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.
Building Approvals was the catalyst for further AUD weakness with the numbers falling from the previous -4.3 to the current -6.9...this is significant because they were predicting a positive 2.2 and instead saw a further decline in Building Approvals and the AUD fell dramatically as a result.
Gold prices (XAU/USD) settled slightly lower yesterday as the mild disappointment in U.S. housing data failed to have a lasting impact on the Greenback.
The WTI Crude Oil markets failed to impress during the session on Monday, but did manage to hover right around the $104 level, an area that I suspected would be supportive.
Going forward, it will be interesting to see what happens over the next couple of sessions, because quite frankly I feel this is where a serious decision will be made.
The USD/JPY pair did very little during the session on Monday, essentially confirming that the area is going to attract a certain amount of buyers.
The EUR/JPY pair fell during the session on Monday, testing the 130 support level yet again.
It is very highly positively correlated with gold, but it tends to move more smoothly than gold and with less scope for manipulation, so can be a good alternative to trade for those interested in being exposed to gold.
Forecasting an entire month in advance can be tricky, as it is really too short a period to apply fundamental analysis, but long enough for plenty of unforeseen events to happen that can blow any technical prediction off course.
See how one trader profited twice in one day based on DailyForex's analysis - and how you can too!
For a third week in a row, the XAU/USD pair settled higher than opening but the last few trading sessions have been choppy at best.
The WTI Crude Oil markets fell during the session on Friday again, plunging below the bottom of the hammer from Thursday.
The EUR/USD pair had a very benign day during the Friday session, suggesting that it is turning right into a little bit of resistance.
The EUR/JPY pair fell hard during the Friday session, slamming into the 130 handle.
The NZD/USD pair rose during the session on Friday, but just barely sold.
Check out the forecast for the week on some of the major Forex pairs here.
