Forex Daily Forecast, Analysis and Prediction

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.

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Get the NZD/USD weekly Forex signal for August 5, 2014 here.

BTC/USD on the hourly charts has been trading in a very narrow trading range forming a triangle. Prices have been unable to break above or below the support and resistance zones.

The XAU/USD pair (Gold vs. the American dollar) closed yesterday's session with a loss but remained within the last two days of trading range. Currently the pair is trading at $1288.58 an ounce and prices are steady during the Asian session today.

The EUR/USD pair initially fell during the course of the day on Monday, but as you can see the area below the 1.34 level offered enough support to turn things back around and form a hammer.

The NZD/USD pair initially fell during the course of the day on Monday, but as you can see the 0.85 level data in fact offer a bit of support.

Bitcoin looks set to mark the third consecutive weekly loss. During the course of the week, the digital currency took support from the fundamental and technical support region of 540-550 and bounced from the oversold level of 555.90 to a high of 607.20.

The Euro got a bit of a reprieve on Friday after a somewhat disappointing nonfarm payrolls number out of United States. During the month of July, the United States added about 25,000 less jobs than anticipated, therefore the US dollar sold off a little bit.