Gold prices settled at $1228.41 an ounce on Friday as concerns that the Federal Reserve may raise interest rates as early as June, along with a rally in US equities, fueled a loss of more than 3% for the week.
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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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Our trading strategies with our monthly & weekly forecasts of currency pairs worth watching using support & resistance for May 8, 2017
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Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of May 8, 2017.
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Begin the trading week prepared with the Forex forecast focusing on the major pairs you should watch out for during the week of May 8, 2017 here.
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The EUR/USD pair broke down during the session on Thursday as we await the jobs number. The British pound initially fell during the day but found enough support underneath the 1.2850 level to turn around and form a bullish candle.
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The USD/JPY pair initially tried to rally during the day on Thursday, but found the 113 level to be too resistive to continue going higher. The Australian dollar broke down significantly during the day on Wednesday, and Thursday was more of the same.
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The S&P 500 initially tried to rally during the day on Thursday, but turned around to fall. The NASDAQ 100 has been rolling over for the last couple of sessions, showing that the 5650 level above has offered resistance.
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The WTI Crude Oil market broke down significantly during the day on Thursday, slicing through an uptrend line that has been important. Natural gas markets tried to rally during the day but struggled at the $3.25 level.
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Despite weakness in the dollar, gold prices fell for the third time in four days and hit the lowest level since March 17.
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The EUR/USD pair had a negative session, breaking below the 1.09 level on Wednesday. The GBP/USD pair found the 1.2950 level to be too exhausted to continue going higher.
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The US dollar broke higher during the session on Wednesday, and more importantly breaking above the top of a shooting star from the Tuesday session.
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The S&P 500 fell during the day on Wednesday but found enough support just above the 2375 level to turn things around to form a hammer.
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WTI Crude Oil markets continued to sell off during the session on Wednesday, testing a massive uptrend line.
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Get the NZD/USD Forex signal for May 4, 2017 here.
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Get the AUD/USD Forex signal for May 4, 2017 here.
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