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 XAU/USD pair continued to slide and closed lower than opening yesterday. The American dollar strengthened across the board after the minutes from the Federal Open Market Committee's December policy meeting reinforced expectations asset purchases will be finished later this year and ADP jobs data beat expectation.
The WTI Crude Oil markets fell yet again during the session on Wednesday, plummeting down to the 92.50 support level again. This area has been tested a couple of times now, and the fact that we have fallen all the way down here does in fact suggested me that the sellers are going to finally break this market down.
The EUR/USD pair fell during the session on Wednesday, testing the 1.3550 level. This is an area that has been significant support in the past, as well as significant resistance.
The EUR/JPY pair try to rally during the session on Wednesday, but as you can see ran into far too much trouble above the 143 level.
The USD/CAD pair had another bullish session on Wednesday, breaking above the 1.08 handle. Quite frankly, this is one of those pairs is that goes parabolic at the drop of a hat.
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Gold traded as high as 1245.24 during yesterday's session but pulled back to the 1225 level, which was the previous resistance, after a report released from the Commerce Department revealed that the U.S. trade deficit shrank more than forecasts.
The WTI Crude Oil markets had a slightly positive session on Tuesday, as the $94 level continues to be a magnet for price as it had been back during the month of November. The shape of the candle doesn’t say much, but it does look mildly supportive.
The EUR/USD pair had a slightly negative session on Tuesday, but as you can see we are essentially hanging around the 1.36 handle. I believe that this area is going to be supportive, and I don’t think that the pair will fall much lower, at least between now and the nonfarm payroll numbers.
The GBP/USD pair fell slightly during the session on Tuesday, but as you can see found enough support below in order to signify that the 1.64 level is indeed going to continue to offer buyers in this market.
The USD/JPY pair managed to rally during the session on Tuesday, reclaiming the losses that we had seen in the market on Monday. That being the case, we are still below the 105 level, and that seems to be a magnet for price right now.
The AUD/USD pair fell during the session on Tuesday, showing that the 0.90 level, and just below that area, is continue to offer resistance. This resistant candle looks like a market waiting to continue falling, but at the end of the day I believe that the real move will probably come in reaction to the nonfarm payroll numbers.
