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 WTI Crude Oil markets had a positive session on Thursday, after initially dipping below the $94.00 handle. However, the hammer that had formed on Wednesday certainly suggested that there was support below, and we did in fact see that during the session. The biggest problem now is the fact that there is so much resistance above. In other words, I absolutely hate this market at the moment for anything more than a short-term trade.
The USD/JPY pair had a back and forth session on Thursday, essentially going nowhere for the second day in a row. This is a huge surprise though, we have seen a fairly significant move higher, and most of the time that we get these breakdowns from ascending triangles, it's only a matter time before we pullback in trying to reestablish the breakout level as being support.
If there is a currency pair out there right now thath I could absolutely put to sleep, it would be this one. Quite frankly, the Euro has been given a pass on so many things that this market simply doesn't have much volatility overall. While we do get choppiness from time to time on a daily basis, in reality if you look at the longer-term charts, we've gone nowhere.
The AUD/USD pair fell again during the session on Thursday, breaking the bottom of the Wednesday hammer which of course is a very bearish sign. Because of this, the market raced towards the 0.98 level, an area that has been significant support in the past. That wasn't much of a surprise to me, once we broke the bottom of the hammer that really was nowhere else for this market ago at that point.
The EUR/USD pair looks primed to continue the sideways action that we have seen for some time. Although the pair did in fact break down below the 1.30 level, the support that the market currently seems to be adhering to extends as low as 1.2950 or so. Because of this, the fact that the Friday session closed above that area, it is hard to get overly bearish on this pair at the moment.
According to the analysis of the CAD/JPY and AUD/USD trader profited on a binary options platform.
The XAU/USD pair fell for a fifth consecutive day as investor confidence in gold was eroded after the bulls failed to hold the prices above the 1430 level. Gold closed the day at 1392.75 and this is the lowest settlement in almost four weeks
The WTI Crude Oil markets fell significantly during the session on Wednesday, falling as low as the $92.00 level. The crude oil markets in the United States reported that there was less in the inventories than anticipated, and as such this of course was bullish for oil in general. Because of the bounce, we have formed a massive hammer.
The AUD/USD pair fell during the session on Wednesday, and touches lows of 0.9850 region. However, you can see on the chart that we did bounce enough to form a hammer, and this of course leads me to believe that we could see a bounce in the relatively near term
The GBP/USD pair had a rough and tumble day during the Wednesday session, as we initially broke down below the 1.25 support level which of course was a very bearish sign that I had pointed out the possibility of recently.
The CAD/JPY pair had a back and forth session during the Wednesday trading hours, testing the 100 handle yet again. This market looks like one that has recently broken out of an ascending triangle, and as a result should continue to see bullishness going forward. The 100 handle acting as support isn't much of a surprise, after all it's probably the biggest round psychologically significant number on the chart.
The XAU/USD pair had 4 bearish days in a row as the American dollar continued to gain strength on hopes that the data which will be released from the United States this week will beat expectations.
The GBP/USD pair initially rallied during the session on Tuesday, but fell rather sharply shortly afterwards. As you can see by this chart, we have sliced through the 1.5250 level again, which of course was the epicenter of support going forward.
The EUR/USD pair tried to rally during the session on Tuesday, but you can see that there was plenty of resistance above the 1.30 handle.
The USD/CAD pair had a strong showing on Tuesday, breaking above the 1.01 handle and more importantly the top of the hammer that had formed on Monday.
