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 fell hard during the session on Thursday as it has been doing so for two weeks. However, there was plenty of support below, and as a result the buyers stepped in at roughly 94 to push this market back up.
The EUR/USD pair fell below the 1.33 level during the session on Wednesday, but found enough buying below that level in order to break back above that area. With that being the case, the market formed a hammer and it appears that the 1.33 level is not going to try and act as support going forward.
The XAU/USD pair closed yesterday's session slightly higher than opening as sharp drop in the major stock markets and the USD/JPY pair lured some investors back to the gold market.
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The WTI Crude Oil market went back and forth during the session on Wednesday, essentially hugging the $95.50 level. I still see the area above as significant resistance, so as far as buying this market is concerned it's very difficult to come up with an idea or reason to.
The AUD/USD pair rallied during much of the session on Wednesday, breaking above the 0.95 handle. This level had previously been significant support, so I had anticipated it being massive resistance.
The USD/JPY pair had a slightly negative session on Wednesday, but managed to close relatively close to the opening essentially negating any type of action one way or the other. After all, we have risen high enough to test the 97 level as resistance, and will certainly tested the 95 handle for support as well.
Gold priced ended yesterday's session with a loss as the technical selling pressure continued to weigh on the market. Standard and Poor's decision to revise its U.S. credit rating outlook to stable from negative was another element working against gold prices.
The WTI Crude Oil markets fell during the session on Tuesday, touching as low as $94.00 during the American trading hours. However, you can see that we did get a significant enough of a bounce to close at $94.86, which of course is just below the large round psychological number of $95.00 that traders typically will focus on.
The EUR/USD pair had a positive session on Tuesday, initially falling slightly, but as you can see it broke the recent high in order to close above the 1.33 handle. As you know, I personally do not like the Euro at all, but the market is going higher and that is simply all I need to know.
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The AUD/USD pair fell during most of the session on Tuesday, as you can see chasing towards the 0.93 level. Having said that, we saw enough support come into the marketplace to form a nice looking hammer, that hammer was formed just after a shooting star on Monday, and that being the case I find this market looks potentially dangerous.
The USD/JPY pair fell precipitously during the session on Tuesday, crashing into the 96 handle. We are now approaching an area that should be significant support for this market, and as a result I am very hesitant to short this market at this point in time.
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Gold gained some ground against the American dollar during yesterday's session but the market is still feeling the bearish pressure of last week's U.S. employment report. Encouraging figures reinforced expectations that the Federal Reserve will taper or end its asset purchases.
The WTI Crude Oil markets fell during most of the session on Monday, testing the $95.00 level for support again. The level did of course hold, and as a result the bounce caused a hammer to appear for the daily candle.
The EUR/USD pair initially fell during the session on Monday, but as you can see the 1.32 level did in fact offer enough support in order to bounce the market higher, as we closed near the 1.3250 handle.