Forex Daily Forecast, Analysis and Prediction

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

Check out the weekly forecast for some of the major Forex pairs for the week of September 21, 2014 here.

The XAU/USD pair initially fell to its lowest level in eight months during yesterday's session but erased losses and ended the day slightly higher after a series of economic data released from the United States came out weaker than forecasts.

The EUR/USD pair bounced a bit during the session on Thursday, showing the 1.2850 level to be somewhat supportive. We basically have retraced about 60% of the losses from the session on Wednesday, leading me to believe that the market is simply consolidating.

The USD/JPY pair tried to go higher during the course of the day on Thursday, as the 109 level has offered far too much in the way of resistance, making this market slowdown a little bit.

The GBP/USD pair broke higher during the course of the day on Thursday, and even broke above the top of the shooting star from the Wednesday session. With that being the case, it appears that a lot of traders are trying to “front run” the Scottish Independence Vote.

The AUD/USD pair went back and forth during the course of the day on Thursday, as we have broken down below the 0.90 handle. However, there is a significant amount of noise only down to the 0.89 handle, so we haven’t truly broken free of the support that the market has been fighting with.

Whilst BTC/USD continues to trade in a narrow range, Bitcoin exchange start-up CoinJar announced that it would be trying to bridge the gap between the digital currency and the traditional methods of making payments by introducing smart cards which would allow users to make the payment in Australian dollars backed by the digital currency.

Check out the Forex signal for September 18, 2014 here.

Check out the EUR/USD Forex signal for September 18, 2014 here.

Check out the GBP/USD Forex signal for September 18, 2014 here.

The XAU/USD pair (Gold vs. the American dollar) closed yesterday's session with a loss as the American dollar gained some strength across the board.

The WTI Crude Oil market fell slightly during the session on Wednesday, pulling back from the $95.00 level, an area where you would expect to see a significant amount of resistance.

The EUR/USD pair fell hard during the session on Wednesday after initially trying to rally, after the Federal Reserve announced that they were continuing the cutting off of quantitative easing.

The USD/JPY pair shot much higher during the course of the day on Wednesday after the Federal Reserve announced its intention to cut back on quantitative easing even further, and now looks diametrically opposed to the Bank of Japan, and the continuing interest-rate differential should continue to widen.