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 USD/CAD pair rose during the session on Tuesday, breaking through the 1.01 handle which has been an area that I've been wanting for some time. This is a very bullish move, but the biggest problem I have is the shape of the candle as it formed a fairly well formed a shooting star.
The AUD/CAD pair had a strong showing during the Tuesday session as the market plowed into the 1.05 level. The Canadian dollar found itself on the back foot for most of the session, and the Aussie finally got some relief again some of the major crosses.
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The XAU/USD pair had a relatively tight range yesterday as investors tries to digest Friday's downswing. Demand for gold has been significantly decreasing as the conditions in the marketplace have dulled the precious metal’s safe-haven appeal.
The WTI contract barely budged during the session on Monday, which of course wouldn’t be a surprise as the Americans were celebrating President’s Day. As it is a Federal holiday, many financial institutions were closed, and only the electronic global trading was available.
The EUR/USD pair did very little on Monday, but the Americans were away celebrating President’s Day. The largest players in New York were certainly away, and as a result there is only so much that can be read into the price action.
The USD/CAD pair shot straight up during the session on Monday, but the Americans were also away for the President’s Day holiday. Because of this, the pair would be greatly effected as a majority of the volume in this market tends to be North American trading, and the population of the American trading community is much larger than the Canadian one.
The NZD/USD pair fell during most of the session on Monday, although it needs to be stated that we had low volume due to President’s Day in America. This kept a lot of the larger New York offices closed, but the action was indeed telling to me.
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Yesterday's low trading activity gave me a chance to get caught up on my charts, and I caught an important pattern on the EUR/CAD that I missed on Sunday.
For the greater part of 2012, the Swiss National Bank (SNB) ensured that the Swiss Franc was never strengthened beyond its acceptable exchange rate of 1.20 against the Euro.
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Gold settled at $1608.78 an ounce on Friday, its lowest settlement since August 17. Breaking below the January 4 low of 1625.64 triggered a sell-off which gained momentum after the latest reports released from the Unite States provided further evidence that the world's biggest economy is continuing to recover.
