Forex Daily Forecast, Analysis and Prediction

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The EUR/USD pair fell again on Friday as we continue to reach towards the 1.05 level. The British pound went back and forth on Friday, showing a very neutral candle by the end of the day.

The WTI Crude Oil market rose slightly on Friday, as we await the results of the OPEC and non-OPEC members meeting over the weekend. The natural gas markets rose slightly on Friday as we continue to see quite a bit of bullishness in this market.

The S&P 500 broke out to the upside during the day on Friday, clearing the 2250 handle. The NASDAQ 100 rallied on Friday, testing the 4900 level above.

The US dollar broke higher on Friday and again, as we have now reached above the 115 handle. The Australian dollar went back and forth during the day on Friday, as we continue to find a bit of resistance just above.

Gold ended the week down $23.01 at $1159.20 an ounce, under pressure from higher risk appetite and the prospect of higher interest rates.

Check out our weekly Forex forecast focusing on major currency pairs for the trading week of December 12, 2016 here.

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The EUR/USD pair initially tried to rally during the Thursday session, but ran into far too much resistance above to continue going higher. The British pound initially rallied on Thursday but found enough resistance near the 1.27 area to find sellers again, which of course was the 50% Fibonacci retracement level from before.

The S&P 500 rallied during the session on Thursday, testing the 2250 handle. The NASDAQ 100 had a slightly bullish candle form for the Thursday session as it looks all but set to reach towards the 4900 level.

The WTI Crude Oil market bounced off of the uptrend line that I had discussed yesterday, and the $50 level. Natural gas markets fell initially during the day but found enough support at the $3.50 level to turn things around and show a very bullish candle.

The US dollar went back and forth against the Japanese yen during the session on Thursday, as we continue to see quite a bit of choppiness. The New Zealand dollar went back and forth on Thursday as we continue to see quite a bit of choppiness, but we are testing the bottom of the uptrend line that should now be resistive.

Gold prices fell $3.87 on Thursday as global equities strengthened and the dollar rallied.