Forex Daily Forecast, Analysis and Prediction

The S&P 500 had a very interesting session on Friday, as we initially sold off, but then exploded to the upside after a very poor jobs report.

The USD/JPY pair initially tried to rally on Friday but found enough resistance above at the 111.50 area to turn around and fall significantly.

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Our trading strategies with our monthly & weekly forecasts of currency pairs worth watching using support & resistance for June 5, 2017

The gold market was rather volatile last month. Prices dropped to the critical $1215 level, the confluence of a horizontal support and a medium-term bullish trend line, but ultimately found strong support there to climb all the way back to the $1271.50-$1269 area, leaving a long lower shadow on the monthly candle.

Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of June 5, 2017.

Get the Forex forecast focusing on the major currency pairs you should pay attention to during the new trading week of June 4, 2017 here.

Gold prices fell $3.41 an ounce on Thursday as better-than-expected U.S. economic data, which supported the case for a Federal Reserve interest rate hike this month, led to a bounce in the dollar.

The WTI Crude Oil market initially tried to rally during the day on Thursday, but found enough resistance near the $49.25 level to turn things around and form a very negative looking shooting star like candle.

This is probably one of the more dangerous markets to be involved in during the day on Friday, as it is highly sensitive to the jobs number coming out at 8:30 AM GMT.

The S&P 500 broke out to the upside during the session on Thursday, making fresh, new highs. The NASDAQ 100 has been volatile on Thursday as well, but just as the S&P 500 saw selling initially, we also saw the buyers come back to this market later in the day.

The EUR/USD pair fell a bit during the session on Thursday, testing the 1.12 level. The British pound had a volatile session, ultimately settling on a relatively neutral candle.