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.
Gold settled at $1608.78 an ounce on Friday, its lowest settlement since August 17. Breaking below the January 4 low of 1625.64 triggered a sell-off which gained momentum after the latest reports released from the Unite States provided further evidence that the world's biggest economy is continuing to recover.
The EUR/USD pair had a fairly quiet session on Friday as the markets in general went back and forth. It seems that most traders simply were not interested in taking a lot of risk in the marketplace going into the weekend, as is often the case on a Friday.
The USD/CAD pair had a strong showing on Friday, attempting to break through the 1.01 level. However, as it has done several times recently it failed. The one thing that does give me caution about shorting this pair is the fact that the lows are getting higher recently, and it does seem like a relentless attempt to breakout.
The NZD/USD pair fell rather harshly during the Friday session as the 0.85 level offered far too much resistance. New Zealand retail sales came out and push the pair above the 0.85 handle during the late date Thursday, but as you can see by the time we close the session on Friday we had close below the 0.8450 level.
The AUD/USD is trying very hard to give up the support level at 1.0225 established last week. If we look at the weekly chart we see that the upper descending trend line is holding true to form, while the downside still has some bearish potential to at least 1.0149, the low from October 14, 2012 as well as the intersecting point for the rising trend line and the Monthly S3.
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The WTI Crude markets did very little during the session on Thursday intensively stained below the $98.00 level that has been so resistive. I look at this area as the gateway to the $100.00 level, and getting above there would be very bullish sign.
The EUR/USD pair fell rather significantly during the Thursday session, as foretold by the shooting star on Wednesday. However, I have to admit that I did not take this trade as I didn't see much room for the markets to move.
The NZD/USD pair rose during the session on Thursday, as the retail sales number out of New Zealand came out 1.6% better than expected. This of course is very bullish for the domestic economy, and as a result we finally managed to break through the 0.85 handle that has been so resistive lately.
The GBP/USD pair fell during the Thursday session yet again, and managed to get below the 1.55 handle. This pair simply seems like he cannot get out of its own way, and this has been especially true since we broke through the bottom of the hammer on Tuesday.
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The WTI crude market had a negative showing during the Wednesday session, pulling back after trying to breakout and above the $98.00 level. If you read the analysis from yesterday, you know that I had pointed out the $98.00 level as being potential trouble for the buyers and this seems to be exactly what has happened.
The XAU/USD pair closed lower than opening as investors took a cautious stance ahead of the G-20 talks starting tomorrow. The pair maintains its bearish outlook while trading within the descending channel originating in October 2012.
