Forex Daily Forecast, Analysis and Prediction

Gold prices settled at $1316.55 an ounce on Friday, suffering a loss of 1.52% on the week but scoring a gain of 0.54% over the month.

Get our trading strategies series with our monthly and weekly forecasts of the currency pairs worth watching using support and resistance for this week of October 2, 2016

Over the last couple of weeks, the EUR/USD pair has done almost nothing. I think that will probably continue to be the way going forward, and the only thing that I would say about this pair for the month of October is the need to pay attention to the 3 lines I have drawn on this chart.

The EUR/GBP pair has been very bullish for the last several months, mainly in reaction to the vote held in the United Kingdom to leave the European Union.

The New Zealand dollar initially trying to start out the month rather positive in September, but as you can see turned right back around every time we rally.

“The Dragon”, as it is known, has seen a very negative downtrend for quite some time. We have seen the 130 level be very supportive, and we did just bounce off of it yet again.

The GBP/USD pair has been bearish for quite some time, essentially since we had the vote to leave the European Union. However, when you look at the weekly chart that I have attached to this market, you can see just how dramatic the downtrend has been.

The New Zealand dollar has been rising for some time now, but when I look at the charts longer-term, I cannot help but notice that we have seen a couple of negative signs in this pair, and I believe that we may see a bit of a dip going forward.

The USD/CAD pair has had a couple of rather unimpressive months, as we continue to go back and forth. However, as you can see on the monthly chart we formed a couple of hammers over the last couple of months, so I believe that it’s only a matter time before we break out to the upside.

Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of October 3, 2016.

Get the weekly Forex forecast featuring major currency pairs for the week of October 3, 2016 here.

The USD/SEK pair had a very volatile session on Thursday, forming a very neutral candle.

The EUR/USD pair went back and forth during the course of the session on Thursday, forming a fairly choppy and neutral candle. The British pound fell during the course of the session on Thursday, but there is quite a bit of support just below, and as a result the 1.2850 level is the absolute “floor”.

The USD/JPY pair initially tried to rally during the course of the session on Thursday, but turned around to form a very long shooting star. The New Zealand dollar is highly leveraged to commodities, and that of course makes a bit of a “risk currency.”

The WTI Crude Oil market went back and forth during the course of the session on Thursday, ultimately settling on a slightly positive candle. Natural gas markets fell during the day on Thursday, as we continue to bounce between the $2.90 level, and the $3 level above.