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.
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Forex Technical Analysis
The EUR/USD pair continued to chop around during the Friday session, in response to the better than expected Non-Farm Payroll number out of the United States. Because of this number, there will now be a “risk on” attitude in the short-term, and I believe that this pair will be pushed and pulled quite a bit going forward.
Last week, ECB's Governing Council did reduce refinancing rates from 0.75% to 0.5% while deposit rates remain untouched at 0.0%. However, ECB President Mario Draghi left room for negative rates by saying "we stand ready to act if needed."
The AUD/USD pair had a great showing on Friday in reaction to the stronger than expected Non-Farm Payroll report out of the United States. This had the market bullish in general, and the Aussie is one of the Forex community’s favorite ways to play the “risk on” attitude of the markets.
Gold prices settled slightly higher last week but the 1486 level continues to be hurdle for the bulls. This level had been a strong support level back in 2011, right before the precious metal started a rally to 1920.
The WTI Crude market had a great showing on Friday in reaction to the better than expected Non-Farm Payroll number in America. This lead to a bullish rally in almost all markets, with the US indices and the commodity markets being especially strong
The USD/CHF spent Friday much like it's causing the EUR/USD, trying to decide if it should go up, or down...or sideways. As a result, it finished the day with a total range of about 100 pips, but closed less than 5 pips from where it began the day.
The GBP/CHF pair initially pulled back during the Friday session, but as you can see bounced back significantly in order to form a hammer. This hammer suggests that the pair is ready to continue higher, and this makes complete sense as the British pound continues to show strength overall, perhaps as a reconsideration of the British economy on the whole as it has avoided a “triple dip recession.
This pair continues to grind around in a relatively tight pattern. It is because of this that I feel that this market cannot be traded for anything more than a short-term trade. As such, the weekly forecast will remain choppy at best, and directionless. In order to break out in either direction, the 1.3250 level needs to be overcome on a daily close, or a move below the 1.29 level will have to happen. Until then, expect this to be a scalper’s market.
The XAU/USD pair is trading in the middle of the 23.6 and 38.2 Fibonacci retracement levels based on the bearish run from 1795.75 to 1321.52. Prices have been trapped within a relatively tight range for the last 6 days as the pair continued to meet sellers around the 1486 level and buyers came in at the 1444 level.
The WTI Crude market had a very strong showing during the session on Thursday, reclaiming all of the losses that we found in this marketplace on Wednesday. Ultimately, we close right around the $94.00 handle, and this of course suggests that the $95.00 level above will continue to be resistant as well.
The EUR/USD pair fell rather dramatically during the session on Thursday, which was foreshadowed by the wicked looking shooting star on Wednesday. The 1.32 level had been resistive previously, so technically speaking this pair look like it was ready to start pulling back again.
The NZD/USD pair fell during the session on Thursday, as you can see clearing the 0.85 handle significantly during the trading session. However, by the end of the session we had bounced enough to form a hammer at what was once significant resistance.
The EUR/JPY pair rose during the session on Thursday, but as you can see struggle that once it hit the 130 handle. This of course would've had been predicated upon not only that significant resistance area, but the fact that the European Central Bank did in fact cut rates during the session.
The GBPUSD pair is currently testing the 50% Fibonacci retracement with a uptrend. Get the full Forex signal here.
The XAU/USD pair has been trying to form an ascending channel on the 4-hour chart and yesterday prices pulled back to the bottom line which coincided with the support level of 1444.