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.
AUD/USD had a fairly quiet session on Monday as traders came back from what has been a relatively calm weekend. With this in mind, the fact that the nonfarm payroll Friday is coming up and the Independence Day holiday in America is on Wednesday, it's not a huge surprise the markets were quiet.
EUR/USD found itself on the back foot Monday as the euphoria waned yet again. The reality has been that every time the Europeans come up with some type of solution, the markets get excited for a few moments, and then probably selloff yet again. It looks that it may be happening again, although it is a bit premature to declare this obviously.
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Don't let the American holiday discourage your trading this week. Check out the Weekly Forex Forecast of the major pairs and trade wisely!
The US Dollar took a tumble last week due to slightly lower than expected economic numbers, as well as investors rushing back to the EURO after the now well known news from the EU Summit meetings. As a result, most currencies across the globe increased in value mirroring the decline in the USD.
The CHF/JPY pair is one that many people don't trade. I believe this becomes a self-fulfilling prophecy as both of these currencies were once considered safe havens. The truth is that the pair is quite a bit different than it used to be, mainly because of the Swiss National Bank and its fight against the appreciation of the Franc.
The Canadian dollar saw a massive surge in value during the Friday session as the "risk on" trade came into play. This was especially obvious in the oil markets, which saw the light sweet crude markets gain 9% during the session.
The Euro had an absolutely wild session on Friday in reaction to some fairly vague announcements out of the European Union summit. There seems to be a plan in place to capitalize Spanish banks directly, as opposed to going through the sovereigns which had been part of the headaches previously.
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CAD/JPY fell during the session on Thursday as the oil markets gave way. As many of you know, the Canadian dollar is driven mainly by the crude oil markets, but many of you won't know that the Japanese import 100% of their oil.
The Australian dollar had a pretty wild day during the Thursday session. This makes sense, as a lot of people are trying to figure out which direction the worldwide economy is going. With so many conflicting signals, although a majority of them are negative, it makes sense of the Australian dollar will suffer.
EUR/USD has been a bit wild lately, as traders try to figure out what's going to come out of the European Union meetings. If history is any guide, it will be much in the markets will be disappointed in the politicians yet again.
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The Australian Dollar continues to gain against the Greenback during Asian trading with a high at time of writing of 1.01244. The Bullish Flag formation that we spoke of previously appears to be valid as price has now pushed above the Weekly Pivot at 1.0088 but is hitting resistance at some previous lows from May 6 & 7.
GBP/CHF had a slightly negative session on Wednesday as the markets fell to retest the 1.50 level for support. This pair is one that I don't cover very often, but is without a doubt one that can produce fireworks from time to time.
