) closed yesterday's session with a loss as the American dollar gained some strength after a report released from the Federal Reserve Bank of New York showed that its business conditions index rose to 7.8 from -1.4.
The WTI Crude Oil market rose during the session on Monday, breaking well above the 98.50 level at one point during the session. However, as you can see the market fell from that high, and a pullback in order to form a shooting star.
The EUR/USD pair fell during most of the session on Monday, but found enough support at the 1.33 handle in order to attract buyers. What's most interesting about this chart right now is the fact that we have formed four consecutive hammers in a row based upon this support level.
The AUD/USD pair attempted to rally during the session on Monday, but as you can see failed miserably. By the end of the session we had a shooting star form on top of the 0.95 handle, an area that has been both support and resistance previously.