Forex Daily Forecast, Analysis and Prediction

Get the weekly forecast for the major Forex pairs for the week of August 11, 2014 here.

BTC/USD on the hourly charts has shown some momentum on the upside. It has resistance at $595 which is downward sloping trend line.

Gold prices rose for a second straight session on Thursday to settle at their highest level in thirteen days as the conditions in the marketplace increased desire for safe haven diversification.

After the volatility of last week, things settled back to much of July’s pattern, with BTC/USD on the hourly charts continued trading in a very narrow trading range as traders and investors still try to grapple with the future direction for the digital currency.

Gold gained ground against the American dollar during Wednesday's session as the prospect of Russian military aggression on Ukrainian territory bolstered the precious metal's safe haven appeal.

The WTI Crude Oil markets initially tried to rally during the session on Wednesday, testing the $98.00 level and finding a significant amount of resistance.

The EUR/USD pair fell during the bulk of the session on Wednesday, but as you can see we ended up finding a significant amount of support below the 1.3350 level, and bounce far enough to form a hammer.

The CAD/JPY pair initially fell during the course of the day on Wednesday, but as you can tell the 93.20 level offered enough support to turn things back around and form a nice-looking hammer.

Get the Forex signal for the GBP/USD pair for August 7, 2014 here.

Get the EUR/USD Forex signal for August 7, 2014 here.

Yesterday’s candle confirms that there is an intense battle going on between the bears and bulls. Increasing demand for the American dollar is putting a pressure on gold prices but recent weakness in the major stock markets and geopolitical concerns are limiting the down side.

The WTI Crude Oil markets fell during the course of the day on Tuesday, ultimately testing the $97.00 level for support yet again. We found the area supportive enough to form a hammer though, and as a result I think that a bounce is probably coming.

The EUR/USD pair fell during the bulk of the session on Tuesday, and even made a fresh, new low. Because of this, the market could continue lower, and aim for the next support level that I see being significant, the 1.33 handle.

The GBP/CHF pair rose during the session on Tuesday, testing the 1.5350 region. However, I see the 1.54 level as being where we really need to test in order to decide where we go next.

The NZD/JPY pair fell during the bulk of the session on Tuesday, testing the 86.80 region. However, as we have a New Zealand employment number announcement coming out during the session today, the fact that the New Zealand dollar would take a little bit of a break wouldn’t be that big of a surprise in my opinion.