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 AUD/USD pair has seen the second half of 2013 as brutal. The market has fallen from 1.05 to the sub-0.90 level, and as a result should continue to see weakness in the first half of 2014.
The USD/CHF pair has been drifting sideways for the entirety of 2013. In fact, it did it in 2012 as well. This is why I have done very little analysis involving the Swissy this past year, and predicting the move in 2014 is certainly going to be a challenge of sorts.
Gold continued to slide on Thursday and traded near the lowest level in six months as investors turned to the relative safety of the American dollar after the Federal Reserve announced that the era of massive stimulus came to an end.
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The WTI Crude Oil markets had a positive showing on Thursday, piercing the $99.00 level. This of course shows that the market still has some bullish intentions, but the fact that we gave back over half of the gains has me a bit concerned.
The EUR/USD pair fell again during the session on Thursday, but as you can see still remains above the crucial 1.36 level. That is an area where I expect see quite a bit of support, and therefore I’m not willing to sell this market.
The GBP/USD pair fell initially during the session on Thursday, but as you can see bounce off of the lows in order to form a hammer. Because of this, looks at the market is ready to go higher, but we have to keep in mind that the Wednesday candle gave back quite a bit of the gains.
The AUD/USD pair bounce during the session on Thursday after falling significantly on Wednesday. The 0.8850 level has offered enough of a boost with the market that remains somewhat bland, I think this a short-term at best.
The USD/JPY pair initially fell during the session on Thursday, but as you can see bounce off of the wider for region in order to form a nice-looking hammer. This hammer as the top of a long uptrend, so therefore I feel that the market continues to show bullish strength and we should hit the 105 level relatively soon.
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Gold lost ground against the American dollar and closed the day at $1218.05 an ounce after the U.S. Federal Reserve decided to trim the pace of its monthly asset purchases by $10 billion to $75 billion.
The WTI Crude Oil markets went back and forth during the session on Wednesday, as we continue to meander around the $98 handle. The $98 handle has shown a significant amount resistance lately, but I don’t necessarily think that it’s any type of major blockade for the buyers, it’s just simply the fact that we’re getting towards the end of the year.
The EUR USD pair initially tried to rally during the session on Wednesday, but as you can see the 1.38 level has caused resistance yet again. The market fell from there, and then of course was helped by the FMOC and its announcement that it was tapering off of the bond purchase program.
The USD/CAD pair had an extraordinarily bullish session on Wednesday, lodging for the 1.06 handle and smashing through the 1.07 level. The 1.07 level was the area that I needed to see broken to the upside in order to become very bullish of this pair, and start adding to previous positions.
The EUR/JPY pair had a strong session on Wednesday, as the general risk appetite of markets around the world and proved. Because of this, it appears that the market is ready to go much higher, and as a result I feel that this market should go to the 145 level, perhaps even higher given enough time.
Check out the signal for the USD/JPY pair here.