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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Last week the XAU/USD pair traded as high as 1327.05 after a deal passed by both houses of Congress to raise the U.S. borrowing limit. Although U.S. lawmakers managed to avert a debt default by a last-minute deal, lack of deficit reduction measures means we will probably see the same political games again in February 2014.
Last week was a bearish reversal candle, following the previous week which was a weakly bullish reversal candle. It is plain to see that the past few weeks have been a period of slightly bullish consolidation with the price not really going anywhere.
The WTI Crude Oil markets tried to rally during the session on Friday, but struggled as you can see. The resulting candle formed a shooting star, which of course is a bearish sign. However, I think this market has far too much in the way of possible support going down to the $99 handle, and as a result I think there is going to be much difficultly in breaking this market down.
The NZD/USD pair rose again during the Friday session, but still can’t clear the 0.85 level on the close. This is the signal that I am waiting for in order to go long.
The USD/JPY pair fell during the session on Friday, but bounced enough to form a hammer in the end. This of course means that the market is finding a bit of support down here, and this is looking more and more like a market that is trying to find a range in the general area in which to trade.
The EUR/USD pair tried to rally on Friday, but failed to land any impressive gains as you can see. The resulting candle is a shooting star, which of course is a bearish sign. The failure to hang onto gains isn’t that big of a surprise though, as the market went so hard to the upside on Thursday.
The EUR/GBP pair fell during the Friday session, but bounced enough to form a hammer at the end of the day, and right on top of the previous consolidation area – practically screaming its time to start buying.
Last week was a bullish reversal candle that closed in the upper quartile of its range, just under a well-established resistance level at 1.6177. This is a bullish sign, but the resistance seems to have already had a halting effect on the price.
Begin the trading week with the forecast for some of the major pairs in the Forex market here.
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The WTI Crude Oil markets fell during the session on Thursday, which of course is very surprising considering that the US dollar got absolutely pummeled. Because of this, we managed to fall the way down to the $100.03 level during the session, but found enough support to bounce and form a nice looking hammer.
The EUR/USD pair shot straight through the ceiling during the session on Thursday as the US dollar was pummeled in general.
The USD/CAD pair fell during the session on Thursday, slicing through the 1.03 level. However, we did bounce a little bit so one has to wonder whether or not there is support down here that's willing to put up a fight.
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The GBP/USD pair skyrocketed during the session on Thursday, breaking well above the highs from the Wednesday range, which I had previously suggested would be a nice buying opportunity.
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