Forex Daily Forecast, Analysis and Prediction

The USD/CAD pair fell during the session on Monday, as you can see breaking the low of the 1.04 handle. This area of course has been supportive in the past, so what I found interesting is that we not only managed to break down below it, but close towards the bottom of the candle.

The action has been very bullish this week, following Friday's bullish reversal bar at 1. We have exceeded the previous swing high at 1.5718 which may now be acting as support.

Gold prices (XAU/USD) settled lower yesterday on easing Syrian tensions and speculations the Federal Reserve will adjust the pace of monthly asset purchases based on improvement in the economic outlook (currently the Fed purchases longer-term treasury securities at a pace of $45 billion per month and mortgage-backed securities at a pace of $40 billion per month).

The WTI Oil markets fell during the session on Tuesday as you can see, but the market bounced just above the $106 level in order to show support in the area. The market is consolidating just below, and as a result I find it very difficult to sell in this general vicinity.

The EUR/USD pair rose during the session on Monday, breaking well above the 1.32 handle as we reenter the previous consolidation area. This previous consolidation area runs from the 1.32 area on the bottom to the 1.34 area on the top.

The GBP/USD pair rose during the session on Tuesday, slamming into the 1.5750 level. This area has been rather resistive in the past, so I believe that this market will struggle to get above it. However, this is a nice area to watch as it is an inflection point, and that means that we will certainly see some type of decision made.

The AUD/USD pair rose during the session on Tuesday, slamming into the 0.93 handle again. However, this area has been rather resistive lately, so it'll be interesting to see how this market reacts.

Check out the signal for the AUD/USD pair here.

According to the analysis of the USD/JPY pair trader profited on a binary options platform. See how here.

Last week was a strong bullish reversal candle, and this week we have already broken the high of the bearish reversal candle of three weeks ago at 0.9233.

The week before last was a bearish reversal candle. This was then followed by a bearish week last week, but there was a bullish bounce from support at 1.31 which has continued to date.

The XAU/USD pair continues to bounce in a tight range since yesterday as the market has no idea where to go. The demand for safe-haven gold decreased after President Barack Obama said he isn’t confident that Congress will authorize military strikes against Syria.

A look at the technical indicators for USD/JPY without the distraction of fundamentals and macro will paint an interesting picture that is certainly worth looking at.

Check out the weekly Forex signal for the EUR/GBP pair here.

Last Tuesday, the price reached within 10 pips of the previous week's high after the bullish momentum had begun to stall, ultimately forming a bearish reversal candle. It had a long lower wick, but it was still a reversal and therefore adequate for a short which would be nicely profitable by now.