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 USD/JPY pair went wild during the session on Thursday as a reaction to the European Central Bank cutting rates as a complete surprise to the markets. In this highly risk sensitive currency pair, we saw a massive swing in one direction, followed by a massive swing in the other.
The USD/CAD pair rose during the session on Thursday as you can see, bouncing off the 1.04 handle an area that has been important time and time again. The Canadian dollar of course is going to be greatly affected by the value of the oil markets, something that is only just now starting to stabilize after a precipitous fall over the last couple of weeks.
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The WTI Crude Oil markets spent most of the day on Thursday falling, but it is simple consolidation that I'm looking at just below the $95 handle it has caught my attention.
The XAUUSD pair closed the day lower than opening as the American dollar gained some strength after a report from the Commerce Department showed the U.S. economy grew at a 2.8% annual rate in the third quarter and data released by the U.S. Labor Department revealed initial jobless claims dropped by 9K to 336K.
We can see that the well-established support zone from 1.3440 to 1.3475 has held securely, with Monday producing a bullish pin bar on Monday, with that low of 1.3440 holding so far.
The USD/MXN pair fell initially during the session on Wednesday, but as you can see got a little bit of a boost near the 13.07 handle, causing a nice bounce and forming a perfectly shaped hammer.
The USD/CAD pair fell during the session on Wednesday in order to come back towards the 1.04 handle again. That being the case, looks like the markets ready to continue consolidating sideways, and as a result I don't see much in the way of a longer-term trade here.
The NZD/USD pair rose during the session on Wednesday, but as you can see failed at the 0.84 handle. The New Zealand dollar continues to look fairly strong though, and as a result I am bullish of this commodity currency.
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The EUR/USD pair got a little bit of a bump higher during the session on Wednesday, as the 1.35 level continues to be somewhat supportive. In fact, this is an area that I have been watching very closely over the last several weeks, as it has been fairly predictable.
WTI Crude Oil markets rose during the session on Wednesday, breaking above the $95 level, and as a result the market looks like it's ready to do a little bit of a bounce from here.
The XAU/USD pair has been consolidating in a relatively tight range since Monday. It appears that gold prices established a support level at 1306 and a resistance at 1323 as market players took a cautious stance ahead of the third-quarter gross domestic product data and monthly non-farm payrolls report.
Last month produced a bearish pin bar, rejecting the overhead resistance zone and the 50% Fibonacci retracement level of this year's downwards move.
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The GBP/USD pair rose during the session on Tuesday, breaking back above the 1.60 level, an area that I have been watching for some time now.