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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EUR/USD continued the choppiness for most of the session on Thursday as the markets continue to digest all things European. However, as the US session came to a close, the two notch downgrade of Spain by S&P seems to have accelerated the losses that the pair had been starting to experience.
The GBP/USD has been showing significant strength over the last several sessions even as the United Kingdom has slipped back into recession. This is perhaps because members of the Bank of England openly mentioned the fear of a recession and inflation at the same time.
The Bank of Japan is expected to announce further easing during the session on Friday, in the form of expanded asset purchase programs. The Japanese Government Bonds will more than likely be the vehicle, and the only real question is going to be the amount of bonds they are going to purchase.
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The Kiwi has been making higher lows combined with Higher highs for the last 3 days, possibly indicating a break-out to the downside.
The EUR/USD pair had a fairly quiet session considering how important Wednesday was supposed to be for the overall direction of the US dollar. There were various concerns in the stock markets about the fact that the Federal Reserve could go on without further easing, and as a result this would have been good for the Dollar, and bad for stocks.
The Japanese Yen is one of the most interesting currencies to me at the moment, as the Bank of Japan continues the quest to kill it off. The market will certainly have to pay attention to the Bank of Japan on Friday, as it is set to announce a furthering of the easing that it has started to undertake.
The EUR/GBP is a direct measure of strength in these two currencies without the noise of adding the US dollar. With the recent troubles in Europe, it shouldn’t be surprising that the pair has been falling lately.
The Japanese Yen appears set to head lower after its high in Wednesday's trading intersected perfectly with a descending trend-line from mid-March. Price closed below the Weekly Pivot at 81.22 on April 10, retraced exactly 38.2% and is now pushing lower again.
See how one trader profited on a binary options platform based on today's technical analysis of AUD/USD and USD/CAD.
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See the mid week summary of your favorite major pairs, get updates and learn where they may lead the rest of the week.
The EUR/USD has continued to shop around over the last several weeks as the markets try to figure out the economic direction of the world at large. Since the EUR/USD pair is the most heavily traded financial instrument in the world, it is a proxy for economic expansion in general.
The oil markets are most often looked at as the driving factor in this pair. While there is certainly truth to this, it isn’t the only thing. In general, if the US is falling into economic decline, the pair will actually favor the Dollar, as Treasuries are bought, and the Canadians will sell less.
With the Federal Reserve meeting and news conference coming later today, this is one of the pairs that I will be watching. The main reason is that the Aussie is so tied to commodities, and gold in particular.
The GBP/AUD daily chart printed a Shooting Star formation at a strong area of Resistance that includes the Monthly R1 at 1.5712 and the Weekly R1 at 1.5672.
See how one trader profited on a binary options platform based on today's technical analysis of GBP/USD and USD/JPY.