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.
With the policy meetings by the FED and the Bank of Japan, most of the attention among Forex traders have been directed to the US Dollar and the Japanese Yen. Meanwhile, some of the other currency pairs are developing chart patterns, which could result in promising trading opportunities.
So far this year, the GBP/CHF has been very quiet, when compared to previous years. Conditions like these do not last forever and are often followed by an explosive move out of trading range.
The longer-term chart of the AUD/NZD in a process of forming a bottom chart pattern.
The Japanese Yen- US Dollar pair is steadily approaching the low from last year- 84.80.
The NZD/CAD has been appreciating in a steady fashion for last two months. This pair advanced from a low of 0.6940 to 0.7600. From there the price started to drift lower. Which brings forward the following question – is this a pullback within the major uptrend, or a reversal?
During the last few weeks, the EUR/CHF has been slowly, but steadily moving up.
The CAD/JPY pair has been in a sideways mode for the last few weeks, creating a symmetrical triangle.
The Pound-Swiss Franc pair has been flying under the radar screen of media, with most attention given to the EUR-CHF and the repetitive SNB interventions that targeted that cross.
Unbending in the past with this recent rise power, the Euro's will, will be tested again. There is a forecast to aid it's climb into territory it has not tread upon for a long time.
The most recent week has been very slow for the EUR/CAD. For the better part of July, this pair posted strong moves, but right now, it is consolidating.
The commodity currencies and in particular the Australian and New Zealand Dollars, have been appreciating strongly for some time now.
The trend, refusing to bend, receives some support today. The EUR/USD, gets news to nudge it up further.
Last week the GBP-JPY experienced a steep run up. This pair advanced about 450 pips. In the relation to the latest volatility, it is not an insignificant move, especially during only two days.
Despite technical indicators having taken themselves to the top of the screen, the trend combined with a unfortunate forecast for the Dollar today, will help the EUR/USD to rise.
A forecast favoring the Dollar seeks to bring the EUR/USD down. Today the trend will be unlikely to bend however, there is not enough powerful news releases to make that happen.
