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 USD/JPY pair has been falling over the last two months in a fairly steady manner. However, it wasn’t that long ago that we saw this pair breakout above the 80 handle, which I suggested was a trend change in the making. It is through this prism that I look at this pair, as I notice several things happening at the same time in this market.
The GBP/USD pair has been very tight lately, and the market has been the haven of scalpers. The biggest problem that the British face is the fact that they are so closely tied to the European Union.
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The US stock markets traded yesterday on mixed territory as the large technology stocks pulled NASDAQ down. The index is now close to the support at 2650 and a strong break-down might accelerate the declines.
The EUR/USD pair has been focusing on the Spanish debt markets lately, and with those ten years now offering more than 6%, concern is likely to enter the markets. The action on Monday showed no real evidence of this though, as the market sold off the Dollar on the whole.
The action over the last couple of weeks has been choppy, and with all of the concerns about the global economy slowing down, this of course would have adverse effects on commodities overall, and the oil markets in particular.
The Russian Ruble is a great petrocurrency play for Forex traders looking to take advantage of movements in the oil markets. While not all brokers offer this pair, the market is without a doubt one of the “cleanest” plays for the oil markets.
The USD/CHF appears to be forming the right shoulder of a classic Head & Shoulders formation indicting that the Swiss Currency could gain once again on the Greenback and send the Daily charts into the lower territory.
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The S&P 500 made a false break of the important support at 1370 points, but the sharp declines on Friday took the index down to the support area again, and a successful break-down this time might take it under 1340 points, which is the next significant support.
Take a look at where the major currencies like EUR/USD and GBP/USD should be heading this week, and plan your weekly Forex trading smartly.
The EUR/USD pair is one that many traders love to fight about. While a lot of people have recently wondered how this pair can stay aloft, there are many different reasons that people have come up with.
