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/USD pair fell initially during the session on Thursday, but as you can see bounce off of the lows in order to form a hammer. Because of this, looks at the market is ready to go higher, but we have to keep in mind that the Wednesday candle gave back quite a bit of the gains.
The AUD/USD pair bounce during the session on Thursday after falling significantly on Wednesday. The 0.8850 level has offered enough of a boost with the market that remains somewhat bland, I think this a short-term at best.
The USD/JPY pair initially fell during the session on Thursday, but as you can see bounce off of the wider for region in order to form a nice-looking hammer. This hammer as the top of a long uptrend, so therefore I feel that the market continues to show bullish strength and we should hit the 105 level relatively soon.
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Gold lost ground against the American dollar and closed the day at $1218.05 an ounce after the U.S. Federal Reserve decided to trim the pace of its monthly asset purchases by $10 billion to $75 billion.
The WTI Crude Oil markets went back and forth during the session on Wednesday, as we continue to meander around the $98 handle. The $98 handle has shown a significant amount resistance lately, but I don’t necessarily think that it’s any type of major blockade for the buyers, it’s just simply the fact that we’re getting towards the end of the year.
The EUR USD pair initially tried to rally during the session on Wednesday, but as you can see the 1.38 level has caused resistance yet again. The market fell from there, and then of course was helped by the FMOC and its announcement that it was tapering off of the bond purchase program.
The USD/CAD pair had an extraordinarily bullish session on Wednesday, lodging for the 1.06 handle and smashing through the 1.07 level. The 1.07 level was the area that I needed to see broken to the upside in order to become very bullish of this pair, and start adding to previous positions.
The EUR/JPY pair had a strong session on Wednesday, as the general risk appetite of markets around the world and proved. Because of this, it appears that the market is ready to go much higher, and as a result I feel that this market should go to the 145 level, perhaps even higher given enough time.
Check out the weekly Forex signal for the AUD/USD pair here.
The XAU/USD pair closed the day lower after two consecutive days of gains. Without doubt, the outcome of the Federal Open Market Committee meeting will be the next big market catalyst.
