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 markets fell during the session as you can see on Monday, but found enough support just below the $106 level to form a little bit of a hammer. I believe that this market will continue to consolidate overall through the rest of the summer, which is rapidly coming to an end.
The EUR/USD pair fell during the session on Monday, but as you can see remains well within the consolidation area that we've seen over the last couple of weeks. Actually, when you look at this chart you can make a little bit of a case for a channel, with a slightly upward bias.
The EUR/JPY pair fell during the session on Monday, which of course wasn't a big surprise me considering that we formed a shooting star for the Friday trading session. The shooting star with at the top of the recent consolidation area, so this simply looks like a return to that as far as I can tell.
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The USD/JPY pair fell during the session on Monday, but as you can see really didn't fall very far. In fact, we are essentially in an area that has been supportive previously, so would not surprise me at all to see a bit of a bounce from this general vicinity.
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According to Christopher Lewis's analysis of the EUR/USD and USD/CAD, one trader profited on a binary options platform. See how here.
Last week I was mistaken in being overly bullish and not seeing that the short had already come at the time of writing, off the resistance at 0.9220. Get the full analysis here.
The XAUUSD pair rose to its highest level in eleven weeks as disappointing U.S. data boosted the precious metal’s safe-haven appeal. Commerce Department figures showed that sales of new homes dropped 13.4% to a seasonally adjusted annual rate of 394000 in July, well below expectations of 487000.
The WTI Crude Oil markets rose during the session on Friday as you can see, 2 1/2 months now. Get the full analysis here.
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The EUR/USD pair went higher during the session on Friday, but as you can see could not stay above the crucial 1.34 level. I believe that level is the beginning of significant resistance all the way to the 1.35 handle, so it might be a bit of a fight to get above there.
The USD/CAD pair tried to rally during the session on Friday, but you can see that the 1.0550 area was far too resistive in order to let the market go higher. That being the case, the market formed a shooting star which of course is a very negative sign.
The NZD/USD pair fell during the balance of the session on Friday as you can see, but we also found quite a bit of support at the 0.77 handle, which of course signifies that the market has quite a bit of support below.
As the uptrend for the EUR/USD pair is still in place, and support levels are holding firm, we can remain bullish for this pair. Get the full analysis here.
Check out the Forex forecast for the major pairs here and plan your trading week accordingly.
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