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 XAU/USD pair closed yesterday's session lower after three consecutive days of gains as the Ichimoku cloud on the 4-hour time frame continued to offer some resistance. The pair accelerated its decline after breaking below the 1205 support level and traded as low as 1195.07.
The WTI Crude Oil markets fell during the session on Monday, crashing into the $99 support level. This is an area that offered quite a bit of resistance last week, so it’s not a big surprise to me that it offered support this week.
The EUR/USD pair initially fell during the session on Monday, but as you can see eventually got enough momentum to the upside to break above the 1.38 handle, albeit just barely. At the end of the day, the market does look positive and it does look like it wants to go higher.
The GBP/USD pair try to rally for the balance of the money session, but as you can see gave back quite a bit of the gains. When I do find significant is the fact that gave back most of the gains right around the 1.65 handle, and at the end of the day formed a shooting star.
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.
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.
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.
