Forex Daily Forecast, Analysis and Prediction

The GBP/USD pair shot higher during the course of the day on Wednesday, breaking above the 1.63 handle. I believe that a lot of this would’ve been due to potential “front running” the Scottish Independence Vote.

The S&P 500 had a slightly positive session initially during the day, testing the 2010 level. However, that area offered enough resistance to turn the S&P 500 back down, and as a result it appears that the “risk appetite” of the trading community faded out.

There has been speculation rising in the financial space that if Scotland does vote for its independence from the United Kingdom it might adopt for Bitcoin as its official currency.

Gold prices settled slightly higher yesterday, extending gains from Monday's session, as weakness in the American dollar lured some investors back to the market.

Check out the GBP/USD Forex signal for September 17, 2014

Check out the EUR/USD Forex signal for September 17, 2014 here.

The WTI Crude Oil markets rose fairly significantly during the session on Tuesday, breaking the top of the hammer from the Monday session, as well as the $93.00 level, an area that looks to be rather resistive.

The EUR/USD pair tried to break out during the day on Tuesday, but as you can see fell quite a bit of resistance at the 1.30 handle. That level of course has been resistive lately, and the fact that this market failed at that area and ended up turning this daily candle into a shooting star suggests that we are going to go lower.

The GBP/USD pair went back and forth during the course of the day on Tuesday, as we continue to wager on whether or not the Scottish vote for independence. The truth of the matter is that the momentum is starting to swing towards those who want to stay within the United Kingdom.

The USD/CAD pair fell significantly during the session on Tuesday, after initially trying to rally. The area above the 1.1050 level proved to be far too strong, and as a result we ended up selling off.

The S&P 500 as you can see on Tuesday broke much higher, clearing the 1990 level. The hammer that informed on Monday was a selling that we could see more buying pressure reenter the marketplace, and it must be said that it was formed right around the 1985 handle, an area that was once significant resistance.

The digital currency, which was one of the most favoured asset classes at the end of last year has encountered a lot of headwinds on the back of bankruptcy filings by exchanges like Mt. Gox and the shift of focus towards equities which have gained by more than 25 percent YTD.

The XAU/USD pair closed higher than opening, snapping five consecutive days of losses, as investors started the week by taking some of their recent profit off the table. A recent string of encouraging U.S. economic data has stoked speculations the Federal Reserve may act sooner to hike interest rates.

Check out the USD/JPY Forex signal for September 16, 2014 here.

Check out the GBP/USD Forex signal for September 16, 2014 here.