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 AUD/USD pair had a very strong session on Wednesday as one would expect. After all, the U.S. Congress decided to come together and sign a fiscal deal that averted so many of the tax raises and budget cuts that the markets were concerned about.
The GBP/USD pair had a very strong opening on Wednesday as Asian traders reacted to the news that the United States Congress came to an agreement on the so-called "fiscal cliff" situation.
XAUUSD rose to its highest level in two weeks after the fiscal package passed by both houses of Congress prevented the United States from slipping into a recession.
The GBP/NZD was trapped in a descending wedge since mid 2012, and an even tighter range for November 2012. We saw the pair break out to the downside on December 06, 2012 when it fell to test the long term trend-line at 1.9065 before returning to the same level that had trapped it for so long.
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Although XAU/USD started the first trading day of 2013 lower, the pair has been climbing slowly during the Asian session. The pair traded as high as 1678.55 after the House of Representatives formally passed the fiscal cliff bill which will undo tax increases that took effect yesterday.
The EUR/USD pair is just about enough to make me fall asleep. This pair has been stuck in a relatively tight range recently, the question now is whether or not it is simply taking a rest before goes higher, or starting to run into significant resistance and about to turn lower.
The NZD/USD pair is one that is very risk sensitive. The action on Monday was certainly positive, and as such it shows that the markets expect some type of deal in the "fiscal cliff" talks coming out Washington DC.
The USD/CAD pair initially rose during the session on Monday as traders begin to worry about the fiscal talks going on in Washington DC. However, as the day wore on there came more and more signs of positive U.S. Congress dealing with the fiscal talks that have driven the headlines over the last couple of weeks.
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XAU/USD (gold vs. the greenback) ended the final trading day of 2012 higher than opening on growing confidence a deal can be reached in the United States to avoid painful spending cuts and tax hikes which could seriously damage the economic recovery.
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XAU/USD printed a bearish candle on Friday but rose slightly on a weekly basis. It appears that prices established a support level at 1652 and a resistance at 1666 as market players are paying attention to U.S budget talks to see if lawmakers can reach a deal to avoid a series of spending cuts and tax hikes beginning on January 1st 2013.
