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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We all saw the EURUSD finish the 2013 year strong, only to watch it crash in the waking week of 2014. We should expect to see a lot of movement this week as we have a lot of factors dictating the direction of the all mighty pair; Service PMI’s, high retail sales, German inflation data, and probably most importantly, the ECB rate decision and Draghi’s press conference.
Gold continued to gain ground against the American dollar during Friday's trading session and settled at $1236.91 an ounce. The XAU/USD pair (Gold vs. the American dollar) seems to be picking up momentum since prices bounced off of the 1182.35 level but of course now the question is how far it will go.
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The WTI Crude Oil markets fell during the session on Friday, closing just below the $94.00 handle. This area is of course in the middle of a massive cluster that we saw back in November, so it’s a bit difficult start shorting here.
The GBP USD pair fell again on Friday, slamming into the 1.64 support level. It is here that we should start to see significant support build up in the marketplace, based upon the clustering that we saw in this market back during the month of November.
The USD/JPY pair has been one of my favorites for some time now. This pair looks like it’s ready to start a massive multi-year uptrend, and quite frankly the fundamentals seem to support that type of move, given enough time.
The AUD/USD pair try to rally during the session on Friday, but gave back most of the gains as the 0.90 level offered the kind of resistance that I suggested it could. The resulting candle is a shooting star, now appears that the downside is most certainly where we will more than likely be able to head.
The USD/MXN pair is one that a lot of you probably don’t trade. I feel this is unfortunate, simply because it is an easy pair to trade at times. Granted, the spread is a little bit high, and it’s not exactly a major pair, but at the end of the day the fundamentals are quite easily understood at times.
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Begin the new year with the weekly Forex forecast for some of the major pairs here.
The XAU/USD pair started the first trading day of 2014 higher as the bulls managed to break through the 1213 resistance level. The pair traded as high as 1230.73 before pulling back to the 1222 level which is the top of the Ichimoku cloud on the 4-hour chart.
The WTI Crude Oil markets fell hard during the session on Thursday, reacting in part to the report that Libyan oil was about to go back online. This of course brings a lot more supply into the marketplace, and it should continue to drive prices a little bit lower in the meantime.
The EUR/USD pair fell during the session on Thursday, slamming into the 1.3650 area. This area is the top part of support as far as I can tell, extending down to the 1.36 handle.