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 GBP/CHF pair is one of my favorite pairs. This is a pair that has a reasonable spread, but it has quite a bit of volatility. When you get the trade right in this pair, you can make a lot of money in a very short amount of time.
The AUD/SGD pair probably isn’t one of your more common pairs to trade, but at the end of the day it makes sense as it is two strong Pacific currencies.
During the session on Friday, we initially fell in the GBP/USD marketplace, in reaction to the Nonfarm Payroll Numbers. However, as you can see I have an uptrend line drawn on the chart, and we touched that line and bounced directly from that level.
The USD/JPY pair tried to break out during the session on Friday, but found the 125 level to be far too resistive to continue going higher. While I do think that this market eventually breaks out to the upside, this simply means to me that we do not have quite enough in the way of momentum to break out quite yet.
Gold prices ended Friday's session up $4.42, to settle at $1093.95 an ounce as weaker than estimated employment growth in the U.S. pushed down stocks and sent some investors toward safety plays.
Get the Forex forecast using quant vs. chart reading analysis for the week of August 10, 2015 here.
Get the Forex forecast for some of the major currency pairs including the EUR/USD, USD/CAD and more for the week of August 10, 2015 here.
The WTI Crude Oil market continues to show weakness during the Thursday session as we broke down below the $45 barrier. Because of this, I think we are going to continue to sell off every time we rally and therefore I’m looking for short-term rallies to take advantage of as selling opportunities.
The USD/CHF pair broke above the 0.98 level during the session on Thursday, but as you can see we gave back quite a bit of gains in order to form a bit of a shooting star.
The USD/CAD pair fell during the course of the session on Thursday, pulling back a bit from recent highs.
The GBP/USD pair fell during the Thursday session, slamming into the 1.55 level. This was the bottom of the recent consolidation area, and the fact that we bounced back above it doesn’t surprise me.
The EUR/CHF pair broke out during the session on Thursday as we continue to climb much higher. It now seems all but a done deal that we are heading to the 1.08 level, as it is the next major resistance barrier.
Gold prices advanced $4.57 an ounce yesterday as a slump in global equities and the retreating U.S. dollar provided some support to the precious metal. The XAU/USD pair turned higher and touched $1093.98 after the Labor Department reported initial jobless claims rose by 3K to 270K.
The EUR/USD pair continued to grind away during the course of the session on Wednesday, as we did get a little bit of bullishness, but at the end of the day I don’t expect much out of this market.
The USD/JPY pair initially fell during the course of the session on Wednesday, but found buyers below to turn things back around and form a rather positive looking candle as we slammed into the 125 handle.
