The EUR/JPY pair did almost nothing during the session on Monday, which of course isn’t much of a surprise. After all, traders are generally away from their desks, and focus more on the New Year’s holiday than anything else.
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The AUD/USD pair rose during the session on Monday, bouncing off of the recent lows again. However, it’s a bit difficult to read too much into this chart, simply because Monday would have been such an illiquid session.
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The EURUSD skyrocketed last week, enjoying the low liquidity of the holidays; and after the stronger-than-expected German business confidence data strengthened investor confidence for the economic recovery in the Euro Zone.
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Gold prices rose %0.9 over the course of the week after the bulls managed to hold prices above the 1200 level. But the pair formed an inside week pattern, meaning that the entire weekly trading range was within the price range of the previous week.
WTI Crude Oil rose during the session on Friday, but as you can see we more importantly broke above the $100 level. Because of this, I feel that this market will continue to go higher, and that we are about to attempt to break into the previous consolidation area from back in October.
The EUR/USD pair had a violent session on Friday, smashing through the 1.38 handle without any issue whatsoever. However, in reality I believe that this market is moving based upon the lack of liquidity, and therefore that move isn’t much to pay attention to.
The USD/JPY pair initially fell during the session on Friday, but as you can see rose higher by the end of the day. The shape of the candle is more or less a hammer, and as a result I believe that this market is going to continue going higher now.
The USD/CAD pair fell initially during the session on Friday, but bounce just above the 1.06 level in order to prove that level to be supportive yet again. Lately, we have been bouncing off of the 1.06 level and testing the 1.07 level for resistance.