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 EUR/USD pair had a relatively quiet session on Monday, as traders came back to more liquid markets after the US Thanksgiving holiday the previous week. The market fell somewhat, but found enough support at the 1.2950 level that it now looks like the Euro is very comfortable 1.30 on the whole.
XAU/USD (gold vs. the American dollar) looks like it is getting tight again, and as such it will be difficult to trade in the near term.
The USD/CAD pair initially rose during the session on Monday as traders came back from the extended weekend. However, we failed to hang onto gains over the course of the session, and as such formed a shooting star.
The AUD/USD pair initially fell on Monday, but did bounce in order to form a hammer at the top of a very significant move from Friday. Look in this pair, it is becoming very obvious that there is quite a bit of bullish pressure underneath, and as such I am much more comfortable buying now than I would have been just a few short days ago.
Like its yellow cousin Gold(XAU/USD), Silver(XAG/USD) has been edging higher for the last 3 weeks after falling from a 10 month high in September of 35.38 to a 3 month low of 30.62 earlier this month.
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The EUR/USD pair continued to show strength as the Friday session solid rise above the 1.29 level significantly. We are now approaching the 1.30 level, and we've already proven that the 1.3150 level is the true resistance area that buyers will have to be aware of.
The USD/CAD pair fell during the session on Friday as the consolidation continues between the parity and 0.99 handles. This market looks relatively benign at the moment, and I do see quite a bit of support just below the 0.99 market that would make me think the sellers will have quite a bit of trouble getting below.
The GBP/JPY pair showed serious strength on Friday as the market almost overcame the shooting star from Thursday. This is a sign that the buyers are still in control, and I do believe that the 130 level will continue to be supportive.
XAU/USD rallied last week on expectations eurozone chiefs will finally reach an agreement on Greek aid. Stronger-than-expected business climate data from Germany was another supporting element for gold prices.
The EUR/USD moved higher last week from 1.2736 to 1.2989, just shy of the Weekly 62 EMA at 1.3005 and a descending trend line at the same level dating back to May of 2011 with a high then of 1.4940.
As the end of the month approaches, see what the recommendations are for some of the major pairs this week and plan your trading accordingly.
Gold continues to pressure the resistance area just above ¥14,000 as the Bank of Japan looks very likely to continue working against the value of its currency. With this being said, while gold should go up against most currencies, the best rate may actually be against the Yen as the currency is being devalued.
XAU/USD (gold vs. the greenback) closed higher than opening after PMI data from the China and Europe came out better than forecasts. However, the pair remained in range between 1732.40 and 1727.95 as the U.S. markets were closed for the Thanksgiving holiday.
