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 USD/CAD pair fell during the session on Wednesday in order to come back towards the 1.04 handle again. That being the case, looks like the markets ready to continue consolidating sideways, and as a result I don't see much in the way of a longer-term trade here.
The NZD/USD pair rose during the session on Wednesday, but as you can see failed at the 0.84 handle. The New Zealand dollar continues to look fairly strong though, and as a result I am bullish of this commodity currency.
The EUR/USD pair got a little bit of a bump higher during the session on Wednesday, as the 1.35 level continues to be somewhat supportive. In fact, this is an area that I have been watching very closely over the last several weeks, as it has been fairly predictable.
WTI Crude Oil markets rose during the session on Wednesday, breaking above the $95 level, and as a result the market looks like it's ready to do a little bit of a bounce from here.
The XAU/USD pair has been consolidating in a relatively tight range since Monday. It appears that gold prices established a support level at 1306 and a resistance at 1323 as market players took a cautious stance ahead of the third-quarter gross domestic product data and monthly non-farm payrolls report.
Last month produced a bearish pin bar, rejecting the overhead resistance zone and the 50% Fibonacci retracement level of this year's downwards move.
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The GBP/USD pair rose during the session on Tuesday, breaking back above the 1.60 level, an area that I have been watching for some time now.
The NZD/USD pair rose during the session on Tuesday, closing above the 0.8350 handle. This of course was the signal that I had been looking for, and as a result I think this market will continue to go higher, based upon the fact that we have broken above a relatively significant resistance barrier.
The USD/CAD pair rose during the session on Tuesday, breaking the top of the hammer that had formed on Monday. I had stated that the hammer formed at the 1.04 handle, and as a result this market looks very well supported at the area, based not only upon that candle, but the previous resistance.
The EUR/USD Tuesday, but as you can see we still maintain in the area of 1.35, an area that has been support for some time now. That being the case, it doesn't surprise me that the market did get a little bit of a bounce towards the end of the session, and as a result I am looking at the area as a potential "buy zone."
The WTI Crude Oil markets fell during the session on Tuesday, testing the $93 level. That level has offered support though, and as a result the candle does look a little bit like a hammer.
The American dollar gained ground against the precious metal during yesterday's session after the ISM Services Purchasing Managers' Index came out stronger than forecasts.
Last month printed a bearish candle, though one showing plenty of support in its long lower wick, so it was not strongly bearish. It was the smallest ranging month of 2013.
Last week printed a bearish pin bar off a fairly strong resistance zone. The uptrend remains intact but has not been able to make significant new highs in recent weeks.
