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.
EUR/USD continued to show weakness on Thursday as the Dollar bulls stepped into the market with full force. The bond auctions in the European Union went alright, but weren’t as oversubscribed as traders would have liked in France.
GBP/JPY continued to fall on Thursday as the risk appetite of traders waned yet again. The pair has been decidedly bearish overall, and looks like this theme could continue. However, we have a Non-Farm Payroll report coming out later today that will certainly have its say with the highly risk-sensitive pairs such as this one.
The EUR/CAD has been falling for 8 weeks in a row and this week makes it 9. Looking at a daily chart, we see only 5 candles in those 9 weeks that this pair closed higher than it opened, and of those 4 were either indecision, or consolidation patterns closing only slightly higher than open.
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The EUR/USD fell on Wednesday again as the “risk on, risk off” attitudes of the market continue to wax and wane almost daily. The pair is currently struggling to make any real gains, but is also being held aloft by the support area near the 1.30 mark.
The EUR/GBP pair fell on Wednesday as the Euro continues to struggle against many currencies around the world. The pair features two currencies that are inexorably tied together as the geographical proximity ensures quite a bit of trade between the two regions.
AUD/CHF isn’t a pair that most traders follow. The fact is that they should, but they simply don’t as a rule. One of the greatest things about this pair is that it tends to trend for very long stretches of time.
The EUR/JPY has been in a bearish trend more or less since April of 2011 when it peaked at 123.33 after almost 3 years of being overall bearish. The overall high was actually established in May of 1990 when the pair reached a high of 188.22!
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The Kiwi dollar had a grand day on Tuesday as the “risk on” trade appeared globally. The first real trading day of the year often will bring a lot of money into the markets as money managers are looking to put money to work, and they are overwhelmingly “long only” funds, which mean that they can only buy stocks, commodities, or other financial instruments. In other words, they are positively biased.
EUR/USD rose during the Tuesday session as traders returned from the holidays for the first “real” day or trading. The volumes are probably still a bit on the light side, as the Non-Farm Payroll numbers will be coming out on Friday.
USD/CAD had a bearish day on Tuesday as the oil markets got a bit of a bump in lighter volume trading. The Canadian dollar showed its relationship quite with the oil markets quite well as the currency gained against most currencies around the world.
I've been thinking for the last 2 weeks that the Euro was due for either a retracement or a reversal...so it was no surprise that last Friday when I looked at the daily chart for the Euro and noticed a really nice reversal set-up of a support zone.
Check out this update on our expert's previous AUD/USD Forex signal, and stay on top of the market.
Currency: GBP/USD Trend Expected Direction: Down Strategy: Ichimoku Kinko Hyo
