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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In currency markets, the driving factor continues to be the changing policy stance that we have seen in the US Federal Reserve. Broad economic data in most regions of the world (with China and the Eurozone being notable exceptions) has been positive and stable.
Although the XAU/USD pair settled lower on the last trading day of the week, the weekly candle was still positive. Gold prices rose 1.1% over the course of the week as investors continued to shift money from equities to gold.
The WTI Crude Oil markets did very little during the session on Friday by the time we close, but that doesn’t mean that there wasn’t any action.
The EUR/USD pair went back and forth during the session on Friday, essentially settling nothing by the time the market closed.
The GBP/USD pair fell during the session on Friday as you can see, but remains above the 1.67 level, an area that I believe will begin significant support based upon the previous consolidation area that we had been involved in during February.
The USD/JPY pair tried to rally during the session on Friday, but lost about half of the gains by the time we closed in order to form a bit of a shooting star.
Learn where some of the major pairs are headed this week with this Forex forecast here.
Check out the Forex signal for the USD/JPY pair here.
Check out the Forex signal for the GBP/USD pair here.
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Check out the Forex signal for the EUR/USD pair here.
It appears that the XAU/USD pair paused its ascent during the Asian session today around the 1320 resistance level after three consecutive days of gains.
The WTI Crude Oil markets went back and forth during the session on Thursday, meandering just below the $103.50 range. The fact that we formed a very neutral candle suggests to me that perhaps we will get a little bit of a pullback, which isn’t necessarily a bad thing.
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The EUR/CAD pair rose during the session on Thursday, breaking the top of the hammer that had formed on both Wednesday and Tuesday.
The USD/JPY pair fell during the session on Thursday, slamming into the 101.50 level. This general area offers quite a bit of support, and has going all the way back to the end of January.