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.
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The WTI Crude Oil market rose during the session on Tuesday, clearing the $60 level easily. Because of this, I believe that this market is getting ready to break out to the upside and perhaps grinding out a sigh and $70 over the course of the next couple of weeks.
The USD/CHF pair fell during the course of the day on Tuesday initially, but found enough support at what is the 50% Fibonacci retracement from the bottom. This coincided nicely with the 0.9250 handle, an area that had seen quite a bit of clustering previously.
The Norwegian krone is starting to exert its will against the US dollar. As you can see on the attached chart, there was a clear and fairly obvious uptrend line that the market had been following for some time.
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The USD/JPY pair fell during Tuesday trading, testing the 120 handle for support. We actually found support below there, but let’s not forget that we are essentially going sideways over the last couple of months, and that does not look like it’s changing anytime soon.
Gold settled up $10.25 at $1193.81 on Tuesday, helped by weakness in the dollar and equities, but rising yields on U.S. Treasuries and German Bunds capped gains.
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The EUR/USD pair initially broke higher during the day on Monday, but found the 1.12 level to be a bit too resistive for the buyers, and as a result pulled back to form a shooting star.
The WTI Crude Oil markets went sideways during the session on Monday as we continue to hover just below the $60 handle. This is a large, round, psychologically significant number, but we feel that it will eventually lose its luster.
The AUD/CHF pair did nothing during the session on Monday, as we essentially continue to hug the 0.7350 region. This is an interesting pair, and under normal circumstances is one of my favorite ones to follow.
The AUD/USD pair tried to rally during the course of the day on Monday, but fell back down in order to form a shooting star. Because of this, the market looks soft still as far as I can see, as the Australian dollar simply cannot hang onto gains.
Gold edged lower on Monday as strength in the dollar pushed prices down but uncertainty about the timing of a U.S. interest rate increase limited losses.