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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Check out the signal for the EUR/USD pair here.
Gold finished down on the week as the news of less quantitative easing by the Fed was enough for the bears to overtake the bulls. The XAU/USD pair traded as low as 1187.20 but managed to close just above the 1200 after investors decided to take some of profit off the table on a possible double bottom formation.
The WTI Crude Oil markets rose during the session on Friday, continuing the bullish attitude that we have seen for some time now. This market looks like it’s destined to test the $100 level, and then the $101 level.
The EUR/USD pair went back and forth during the session on Friday, essentially printing a slightly positive yet overly neutral candle. A lot of this comes down to the fact that it was the end of the week, and the fact that Christmas is this Wednesday.
The EUR/JPY pair did almost nothing during the session on Friday, which isn’t necessarily a big surprise. This of course is because of the fact that we are heading towards the Christmas holiday, and that the pair is in a relatively obvious consolidation pattern of the moment.
The GBP/CHF pair fell on Friday, pulling back to the 1.4629 level. However, there is a little bit of a precedence for this area to be supportive based upon earlier in the month of December.
The GBP/AUD pair pullback during the session on Friday for the second day in a row, but quite frankly I think this is only going to offer buying opportunities going forward.
Check out the weekly Forex forecast for the major pairs here.
The gold market has been a difficult market to be bullish of over the last several months, as it seems that the sellers simply just won’t give up. However, as I write this in mid-December, there is an obvious place on the monthly chart that we are approaching that could send this market higher.
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The EUR/USD pair has been a real pain for a lot of traders over the last couple of years. One look at the monthly chart attached, and you can see that we aren’t really in a consolidation area, (rectangle) but we are in something that look consolidative with a slightly negative attitude. In other words, this is an ugly chart.
The USD/JPY pair could be one of the most interesting pairs this coming year. This is because of a variety of reasons, both technical and fundamental. The market is known for being very volatile, and this year will probably be even more so than usual.
The AUD/USD pair has seen the second half of 2013 as brutal. The market has fallen from 1.05 to the sub-0.90 level, and as a result should continue to see weakness in the first half of 2014.
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Gold continued to slide on Thursday and traded near the lowest level in six months as investors turned to the relative safety of the American dollar after the Federal Reserve announced that the era of massive stimulus came to an end.
The WTI Crude Oil markets had a positive showing on Thursday, piercing the $99.00 level. This of course shows that the market still has some bullish intentions, but the fact that we gave back over half of the gains has me a bit concerned.