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 market had a positive session during the Thursday trading hours, as we attempted to break to the $92.00 level. However, that level has provided enough resistance to keep the market lower, but it should be noted that it appears the 90 handle is offering enough support to at least cause some type of reaction.
The XAU/USD pair closed the day lower than opening after the key central banks kept interest rates steady and announced no additional asset purchases.
The EUR/USD pair had a very strong showing during the Thursday session as the European Central Bank failed to expand any type of monetary easing during though meeting for the session.
The USD/JPY pair had a very strong showing on Thursday, which is indeed encouraging considering that the nonfarm payroll number comes out today. In other words, it appears that the market is front running the announcement a bit, and as a result it shows that we clearly have an upward bias.
The GBP/USD pair tried to rally during the session after the Bank of England failed to produce more quantitative easing measures at its meeting during the session on Thursday.
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The WTI Crude market fell during most of the session on Wednesday, but as you can see formed yet another hammer focused on the $90.00 level. It is because of this that I feel this market is due for a bounce, and certainly expected sometime over the next couple of sessions.
Gold prices (XAU/USD) settled higher after a choppy session yesterday. The pair traded as low as 1567.36 after the ADP Research Institute said companies in the U.S. added 198000 workers last month but prices bounced back to 1584 as buyers stepped in.
The EUR/USD pair had a negative session on Wednesday, as a close below the 1.30 level for the first time. It has fell below that level previously, but never close therefore the session, a small but crucial difference.
USD/JPY had a strong showing during the session on Wednesday, as it initially dipped lower, but then turned around and bounced fairly hard. At the end of the day, we found ourselves just below the 94 handle, and this of course is a fairly bullish sign.
The USD/CHF pair shot straight up during the session on Wednesday, eclipsing the 0.9450 resistance area. However, the market is running into the 0.95 handle, an area that has been significant resistance in the past.
The AUD/CAD pair breached the 8 month high at 1.0596 yesterday trading as high as 1.0609 before pulling back to close higher than opened at 1.0559 and printing a pseudo pin bar on the Daily chart.
With limited news out from the Eurozone, EURUSD trades have ground to a near halt as traders pare bets ahead of Central Bank decisions. The major risk factors facing the EU remain unresolved as Italian politics throw the region into further turmoil.
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