Forex Daily Forecast, Analysis and Prediction

The USD/INR pair had a very weak session during Monday, pressuring the trend line that has been supporting the US dollar versus the Indian rupee, as we continue to see the US dollar favored in general.

The USD/CAD pair initially rallied during the course of the day on Monday, as the US dollar continued to show strength against its Canadian counterpart.

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Gold prices rose 2.6% over the course of the week as the U.S. Federal Reserve's dovish stance and steep falls in stock markets on either side of the Atlantic buoyed the precious metal's appeal.

BTC/USD continued to trade in a narrow range, forming a strong support zone at $350 levels but maintaining resistance at the upper end of $385.

Get the USD/JPY Forex signal for October 13, 2014 here.

Get the GBP/USD Forex signal for October 13, 2014 here.

Get the EUR/USD Forex signal for October 13, 2014 here.

The EUR/GBP pair tried to rally during the course of the session on Friday, but as you can see it continues to respect the 0.7875 level as resistance. Because of this resistance, the market turned back around and fell all the way down to the 0.7850 level.

Looking at the NZD/USD pair, you can see that we did in fact drop a bit during the session on Friday, but it appears that we are forming a possible bearish flag.

The USD/CAD pair went back and forth during the course of the session on Friday, testing the 1.12 level for resistance. It did in fact hold, but I feel it’s only a matter of time before we do break out to the upside.

The USD/JPY pair has had a fairly rough week, and Friday continued the softening of the market. We tried to rally, but as you can see failed and ended up forming a shooting star.

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Get the weekly Forex forecast for some of the major currency pairs for October 12, 2014 here.

The XAU/USD pair rose for a fourth day this week as Federal Reserve's concerns over a global economic slowdown stoked speculations that interest rates will remain low until the fourth quarter of 2015.