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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Begin your trading week with the Weekly Forex Forecast and see what the recommendations are for some of the major pairs.
XAU/USD halted its decline at the 1685 area after two consecutive days of losses. The pair turned north after European Central Bank President Mario Draghi said the ECB left the its monetary policy unchanged but Governing Council members had a wide discussion on interest rates, leaving the door open for an interest rate cut early in 2013.
With today being nonfarm payroll Friday, we can expect a lot of volatility in the currency markets for a brief time period as the Americans make their announcement. Leading up to this, it will more than likely be very quiet in many of the currency pairs that you watch.
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The EUR/ USD pair fell rather precipitously during the trading session on Thursday as the ECB kicked off its press conference. This is mainly because the ECB Chairman Mario Draghi had suggested that there was a growing consensus on the board that rate cuts may be needed in the European Union sooner.
The GBP/USD pair fell during the session on Thursday as the "risk off" trade came back into play in various currency markets. However, we have the nonfarm payroll number coming out today and this will typically move this pair.
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XAU/USD continued to sink yesterday as strength in the American dollar helped sellers. Demand for the greenback increased after data on U.S. services, factory orders beat estimates and President Obama said “a fiscal deal is achievable in about a week if republicans acknowledge the need to raise taxes on the wealthy”.
The EUR/USD pair tried to rally during the Wednesday session, but we found too much resistance above the 1.31 handle for the second time in three months. The 1.3150 level looks to be overly resistive, and as such it is the top of the larger consolidation zone.
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The GBP/USD pair initially rose during the session on Wednesday as we broke above the 1.61 handle for the second day in a row. However, just like the previous session we solve the market failed to hang onto gains above that level.
The AUD/USD continues to fall every time we reach the 1.0475 level, as shown during the Wednesday trading session. Because of this, it was no surprise that we got a pullback during the Wednesday session, and as a result I think we are simply tightening up this marketplace and waiting for some type of news.
The USD/JPY continues to weaken after a short lived 2 days of being bearish, the pair created a Bullish engulfing candle on yesterdays daily chart that could indicate a pending break of resistance at 0.8290 will be attempted soon.
According to the analysis of the GBP/USD and EUR/USD trader profited on a binary options platform.
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