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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With the breakout that we have seen during the Friday session, this is now a “one-way trade” for the time being. There is more than enough support below to make selling far too risky.
The GBP/CHF pair has been very negative for quite some time now, but we have seen signs of stabilization recently.
Gold markets have fallen rather significantly over the last couple of weeks, but in the most recent trading, we have seen a bit of stabilization.
Natural Gas actually looks fairly well supported just below current levels. However, as you can see I have an uptrend line on the chart that has been fairly reliable and hence looks to be a decent trading area.
The GBP/JPY pair has been stabilizing of the last couple of sessions, and it is likely that we could see a short-term bounce.
Find out what's in store for some of the major currency pairs with our Forex forecast for the week of October 24, 2016 here.
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Gold ended the week up $14.85 at $1266.71 on speculation that the Federal Reserve will hold off on monetary policy changes until after the U.S. presidential election, and the forward path in interest rates is going to be slower than the market forecasts.
US dollar initially fell during the course of the day on Friday but did find enough support below to turn things around and form a bit of a hammer. The Australian dollar fell again during the day on Friday as we continue to see quite a bit of volatility in this market.
The WTI Crude Oil market initially fell on Friday, but found enough support at the $50 region to turn things back around and form a hammer. The natural gas markets fell hard during the day on Friday, slicing through the $3 level.
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Initially, the S&P 500 fell during the day on Friday but found support yet again just above the 2120 handle. The NASDAQ 100 fell as well, but just as the S&P 500 did, it also bounced enough to form a hammer.
Get our trading strategies series with our monthly and weekly forecasts of the currency pairs worth watching using support and resistance for this week of October 23, 2016