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 (Gold vs. the American dollar) ended the week with a loss and hit the lowest level since May 24. Prices failed to break above the 1420 resistance level during the Friday's European session and selling pressure increased after jobs data came in slightly better than expected.
The WTI markets initially fell on Friday, but recovered quite nicely and broke above the $96.00 level. The resulting candle looks a bit positive to me, but I have to admit that I still think that this market is currently in a consolidation area, and that the top of that is at the $97.00 area.
The EUR/USD pair tried to rally during the Friday session, but as you can see it pulled bank and formed a shooting star that sits just on top of the 1.32 level, an area that had been significant resistance that we broke out of on Thursday.
The USD/JPY pair fell during the session on Friday, smashing into the 95 level which of course is a major psychological barrier. The fact that we found so hard and regained 2 1/2 handles suggests to me that there is a ton of support below.
The USD/CAD pair fell during the Friday session after the nonfarm payroll numbers came out, and smashed into the 1.02 level. Within this chart, I cannot help but think that the US dollar may be on it back foot against the Canadian dollar, but I have also maintained that the 1.02 area is vital for the buyers to maintain.
Check out the weekly forecast for major Forex pairs like EUR/USD and more here.
Fundamentals seem more important than technicals for this pair today, but we're giving you both - only at DailyForex.com.
If we get a fairly strong jobs number there is the possibility that the market assumes that the Federal Reserve will taper off of its quantitative easing sooner, and this of course should drive the value of the dollar higher.
Going forward, it's going to be the Federal Reserve that determines this pair more than anything else. See what our experts have to say about this.
We're wary of long term trades for WTI today, see why here.
Gold prices continued to move higher yesterday as the American dollar weakened across the board. NFP is today and the market is moving, so get the full story here before you trade.
Gold gained ground against the American dollar as the bulls gained some strength after the ADP private jobs data fell short of market expectations. Automatic Data Processing research institute said businesses added 135K employees in May -much less than expectation of 171K- and data released by the Commerce Department showed that factory orders rose only 1% after a revised 4.9% decline in the prior month.
The WTI Crude Oil markets tried to rally during the session on Wednesday, but as you can see it failed yet again at the $94.50 level for the second day in a row. Because of this, it appears that the market is starting to struggle that, and it also doesn't help that we formed a shooting star for the session.
The EUR/USD pair had a positive showing on Wednesday, as the 1.31 level was overtaken during the session. However, we are approaching the nonfarm payroll Friday, which of course normally means of the markets will quiet themselves for roughly 24 hours ahead of time.
The AUD/CAD pair fell apart during the session on Wednesday, breaking well below the parity level. While most of you have been watching the AUD/USD or even the USD/CAD pairs, this one has quietly put in a nice technical sell signal.
