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 new week begins with price opening up way below the 5 ema and price made a rather large gap over the weekend, I expect after the gap fills price could head up a bit until weekly price makes contact with the weekly 5 ema.
The new week for the EUR/GBP begins with the new weekly candle just below the weekly 5 ema. This pair as been in a downtrend for the last and it opens up touching the 5 ema I think there is as a very good chance price will just keep falling.
Last week the Greenback had another relatively strong week against its northern cousin, the CAD (aka Loonie). After price broke and held above the strong weekly resistance level of 1.025, it was a good bet we were going to see a re-test of the 1.05 level, and possibly the October high of 1.0656.
The AUD/USD pair continued it’s slide the past week as traders worry about the debt crisis, and the apparent slowing down economically around the world. As the Aussie is so correlated with commodities, this pair will always fall when there are doubts.
The EUR/JPY continues to ride the 5 ema down on the daily timeframe. Lower Bollinger band is open and pointing down.
The GBP/USD continues to look bearish as ever. On the daily timeframe price has reached the 78.6 fib of the last move up and it has already pierced it.
The EUR/USD starts off right on support. It will be interesting to see what will happen since price is riding down the ema's very hard.
I will begin my analysis with the daily timeframe. Once again price begins its day at the 61.8 fib level around .8609 Price is also in a bit of a range between .8595 and .8620 .
Yesterday turned out to be an up day for the Swissy. Price had a lot of resistance above it in the form of pivot points over multiple timeframes and still overcame it all and went up.
Analyzing the different charts of the pair GBP/USD helps to understand the intensity of the current bearish session in the market. See how it's done here.
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The Swissy opens its day just above the daily 5 ema and appears to want to head up.
Yesterday was a very interesting day for the EUR/GBP It was a very technical day.
The EUR/USD pair has fallen in a particularly bearish session on Wednesday as the German government has failed to sell half of the expected bond sale for the day. The markets have been struggling to break below the 1.35 – 1.34 area as it showed itself to be significant support for this pair that seems to defy gravity.
The GBP/USD is just above the 78.6 fib level of the last move up. As I have said in the past the 78.6 fib level is very significant.