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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AUD/USD fell during the Monday session as volumes were a bit on the light side as the day went by. This is because of the United States celebrating the Labor Day holiday, and the fact that many of the North American firms would have been away from their desks.
EUR/USD had a slightly positive day on Monday, but let's keep in mind that the North Americans had very little volume to work with. This was because of the Labor Day holiday in the United States, and the relatively low volume that the Canadian strength of the markets.
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The EUR/JPY pair had a fairly uneventful Monday, but this makes sense as the Americans were away on Labor Day. When you take that kind of liquidity out of the markets, big moves are necessarily in order.
The AUD/USD turned bullish after the RBA announced that it would leave the lending rate unchanged at 3.50%. After a relatively low volume trading day due in part to the Labor Day holiday in North America, Asian markets turned bullish with Japan releasing poorer numbers than expected for both the Monetary Base and Average Cash Earnings.
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Summer is over, so that means trading should be back in full swing. Get the latest on the major pairs and see what our expert trader predicts for the coming week.
The GBP/USD closed the week above the 62 Week Moving Average again, maintaining its mildly bullish momentum for another week and re-entering the range between 1.5800 & 1.6000 that held it captive for several months in early 2012.
EUR/USD had an interesting session on Friday as it rallied fairly significantly, based upon the words of Federal Reserve Chairman Ben Bernanke at the Jackson Hole, Wyoming central bankers meeting.
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GBP/CHF fell during the session on Friday but bounced in order to form a hammer. This hammer is very interesting to me as it is on the uptrend line of a big up trending channel that we've been in for some time.
EUR/GBP is one of the most interesting Forex pairs at the moment as far as I am concerned. This is mainly because the Euro has been rallying so well against the US dollar, even though the fundamentals don't necessarily call for it.
The AUD/USD pair has closed below the 62 day moving average on a daily chart, and has now retraced 76.4% of price action since July 24. The close below the 62 Day EMA is substantial as it can be seen as confirmation of a longer term trend.
EUR/USD had a negative session on Thursday, as the market sold off risk related assets in general. However, we are still above the 1.25 level and this does bode at least somewhat well for the Euro.
The AUD/USD pair fell significantly during the Thursday session, and even managed to close below the 1.03 level which I had as significant support.
USD/CAD rose during the Thursday session as the market continues to look rather supportive. The oil markets fell slightly, and as such it looks like the Canadian dollar is due for a little bit of a pullback in its strength.