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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The XAU/USD pair closed yesterday's session slightly higher than opening as the weakness in the dollar lured some investors back into the market. The XAU/USD pair has been resilient to the bears' attacks over the last couple of days and as a result we saw prices rising to the highest levels since December 17.
The WTI Crude Oil markets fell slightly during the session on Monday, testing the $93 level. However, the area offered support and the market down slightly higher as it did back during the month of November several times.
EUR/USD had a slightly positive session on Monday, testing the 1.3650 level but pulling back slightly at the end of the day.
The USD/JPY pair fell during the bulk of the session on Monday, testing the 104 level. This area has been supportive in the past, so it makes sense that we would see a little bit of a bounce from it at the end of the session.
The GBP/USD pair had a slightly negative session on Monday, but only after bouncing significantly from the 1.63 handle. This move produced a hammer, which of course is a very positive sign, and I do believe that the British pound continues to strengthen overall.
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Check out the weekly signal for the AUD/NZD pair here.
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.