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 XAU/USD pair (Gold vs. the American dollar) scored a gain of 1.89% on Monday after the disappointing manufacturing data out of the world largest economy eased concerns that the U.S. Federal Reserve might soon start unwinding its massive stimulus.
The Japanese Yen strengthened against the US Greenback yesterday and fell to a 3 week low at 98.85. The pair appears to have found support at this level however, with highs from both April and early May at these levels.
The WTI markets had a positive session for Monday, predicated mainly upon the fall of the US dollar overall. In a truly ironic turn of events, the PMI numbers coming out of United States and the contractionary mode, albeit just slightly, pushed the value of commodities on the whole higher.
The EUR/USD pair had a strong showing on Monday, mainly because of the weak economic numbers coming out United States. The PMI number been just under the 50 level of course suggests that there is contraction, and this of course had the markets concerned about whether or not the Federal Reserve is going to be able to pull back from quantitative easing.
The USD/JPY pair fell rather significantly during the session on Monday, cracking below the 100 handle for the first time in over a month. The 100 handle had significant meaning as it was the top of the ascending triangle that had a breakout in the first place.
The USD/CAD currency pair had a very negative session on Monday, breaking below the 1.03 handle. However, there is now support below there to make me a little bit leery of selling at this point, and I would stay away from doing so until we get below the 1.02 handle.
The Swiss franc has doubled recently to its highest level since last July. See what this means for the currency here.
According to the analysis of the EUR/USD and EUR/JPY one trader profited on a binary options platform. See how here.
If price were to break last Friday's high of 1.3059, there is a strong possibility that we will see price take another crack at 1.3100 and possibly very soon afterwards, 1.3200. Get the full view here.
The WTI Crude Oil markets fell rather drastically during the session on Friday, cracking below the $92.00 level. This was a significant breakdown, and it appears that we are now heading towards the $90.00 level.
The EUR/USD pair fell during most of the session on Friday, but you can see that the 1.2950 level offered enough support to make this pair bounce. The bounce formed a hammer, and of course showed signs of support.
The GBP/USD pair fell during most of Friday, but you can see it found support at the previous cluster which topped out at roughly 1.5125 or so. That being the case, we bounced from that area and formed a hammer.
The EUR/JPY pair fell during the Friday session, testing the 130 handle yet again. Over the last week and a half or so, the 130 level has offered significant support and it appears that it's ready to continue doing so.
The XAU/USD pair ended the week lower after the Friday's bearish price action. Gold prices fell sharply on the last trading day of the week and month after the economic data released from the Unite States provided further evidence that the world's biggest economy is continuing to recover.
Begin a new month and a new week with the weekly forecast of some of the major Forex pairs here.
