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 closed higher than opening for a third consecutive day as minutes from the Federal Open Market Committee’s June 18-19 gathering revealed that officials wants to see substantial improvement in the labor market before they begin to reduce the size of asset purchases.
The WTI Crude Oil market rose rapidly during the session on Wednesday again, as the Federal Reserve released its minutes from the last meeting.
The GBP/USD market shot straight through the 1.50 level like it wasn't even there on Wednesday.
Being patient is going to be key in this marketplace as there are plenty of reasons to think that perhaps there will continue to be bullishness in this market right now.
The EUR/USD pair rose rapidly during the session on Wednesday, as the FMOC released the minutes from the last month’s meeting, suggesting that several of the members weren't quite ready to taper off on quantitative easing.
Last week we saw the monthly chart was suggesting a move down to 0.8914. This is still true, but dropping down to lower time frames shows a suggestion of a different story.
The Swiss Franc continues to weaken against the US Greenback with another bullish day yesterday that topped out at 0.9751, just shy of a weekly resistance level of 0.9780 and the recent highs from May in the same ball park.
The USD/JPY pair had a slightly positive session on Tuesday, but quite frankly it was pretty uneventful all things considered.
The XAU/USD pair (Gold vs. the Greenback) rose two days in a row as some investors continued to cover their short positions after the Chinese consumer price index data came out higher than expected.
The WTI crude market had a very strong showing on Tuesday, breaking well above the $104 level.
The Australian dollar of course is being hit by the fact that there is a bit of an Asian slow down, and on top of that gold has been absolutely decimated.
The market has been interesting, simply because the Canadian dollar has been falling in value overall while the value of oil is been skyrocketing.
So, although it seemed that the strong downwards trend in EUR/USD was ripe for at least a temporary reversal, there has been none lasting any significant length of time.
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