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 gained again during the Monday session as the “risk off” trade gained steam again. The oil markets sold off, which almost always leads to a higher print in this market. However, it was the Italian elections that really set the markets off for the day.
The USD/JPY pair had a wild ride on Monday, as the Italian elections rocked the markets globally. Because of the unexpected results, many in the markets were caught on the wrong foot, and the US dollar was bought up and over fist.
The AUD/CAD printed a Pin Bar Reversal at the resistance level surrounding 1.0550 yesterday. The pair has been trading in a pretty well defined horizontal channel since around March of 2011.
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The next five trading days are expected to put the Euro under more pressure especially with election uncertainties in Italy and Cyprus. The slow rate of growth in the Euro area is more bad news for the 17-nation currency as the European Central Bank will be keen to adopt a more dovish policy stance at its forthcoming meeting.
The XAU/USD pair fell for the week as the American dollar gained strength across the board. Technical selling pressure had increased drastically after the pair broker below 1625, the bottom of the Ichimoku cloud on the weekly time frame.
The EUR/USD pair had a back and forth session during the Friday trading hours, trying to break above the 1.3250 resistance level, and break below the 1.3150 handle that acted as support. In the end, the candle essentially went nowhere, and this makes sense considering that we have the Italian elections coming up.
The NZD/USD pair rose during the Friday session after printing a nice looking hammer on Thursday. I had mentioned that the 0.8350 level look like it was trying to offer support, and I do believe that the 0.83 level is the ultimate part of that support zone.
The GBP/USD pair rallied during the session on Friday, but gave back all of the gains once the pair got above the 1.53 level. The hammer that had printed on Thursday look like a pretty safe bet, but the fact that we couldn't gain on it’s really shows just how weak this pair is.
The EUR/USD, while not quite as exciting as the GBP/USD as of late is trading rather predictably and there is something to be said for predictability when trading.
Some of the major Forex pairs did well last week and some did not. See what's in store for them for the coming week and plan your trades now.
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