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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Gold weakened against the American dollar for a third session on Thursday as the conditions in the marketplace dulled desire for safe haven diversification. Yesterday, data from the world's largest economy were mixed.
The WTI Crude Oil markets fell during the course of the day on Thursday, as we continue to consolidate right around the $102 level.
The EUR/USD pair has been quite volatile recently, and the action on Thursday just showed more of the same. After all, the market went back and forth and had a fairly decent sized range, but at the end of the day had not really establish much in one direction or the other.
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The USD/JPY pair initially fell during the session on Thursday, but as you can see ended up shooting straight up in the air and having decent gains.
The USD/CAD pair initially fell during the session on Thursday, but as you can see found enough support below in order to turn things back around and form a hammer. That hammer of course suggests that the market is in fact going to continue going higher given enough time, and ultimately we should see the market try to break out above the 1.08 level.
The NZD/USD pair fell during the day on Thursday, as the reaction to the Reserve Bank of New Zealand and its rate increase was fairly muted. After all, the statement that accompanied the rate decision suggested that perhaps housing was cooling and New Zealand, and that of course could lead to a less than aggressive tightening cycle.
The XAU/USD pair (Gold vs. the American Dollar) closed lower than opening for a second consecutive day as gains in U.S. equities helped draw investors away from the precious metal.
The WTI Crude Oil markets initially gapped lower at the open on Wednesday, but as you can see found support at the $102 level in order to turn things back around and form a massively bullish candle.
The EUR/USD pair continued its negative tone during the session on Wednesday after we had broken below the 1.35 level on Tuesday. With that being the case, the market looks like it’s ready to continue going lower, but with the tight range that we had seen during the Wednesday session, a bounce is certainly possible.
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The EUR/HUF market is one that very few of you will play. However, that is not to say that it is not viable. In fact, I really like this pair as far as exotic markets are concerned, simply because it is a reflection on risk appetite more than anything else.
The US Dollar Index initially fell during the session on Wednesday, testing the 80.70 level for support. We did in fact see buyers come back into the market in that general vicinity, and as a result I believe that the US dollar will continue to climb and value overall.
The AUD/CAD pair initially broke higher during the day on Wednesday, but as you can see struggled at the 1.0150 level. The market broke down from there, but as you can see we still see the 1.01 level as an area of interest for the marketplace, as it was previously resistive.
BTC/USD continues once again to trade in a narrow range with the resistance level set at $621.17 and strong support being found at $611.
The WTI Crude Oil markets fell during the session on Tuesday, rather significantly to test the $102.00 handle.
The EUR/USD pair fell hard during the session on Tuesday, finally breaking below the 1.35 support region. With that, I feel that the Euro will continue to weaken and as a result I shorted it during the day.