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 second session on Monday after two investment banks cut their forecasts for 2013 and 2014. The XAU/USD pair traded as low as 1343.40 but erased some of its recent loses as weaker-than-expected U.S. manufacturing data eased the greenback’s safe-haven appeal.
The WTI Crude Oil markets fell during the session on Monday, but remain elevated enough to stay in the consolidation area that we've seen recently. The $102 level has been supportive, and I still believe that will be the case going forward.
The EUR/USD pair fell during the session on Monday, but as you can see ran into a bit of support at the 1.35 level. That being the case, it's obvious that this market still looks very bullish, and the 1.35 region should offer a bit of support.
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The GBP/USD pair rose during the session on Monday, but gave back some of the gains. The most important thing to me though was the fact that the 1.60 handle did in fact offer support, and that was when I was waiting to see.
The EUR/JPY pair fell hard during the session on Monday, but as you can see ran into a significant amount of support somewhere close to the 133 handle. This was the site of a significant breakout recently, so it does make sense that we would start to see some buying in this general vicinity.
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This weekly chart shows that last week closed up, but with a very long upper wick showing weakness in the zone from about 0.9400 to the high of 0.9527, which is close to the upper wick of the bearish reversal candle that formed in June. It appears there is a zone of resistance from 0.9527 to 0.9640.
The gold markets have had a fairly strong bounce recently, mainly because of the Federal Reserve and its decision to hold off on tapering. The markets were a bit taken back by that, but since then we have seen other questions asked about the economy, so at this point- the gold markets are going to be bumpy to say the least.
The EUR/JPY pair is Chris's favorite pair to trade. Find out why in this forecast for the upcoming month of October here.
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Check out the October 2013 Forex forecast for the GBP/USD pair here and be prepared for the upcoming month.
Learn what may be in store for the AUD/USD pair here with this forecast for the upcoming October month.
The course of events since last week was dominated by the Fed's announcement last Wednesday evening that tapering would not be commencing. This had the effect of an immediate and sharp weakening of the USD against the EUR.
The XAU/USD pair tried to rally on expectations the Federal Reserve will not begin to wind down its $85 billion a month in asset purchases before the end of 2013 but contradicting messages from policy makers left investors completely confused.
The Loonie (USD/CAD) as it is known to us Canucks seems to have found some support at a previous support level of 1.0285 which is also in sync with the 200EMA (black line of the chart).
What is in store for the EUR/USD pair for the month of October? Check out the Forex forecast here and be prepared for the upcoming month.