Forex Daily Forecast, Analysis and Prediction

The USD/JPY pair has been very parabolic over the last several months, going all the way back to the beginning part of 2012.

Gold has been on the back foot since the bears defeated the bulls on the 1235/40 battlefield.

The EUR/USD pair rose during the course of the day on Wednesday, but as you can see struggled above the 1.22 handle, and ended up falling to form a shooting star. The shooting star of course suggests that the sellers are going to come back in and push this market lower.

The USD/NOK pair formed a shooting star during the session on Wednesday after initially trying to break out above the 7.45 handle. The fact that we formed a shooting star does suggest that weakness is coming into the marketplace, but I think if we pullback that is a good thing.

The USD/JPY pair rallied slightly during the session on Wednesday, as we stay above the 120 handle. With that being the case, it appears of the buyers are still in control, it makes complete sense as we have now spent 48 hours above the aforementioned 120 handle.

The USD/CAD pair initially fell during the session on Wednesday, but as you can see fell support at the 1.16 region to turn things back around and form a hammer.

The EUR/GBP pair initially tried to rally during the session on Wednesday, but as you can see fell and formed a shooting star for the second day in a row.

Get the 2015 Q1 forecast for the EUR/USD pair here.

The EUR/USD pair fell during the course of the day on Tuesday as we broke below the 1.22 handle. This market looks as if it’s ready to continue to go lower and as a result I am a seller.

The USD/JPY pair rallied during the session on Tuesday, breaking well above the 120 level but as you can see we gave back about half of the gains and formed a shooting star.

The GBP/NZD pair fell during the bulk of the session on Tuesday, but as you can see found plenty of support at the 2.00000 handle. With that being the case, the market looks as if the buyers are stepping in and that the “2” level is in fact one that the buyers are willing to support.

The EUR/JPY pair fell back during the session on Tuesday, but quite frankly we are still well within the consolidation area and therefore I don’t look into this too much.

The AUD/JPY pair went back and forth during the session on Tuesday, testing the 97.50 level. This is an area that I see somewhat significant support act, and now that we have formed a large range for the Tuesday session, I think that a break above the highs for the day should send this pair higher.

Gold prices ended Tuesday nearly unchanged, taking a breather after dropping 1.5% the day before yesterday, as the uncertainty in the market and lack of volume caused prices to remain subdued.

Here are the updates to trades we recommended in November 2014 as well as updates on the two open positions from previous months.