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.
The WTI crude market had a very bullish session on Monday after initially falling. The market found support at the $95.00 level again, and as we have recently; found this market to be willing to buy the contract out of those levels.
The XAU/USD pair has managed to break and close below the middle line (1652) of a massive consolidation range (roughly between 1525 and 1795) that the pair has been locked in for over 70 weeks.
The GBP/CHF, after bouncing from 1.4180 trading in a descending channel since July 22 when it reached the high for 2012 at 1.5479. Being the high for 2012, we have since been falling with pretty straight forward pull backs and have formed a descending channel as a result that has continued into 2013.
The EUR/USD pair sold bit of a bounce from the lows of last week on Monday. The candle isn't necessarily impressive, but it does suggest that the market is trying to find a little bit of a floor at this point.
The USD/CAD pair has been a real pain lately. It seems to want to just jump around randomly, and it certainly isn't following what's going on in the oil markets. Quite to the contrary, the Canadian dollar has been getting beaten up while oil continues to rise.
The NZD/USD pair is one of my favorite pairs to trade. One of the main reasons of course is the fact that it not only follows commodities, but it is also one of the least liquid of the major markets.
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The XAU/USD pair continued to consolidate roughly between 1660 and 1685 throughout the week. Positive signs for the U.S. economy and the recent strength of the American dollar have been denting the precious metal's safe-haven appeal.
The EUR/USD pair had another rough session on Friday as we initially trying to rally, but found the sellers far too aggressive to do so. The daily candle ended up being a shooting star, which of course was place of the bottom of a fairly steep selloff.
The GBP/USD pair had a strong showing on Friday as the British pound got a bit of a reprieve. This may have been in response to the hearings in front of British Parliament by incoming Bank of England head Mark Carney.
The USD/CAD pair shot straight up during the session on Friday, continuing the move higher that started early in January. Recently, we have seen this pair go sideways and do nothing, but the Friday session definitely showed that the momentum is with the US dollar.
The EUR/GBP reversed in a big way last week after hitting the resistance level at 0.8700. The pair fell 250 pips from the open at 0.8696, in the last 3 days of last week's trading to close at 0.8446.
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Where are the major Forex pairs headed? Check out this weekly Forex forecast and learn what your trading can mean for the rest of the week ahead.
