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The NZD/USD pair fell rather harshly during the Friday session as the 0.85 level offered far too much resistance. New Zealand retail sales came out and push the pair above the 0.85 handle during the late date Thursday, but as you can see by the time we close the session on Friday we had close below the 0.8450 level.
The AUD/USD is trying very hard to give up the support level at 1.0225 established last week. If we look at the weekly chart we see that the upper descending trend line is holding true to form, while the downside still has some bearish potential to at least 1.0149, the low from October 14, 2012 as well as the intersecting point for the rising trend line and the Monthly S3.
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The WTI Crude markets did very little during the session on Thursday intensively stained below the $98.00 level that has been so resistive. I look at this area as the gateway to the $100.00 level, and getting above there would be very bullish sign.
The EUR/USD pair fell rather significantly during the Thursday session, as foretold by the shooting star on Wednesday. However, I have to admit that I did not take this trade as I didn't see much room for the markets to move.
The NZD/USD pair rose during the session on Thursday, as the retail sales number out of New Zealand came out 1.6% better than expected. This of course is very bullish for the domestic economy, and as a result we finally managed to break through the 0.85 handle that has been so resistive lately.
The GBP/USD pair fell during the Thursday session yet again, and managed to get below the 1.55 handle. This pair simply seems like he cannot get out of its own way, and this has been especially true since we broke through the bottom of the hammer on Tuesday.
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The WTI crude market had a negative showing during the Wednesday session, pulling back after trying to breakout and above the $98.00 level. If you read the analysis from yesterday, you know that I had pointed out the $98.00 level as being potential trouble for the buyers and this seems to be exactly what has happened.
The XAU/USD pair closed lower than opening as investors took a cautious stance ahead of the G-20 talks starting tomorrow. The pair maintains its bearish outlook while trading within the descending channel originating in October 2012.
The EUR/USD pair rose during the session again on Wednesday, but found the 1.35 level as being far too resistive to overcome. The resulting action formed a beautiful looking shooting star, and at the exact spot you want to see it.
The GBP/USD pair fell significantly during the Wednesday session again, breaking the bottom of the hammer that had been formed on Tuesday. Because of this, I have to admit that the support that I expected for this pair never appeared during the Wednesday session.
The NZD/USD pair had another positive session on Wednesday, continuing to press up against the top of the recent consolidation area with the barrier being based upon the 0.85 level. I see this area as a major point of contention in this currency pair, and if we can get above it this would mean big things indeed.