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.
Last week I predicted that 98.50 and 101.49 were the key levels to watch out for. Since then, neither of these have been tested, with the price ranging well within these limits. I also said that the short term trend looked weakly bullish.
The price then continued upwards to a high of 1.5390 before falling again, bouncing this morning at what seems to have become a support zone.
The EUR/AUD pair has been climbing since the end of March/early April of this year when the Australian Dollar began to weaken and began its bearish trend.
The XAU/USD pair (Gold vs. the American dollar) settled lower yesterday, pulling back after sizable gains in the previous sessions, as better-than-estimated U.S. new home sales and manufacturing PMI data increased demand for the greenback ahead of today’s durable goods orders and unemployment claims reports.
The oil markets are priced in US dollars, and this is exactly why the two markets typically run in an inverse fashion.
The USD/CAD pair rose slightly during the session on Wednesday, bouncing off of the area just below the 1.03 handle.
This shooting star isn't necessarily something that I think leads to a massive selloff, rather it simply shows the slowing down of this market, and the fact that the buyers are starting to run out of steam.
The EUR/JPY pair rose during the session on Wednesday, and broke above the 132 handle again.
I suggested holding out until a breakthrough or reversal at top or bottom of this range with expectation the action would be more likely the top.
In my analysis last week of AUD/USD on Wednesday 17th July, I declined to make concrete predictions due to the uncertain technical behaviour of this pair.
As there is quite strong bullish momentum, I would be nervous to take any shorts off of the zone around 1.3250 unless the bullish trend really slows down first for a few days and we get some consolidation instead.
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Gold prices continued to advance on expectations the Federal Reserve will maintain its monetary stimulus at its next meeting which will be held on July 30-31.
The candle suggests that we are going to see a bit of buying pressure in this general vicinity, and as a result I feel that this market will more than likely make a serious attempt to reach the $110 level in the short term.
