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 USD is stamping but tends to be on a bearish momentum against the other major currencies. Get the full analysis here.
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The EUR/USD pair has been trying to digest the effects of a Greek default for several months now, and on Friday, it finally happened. The fact that the market fell to the 1.31 level before the default probably will have had a supportive effect on the news as well.
The GBP/USD pair has been one of consolidation lately, as the central banks of both economies have been inordinately easy with their monetary policies. The pair generally will move higher with risk appetite.
The AUD/USD pair has been following the commodity trade quite well lately, and this past couple of sessions has been no different. The daily candle for Monday has formed a bit of a hammer at the 1.05 level, and this shows that there is significant support for the Aussie going forward.
The Greenback fell against the Swiss franc today, pulling back on the daily chart to the weekly pivot point, and the same zone that has held the pair in its grip for most of February and has flirted with for all of March.
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The US stock markets closed last week with a strong finish on the background of improving employment statuses, as the US economy created 227K new jobs during the past month.
Take a look at where the major currencies like EUR/USD and USD/JPY should be heading this week, and plan your weekly Forex trading smartly.
The Friday session saw a drop in value of the Euro from the start of the session. The Greeks were officially said to be in default finally by the CDS markets. The country will now have to figure out to go back to the markets.
The USD/JPY pair was one that most of us were ready to give up on. The pair was being manipulated and acted in a very stagnant manner for what seemed like an eternity.
The pair currently sits just below the 0.84 level, and formed a hammer after the Friday action. This suggests that we are starting to see a bit of pressure building in this pair to the upside.
The EUR/USD had a bumpy week last week and although it climbed as high as 1.3290, it managed to close the week lower than it opened at 1.3120 after falling as low as 1.3095. All of this adds up to a weekly inverted hammer formation, which followed the prior week's bearish engulfing candle.
Being Non-Farm Payroll Friday, it is going to always be a difficult trading session, but there are still things to take note of.