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 market had a decent showing on Wednesday as the $93.00 level continued to offer a bit of support. However, I truly believe that this market is more or less going to be range bound through most of the summer, and I am assuming that the range is being formed as we speak.
The XAU/USD pair (gold vs. the greenback) closed the day lower than opening on hopes that European Union leaders will find an alternative solution for Cyprus to restore investors' confidence once again.
The EUR/USD pair continued to be stubborn during the Wednesday trading session as the various problems around the region continue. While everyone around the world focuses on Cypriot banks, there is still an issue in Italy with the lack of a governing coalition.
The USD/JPY pair rose during the session on Wednesday as the Federal Reserve reiterated its zero interest rate policy. It also had suggested that going forward we worn anywhere near a monetary tightening cycle, and as a result it was "risk on" yet again.
The EUR/JPY pair rose straight up during the session on Wednesday, as the gap has finally been built from the weekend. This market was moved by rumors during the late hours of American trading that the Bank of Japan was going to announce a larger and sooner than expected asset purchase program as early as today, which of course would help to devalue the Yen even further.
The situation in Cyprus has risk-assets spiraling as we await the outcome of the vote this afternoon. The move to shutter banks until Thursday isn’t stoking any further confidence in the Euro at the moment as the unprecedented move to tax depositors may set a very negative tone for European banks.
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The WTI Crude markets had a very rough day on Tuesday, as the "risk off" trade came into play around the world. Because of this, the oil markets sold off rather drastically. This was true in all oil markets, not just the WTI crude market.
It appears that the XAU/USD pair paused its ascent during the Asian session today at the 1615 resistance level after four consecutive days of gains. Lately, there has been a constant upward pressure on the shiny metal as investors have become more anxious - especially since Italian elections.
The EUR/USD pair had a significant selloff during the session on Tuesday, as Cyprus voted against the potential "tax" that the troika suggested in order to get a bailout of that country’s banks.
The GBP/USD pair went back and forth during the session on Tuesday, but formed a shooting star like candle for the third day in a row. In fact, the 1.51 level seems to be mightily resistive, and I think the markets really going to struggle to go higher from here.
The USD/JPY pair had a back and forth session on Tuesday as the markets dealt with the drama in Cyprus. As his pair tends to be a "risk on, risk off" currency pair, it makes sense that even in a small country like Cyprus; you could see reasons for this market to move around.
The AUD/NZD is another pair that has been trading in a well defined descending channel for almost a year. This pair has been trending downwards since at least last July and last week broke this trend by turning strongly bullish and breaking the descending channel at 1.2576 +/- a few pips.
According to the analysis of the GBP/USD and EUR/USD trader profited on a binary options platform.
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