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
<span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 13px;">I begin my analysis with this pair first looking at the USD/JPY. It is very obvious to me that the USD/JPY is bearish on the weekly chart and the daily too and yesterday price just touched the daily 55 ema and dropped. Based on all this it is obvious that the USD/JPY is bearish. </span></span>
<span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 13px;">One glimpse at the weekly chart for this pair it is obvious it continues it's heavy drop to the down side. This pair is correlated with the USD/CFH in that they are perfect opposites most of the time, exact reciprocals if you may and we have established in our analyst with the European cross pairs that the EUR is the weaker currency of the three currency's and the USD appears to be stronger than the CHF.</span></span>
<span style="font-size:13px;"><span style="font-family: arial,helvetica,sans-serif;">I briefly look at the weekly chart for this pair and it is obvious this pair continues to be bullish. Upper Bollinger Band is open and pointing up, the 55 has been busted and the 5 ema is pointing straight up forcing price to the upside.</span></span>
The GBP seems to be slightly stronger on the weekly and the daily charts. We must however note that price on the weekly is approaching a descending trend line as well as a 55 ema and the upper Bollinger Band closing in but at this very moment the GBP is stronger than the CHF on the daily and weekly charts.
The GBP/USD has dropped again after retracing to the 1.5700 level last week. Today's bearish candle could be an indication for a re-test of the monthly support zone at 1.5340.
Looking at the USD/CAD monthly chart, we see the 1.0650 level as massive in its importance. Notice how the September candle has been a straight shot up – these types of candles mean something, as they close at the top of the range.
The AUD/USD pair has broken below the critical 0.9650 support level during risk-adverse markets. The pair has been falling rapidly, and as a result approached the level with lightening quick speed.
Based on Doug’s analysis of the EUR/USD, the strength of the USD creates an investment opportunity in the following positions: “Low” or “Below”, “Touch Down” or “No Touch” on the EUR/USD.
I start my EUR/JPY analysis looking at the USD/JPY and I see that on the daily chart we have already made a retracement to the daily 55 ema and that the upper Bollinger band was closed and pointing down, this gives a bearish appearance.
The EUR/USD maintains its bearish flair. On the weekly chart price has once again fallen outside and below the lower Bollinger Band and has been doing what we refer to as 'Walking the Band' It makes its way back in the band just a bit, touches the 5 ema then seems to always fall back out and below the lower band.
This pair has been a bit unpredictable. The GBP has been stronger than the EUR, but the USD has been stronger than both.
This pair continues to look extremely bullish to me. It is in a critical area where I would expect it to have resistance since it is between the 38.2 and 50.0 fib levels of the previous move down but is has busted the 38.2 fib level and I expect it to make its way at least to the 50.0 level at around 0.9438 which is still over 200 more pips away.
Before I look at this pair, I start out taking a quick peak of the EUR/CHF and it appears to me that the EUR/CHF is range bound across all timeframes. Next, I take yet another quick peek at the GBP/CHF and it appears to be slightly bullish.
The Greenback is extending its gains against its northern cousin, the Loonie. A few hours before the open of the London session we see that price on the USD/CAD has broken through resistance at 1.0487/1.0500 and looks strong.
The GBP/CAD Daily Chart appears to be forming a head & shoulders formation, indicating that price could drop soon.