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 rose during the session on Wednesday as you can see, breaking above the hammer that had formed for the session on Tuesday.
After failing to break through the 1416 resistance level the XAU/USD pair turned south and gave back all of the gains made in the previous session.
The WTI Crude Oil markets fell during the session on Wednesday, but as you can see found support at roughly the same area the markets pushed the price back up to at the end of the session on Tuesday.
The NZD/USD pair rose during the session on Wednesday, breaking above the short term resistance that we have seen over the last couple of weeks.
Monday was a bullish engulfing candle that closed very near its high well above the trend line, so it looks like a strong bullish breakout. Momentum and bias are bullish, so it is a question of looking where to take profits and where pullbacks might find support in any pauses in the uptrend.
The AUD/CHF may have found a floor at last week’s low of 0.8175. The pair printed an Inverted Hammer on the monthly chart on the support zone at 0.8260 and has since spent 3 of the last 4 days climbing.
Last month ended as a bearish candle off the unbroken (in this time frame) 2-year long-term bearish trend line. It was the lowest monthly range of recent years. Get the full analysis here.
After three consecutive days of losses, the XAU/USD pair closed higher than opening on renewed Syria worries and strikes at South African gold mines.
The WTI Crude Oil markets rose during the session on Tuesday again, as we continue to see bullishness come into this market. That being the case, remember that a lot of this is headline driven, and news coming out of Egypt and Syria will have an effect on this market.
The EUR/USD pair fell during the session on Tuesday, but as you can see there was a bit of a bounce towards the end of the session, showing that there is underlying support.
The USD/JPY pair did very little during the session on Tuesday, but what's most important is the fact that we are above the downtrend line that was broken out to the upside on Monday. That being the case, I feel that this market is showing that there is significant buying pressure underneath, and as a result I think this market will continue much higher.
The USD/CAD pair did very little during the session on Tuesday, but remained above the 1.05 handle. This level has been significant support over the last couple of weeks, and I believe that will continue to be.
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Gold continued to lose ground against the American dollar as worries about a potential U.S. strike on Syria eased temporarily. The XAU/USD pair initially fell to a six-day low of 1373.79 before recovering to 1392.
The WTI Crude Oil markets did very little during the session on Monday as Americans and Canadians celebrated Labor Day. However, there was limited electronic trading during the session, which of course produced a significant hammer.