Forex Daily Forecast, Analysis and Prediction

Check out the EUR/USD Forex signal for November 13, 2014 here.

Gold prices closed lower on Wednesday, giving back a portion of the previous day’s gains, as the greenback edged higher. The XAU/USD pair is currently trading at $1158.30 an ounce but the trading range is narrowing.

The EUR/USD pair continues to fail out the 1.25 level, and the Wednesday session of course was no different. With that being the case, the market looks as if it’s ready to continue falling, as the market is most certainly in a fairly negative downtrend.

The USD/CAD pair fell during the course of the session on Wednesday, but found enough support at the 1.13 level to turn things back around and form a little bit of a hammer.

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The EUR/USD pair tried to rally during the course of the day on Tuesday, and although we did keep some of the gains, the most telling thing about this candle in my opinion is the fact that we struggled so hard at the 1.25 handle.

The USD/JPY pair broke higher during the session on Tuesday, finally breaking out to the next move higher. Now that we have cleared this area, it’s very likely that we will continue to go much higher, although it will be choppy from time to time.

The AUD/SGD pair rose drastically during the session on Tuesday, as the market continues to show signs of consolidation. The fact that we had a nice impulsive candle to the upside of course is a strong sign, but at the end of the day we see quite a bit of resistance at the 1.13 level.

The EUR/JPY pair broke higher during the session on Tuesday, heading towards the 145 handle. Because of that, it looks as if the market is trying to break out to the upside, but I also recognize that there is quite a bit of consolidation in this general vicinity.

The USD/CAD pair fell during the bulk of the session on Tuesday, but the 1.13 level continues offer a little bit of support. I think that this market continues to go higher, and even if we drop below here, I would anticipate that the 1.12 level should offer support as well.

Check out the USD/JPY Forex signal for November 12, 2014 here.

Check out the GBP/USD signal for November 12, 2014 here.

Get the EUR/USD Forex signal for November 12, 2014 here.

The XAU/USD pair had a positive day as weakness in the American dollar increased investors' appetite for gold.