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.
The EUR/USD pair initially tried to rally during the session on Monday, but as you can see the market turned back around at the 1.3550 level, and as a result ended up forming a shooting star. The shooting star of course suggests that we are going to have quite a bit of trouble going higher, and as a result I a expect to see this market be very choppy.
The USD/JPY pair initially fell during the course of the day on Monday, but as you can see we bounced and formed a hammer. The hammer suggests that the market is going to go higher, and with the recent consolidation area, that doesn’t really surprise me much.
The EUR/GBP pair tried to rally during the course of the day on Monday, but as you can see fell backwards again forming a shooting star. The shooting star of course suggests that the market is going to continue to fall, going along with the long-term downtrend.
The CAD/JPY pair fell during the session initially on Monday, but as you can see the 94 level just below has been to the market previously, thereby sending the buyers into the market and having the daily candle print a hammer, which of course is a very bullish sign.
Gold prices rose slightly during yesterday's session and closed the day at $1312.24 an ounce. Investors continue to watch geopolitical events but some people don't expect contagion to major markets.
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After consolidating in a narrow range of approximately 22 points, Bitcoin looks set to end the week on a flat note. Get the analysis for July 21, 2014 here.
The WTI Crude Oil market initially gapped higher on Friday, but as you can see ended up losing momentum during the day. That being the case, we broke down below the $103.00 level, and then bounced slightly.
The silver markets fell during the session on Friday, but remain above the supportive $20.60 level that has kept the market somewhat afloat after having a fairly impulsive move a few weeks ago.
The EUR/USD pair initially fell during the course of the day on Friday, even managing to break down below the 1.35 handle. Because of that, the buyers stepped in as the area has been massively supportive in the past.
The USD/JPY pair rose during the course of the day on Friday, but didn’t exactly form an impressive candle. The one thing that we did learn during this session was that the 101 level still continues to be supportive and the bottom of the larger consolidation area that we have been in for quite some time.
The XAU/USD pair posted first weekly loss in seven weeks as some investors liquidated their positions after the market failed to break through the resistance located around the $1340 level.
Get the forecast for some of the major Forex pairs for the week of July 20, 2014 here.
After spending a considerable amount of time consolidating near 615, Bitcoin has finally witnessed a “relief” rally on the back of rising strength. Get the full analysis for July 18, 2014 here.
The XAU/USD pair (Gold vs. the American dollar) scored a gain of 1.1% on Thursday as heightened risk aversion and disappointing economic data out of the world's largest economy (on the housing front) combined to provide support to the precious metal.
