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.
Last week was an inside week, it also looks by eye to be the smallest range week we have had in this pair for at least two years or so. The action was bearish and most of this bearishness was decided on Friday, when the price rose up and then fell sharply just as quickly as it rose, ending the week down, after the two recent bullish weeks.
The WTI Crude Oil markets tried to rally during the session on Friday, but as you can see the $104 level offered enough resistance to turn the market back around and form a shooting star.
The Euro had a positive session on Friday against the Dollar, but as you can see gave back about half of the gains. As we break above the 1.35 handle, we are starting to see some significant resistance.
In the cable pair we had a nice bullish session on Friday suggesting that the market is ready to go higher again, as the 1.60 level continues to offer significant support.
The USD/CAD pair tried to rally during the session on Friday, but as you can see gave back most of the gains and ended up forming a negative shooting star. The shooting star of course is a negative sign, but we also have hammers from earlier in the week which suggests to me that this market is going to be very tight going forward.
Check out the forecast for some of the major Forex pairs and possibly end the month successfully.
Check out the weekly signal for the USD/CHF pair here.
In the WTI Crude Oil markets we saw a little bit of bullishness during the day on Thursday, but as you can see the $102 level was an area that quite frankly we would've have expected it. Because of this, I can't say that I'm overly surprised, but do recognize the fact that the on certainly favor a bounce from here, not some type of massive fall.
The EUR/USD pair fell during the session on Thursday, but as you can see we remain pretty close to the 1.35 handle. Because of this I feel that this market is essentially taking a rest after a nice move higher, and of course it makes sense that the market would simply sit still because of the parabolic nature of the move.
The EUR/JPY pair rose during the session on Thursday, but as you can see it struggled to hang onto the gains for any real length of time. The resulting candle is somewhat of a shooting star, and it does suggest that the market might be ready to pull back.
The USD/JPY pair rose during the session on Thursday, but as you can see we are still mired in essentially a nowhere market. The 99 handle seems to be the focal point of traders at the moment, and as a result I think that the market will more than likely do nothing in the short term.
The NZD/USD pair went back and forth during the session on Wednesday, which I found very interesting considering the fact that we had fallen with some force during the Tuesday session.
The Australian Dollar continues to weaken against the Swiss Franc and has now formed a bearish flag formation on the 4 hour chart.
The WTI Crude Oil markets fell during the session on Wednesday as we continued to test the lows of the consolidation area that has contained the markets for a few months now.
The XAU/USD pair closed the day higher after three consecutive days of losses as concerns over the U.S. budget and debt ceiling boosted the appeal of the precious metal.
