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 GBP/USD pair initially tried to rally during the Monday session, but as you can see found too much resistance at the 1.54 area in order to continue. In fact, we fell enough to form something that looks kind of like a shooting star, at least in its meaning. We are now sitting on top of support at the 1.53 area, which I believe is simply the outside border of the true epicenter of support at 1.5250, based upon the recent stair step action.
The EUR/USD pair went back and forth during the session on Monday, finding the 1.30 level is far too resistive, while the 1.29 level below offers support. This very neutral looking candle suggests to me that we will continue to grind away in this market, and probably struggle for any real sense of direction for any real length of time. Granted, we did selloff pretty significantly last week, but in the end this pair tends to have nine lives over the course of time, and as a result it is always difficult to short.
The WTI market fell during the Monday session, closing just below the $95.00 handle. This market looks like it's trying to find some type of support in the $94.00 area, and as a result I think that we will see fairly tight trading over the next couple of sessions. In the long run, this could be a different story but we should see some type of consolidation in this general vicinity.
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The XAU/USD pair posted first weekly loss in three weeks as a strong rally in the U.S. dollar pushed prices down. Friday's settlement was the lowest closing price since April 24. Gold has been under pressure for some time because of the persistent improvement in U.S. data and expectations that the Federal Reserve will scale back quantitative easing before the end of 2013.
The AUD/USD pair fell rather significantly during the Friday session, and at one point even managed to break the parity level. This market has been an interesting one to watch over the last 18 months, as we simply could not break out of the consolidation area that the market had been forced into
The WTI Crude Oil market continues to hang about the $96.00 level, as it had most of the week. You will see though that I have included an hourly chart from this market, in order to show the significance of the bounce that we saw happen on Friday. Because of this, it appears that the market is certainly more bullish than anticipated, but overall I still look at this market as being very choppy to say the least.
The GBP/USD pair fell during the session on Friday, and even broke down below the 1.54 area, a spot that I figured would be supportive. Granted, I only looked at it is potentially been minor support, but the fact that was violated is something that has to be paid attention to.
The USD/JPY pair kept on going higher during the session on Friday, confirming the breakout that we had seen on Thursday. The breakout on Thursday was significant as the 100 level has been so massively resistant
The pair fell during the week, but remains choppy to say the least. Although we broke below the 1.30 level, we didn’t do so significantly, and as a result it looks as if the market wants to chop around more.
The XAU/USD pair tried to reach the 1486 resistance but failed as the USD bulls gained some strength after the report released by the U.S. Labor Department revealed initial jobless claims dropped by 4K to 323K, the lowest level since 2008.
The EUR/USD pair fell during the session on Thursday, bouncing around in the consolidation box of the market been trapped in for the last month or so. This area is fairly well defined, as the 1.32 area seems to be the top, while the 1.30 level seems to be the bottom.
The USD/JPY pair finally did would everybody was hoping for on Thursday, it finally broke above the 100 level. Because of this, it appears that this market is ready to continue much higher, and it must be said that the Bank of Japan must be very happy with what's going on so far. After all, it really hasn't had to do too much at this point time I'm in order to get the value of the Begin to sink. It appears during the Thursday session, many of the previous option barrier that the 100 handle have been overcome, and as a result this market looks like it's ready to go much higher.
The WTI Crude markets fell during the session on Thursday, but did bounce significantly in order to form something along the lines of a hammer. This of course is a bullish sign, but I see the $97.00 level just above as offering resistance.
