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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It appears that the XAU/USD pair paused its ascent during the Asian session today at the 1615 resistance level after four consecutive days of gains. Lately, there has been a constant upward pressure on the shiny metal as investors have become more anxious - especially since Italian elections.
The EUR/USD pair had a significant selloff during the session on Tuesday, as Cyprus voted against the potential "tax" that the troika suggested in order to get a bailout of that country’s banks.
The GBP/USD pair went back and forth during the session on Tuesday, but formed a shooting star like candle for the third day in a row. In fact, the 1.51 level seems to be mightily resistive, and I think the markets really going to struggle to go higher from here.
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The USD/JPY pair had a back and forth session on Tuesday as the markets dealt with the drama in Cyprus. As his pair tends to be a "risk on, risk off" currency pair, it makes sense that even in a small country like Cyprus; you could see reasons for this market to move around.
The AUD/NZD is another pair that has been trading in a well defined descending channel for almost a year. This pair has been trending downwards since at least last July and last week broke this trend by turning strongly bullish and breaking the descending channel at 1.2576 +/- a few pips.
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Learn where the USD/CAD pair is headed with this free Forex signal from the experts at BNRY.
The WTI Crude market initially fell during the session on Monday, as the markets were rocked by the situation in Cypriot banking. As the day unfolded, it became more and more apparent that it wasn't Armageddon, and as a result risk assets were bought back up.
The start of the trading week saw a bullish gap as disappointment over a bailout plan for Cyprus increased desire for safe haven diversification. As a part of the plan, depositors will be required to pay a tax to contribute to the bailout.
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The NZD/USD(aka Kiwi) has been trading in a 4 hour descending channel since mid February when the pair broke out of its long running ascending daily channel.
The EUR/USD pair originally gapped lower at the open on Monday, after the news broke that deposits in Cypriot banks would be used in order to pay back a bailout that the country needs.
The USD/JPY pair gapped lower at the open on Monday as news came out about the issues in the Cypriot banking system. The fact that the government was willing to tax individuals and their deposit accounts forced mass selling of risk assets.
The GBP/USD pair had a back and forth session on Monday, as the rest of the currency markets seem to be more volatile by the hour. With the problems being focused on in Cyprus, it seems that the markets had forgotten about the economic issues facing the United Kingdom, even if it was just for a day.
Check out this projected market movement for GBP from Andrew Keene, only at DailyForex.com.
Last week, Norges Bank left interest rates untouched at its meeting while projecting the first rates hike to likely be in March 2014. Check out this weekly outlook for the EUR/NOK pair here from the experts at 24bulls.