Forex Daily Forecast, Analysis and Prediction

It is possible that we will close above that weekly downtrend line, and at that point time I would give up any thoughts about shorting the Euro.

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Trade Recommendation for long-term profit. See details here.

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The AUD/JPY pair has been trapped in a range for the past 2 weeks between 93.60 and 89.60 and this week that range is even narrower.

The XAU/USD pair produced a nice bullish candle after it pulled itself out of the bears' grip and broke above the 1300 level which has been a cap on prices for the last seven trading days.

The WTI Crude Oil markets fell during the session on Monday, confirming the shooting star that we had seen printed on Friday.

The GBP/USD pair rose during the session on Monday again, cleanly breaking above the 1.5250 level, an area that I have been talking about as significant resistance.

This market of course is one that I think is having a "two speed moment", as short-term traders will certainly see a bullish opportunity in this market overall, while a longer-term trader may see that we are forming a very bearish pattern at the same time.

I think that the prudent trader will simply wait for some type of resistive candle to start selling the Australian dollar yet again.

Advice remains the same for today short on a downward momentum change near the top of this range, go long for an upward momentum change near the bottom.

My USD/CAD prediction worked out very well, as can be seen from the hourly chart over the past week. Twice the price rose into the resistance zone above 1.0420 then fell to hit the first profit target of 1.0375.

In fact, the UK economic data that was released very shortly after my analysis had a very bullish effect on this pair, which shot up about 140 pips in half an hour or so.

The XAU/USD pair scored a gain of 0.78% on a weekly basis as congressional testimony from Federal Reserve President Ben Bernanke, who said there was no predetermined pace of reductions in the asset purchases, eased the greenback’s safe-haven appeal.

Gold rallied at the open of the Asian session today, rocketing over 200 pips higher in the first hour to its current price of 1318.06 on what appears to be some dollar weakness as the USD/JPY also picked up about 100 pips from its close on Friday.