Forex Daily Forecast, Analysis and Prediction

Get the Forex forecast learning about quant vs chart reading for the week of December 28, 2014 here.

Get the Forex forecast for the end of December 2014 here.

The GBP/AUD pair broke higher during the course of the month of December, clearing the 1.90 level with significance. That being the case, it appears that the pair is ready to continue going higher as we have recently broken out of significant consolidation.

The USD/CAD pair has had a nice run over the last couple of years to the upside. I think this will continue find I believe that the 1.18 level will be extraordinarily resistive based upon previous action in both 2008, and 2006.

The GBP/USD pair has had a very negative run for a couple of months now, and as a result I believe that the bearish pressure will continue. As I write this article, the 1.55 level is being tested for support, and it could very well offer a significant amount of buying pressure.

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.