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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Get the NZD/USD weekly Forex signal for August 5, 2014 here.
BTC/USD on the hourly charts has been trading in a very narrow trading range forming a triangle. Prices have been unable to break above or below the support and resistance zones.
The XAU/USD pair (Gold vs. the American dollar) closed yesterday's session with a loss but remained within the last two days of trading range. Currently the pair is trading at $1288.58 an ounce and prices are steady during the Asian session today.
The EUR/USD pair initially fell during the course of the day on Monday, but as you can see the area below the 1.34 level offered enough support to turn things back around and form a hammer.
The NZD/USD pair initially fell during the course of the day on Monday, but as you can see the 0.85 level data in fact offer a bit of support.
Bitcoin looks set to mark the third consecutive weekly loss. During the course of the week, the digital currency took support from the fundamental and technical support region of 540-550 and bounced from the oversold level of 555.90 to a high of 607.20.
The Euro got a bit of a reprieve on Friday after a somewhat disappointing nonfarm payrolls number out of United States. During the month of July, the United States added about 25,000 less jobs than anticipated, therefore the US dollar sold off a little bit.
The GBP/JPY pair fell rather harsh during the session on Friday as the British pound got hammered against most currencies around the world. However, we are most certainly sitting on significant support them through 176.50 region, so therefore I feel that this market could get a bit of about.
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The GBP/USD pair fell again during the Friday session, as we had more of a “risk off” move in the markets in general.
The TRY/JPY pair had a rather back-and-forth session on Friday, officially widening the range but hanging around the 48 handle still. This was an area that had previously been resistance so I do like it for support, but is within a larger consolidation area that I believe makes more sense and quite frankly is more important.
The major event of the last trading day of the week was the release of non-farm payrolls data. Although the XAU/USD (Gold vs. the American dollar) pair fell for most of the week, it erased some of earlier losses during the Friday session after July payrolls growth came in short of expectations.
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The EUR/USD pair fell during the course of the day on Thursday, but as you can see found enough support at the 1.3375 level to turn things back around, and form a hammer.
Get the gold price forecast for the month of August 2014 here.