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
Starting my analysis today on the daily chart. Yesterday, as expected price met up with the 5 ema, reacted and dropped down just a bit.
I will start with the daily chart for this pair today. Price fibbed the other day and overlapped with the 233 ema and has been dropping since.
On the daily chart for this pair it is very obvious price has bounced off the 61.8 fib level a few days ago and the 5 ema.
Currency: AUD/NZD Trend Expected Direction: Down Strategy: Elliott Waves and Fibonacci Trading
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The Loonie took a bit of a breather today after its bullish movement (over 330 pips in 4 days) off of the support zone at 0.9906 a few days ago.
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I start my analysis for this pair looking at the daily chart. It appears quite bullish. The 21 ema seems to be in control of price and yesterday price made a fib overlapped with the 21 ema and bounced up.
On to the hourly weekly pivot chart I can see that the stochastic is in the trade zone pointing up and the 5 ema is crossing through the 13 ema but once again, on this chart the 55 ema is just above price and the M3 is just a bit above that at 107.68 and this overlap can slow us down.
The Euro has recently made a very bearish move. Looking at the daily chart it is obvious we broke through a steep trend line and price fell fast and hard and gapped away from the ema's and the 5 has crossed below the 13 and is prepping to close below the 21.
On the daily chart price breached the upper trend line then fell back a bit to the ema's which will give price a push back up. The stochastics has surfaced out from the oversold zone and is pointing up and the daily 5 ema is prepping to cross the other ema's.
There is no question about it that price has finally broken out of the price trap it has been confined in. The last couple of days the moves for this pair have been rather extreme.
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The Aussie seems to have found support at 1.0280 with the last 5 4-Hour candles halting at this level, creating a bearish flag formation on the 4-hour chart.