Forex Daily Forecast, Analysis and Prediction

The XAU/USD pair (Gold vs. the American Dollar) closed lower than opening for a second consecutive day as gains in U.S. equities helped draw investors away from the precious metal.

The WTI Crude Oil markets initially gapped lower at the open on Wednesday, but as you can see found support at the $102 level in order to turn things back around and form a massively bullish candle.

The EUR/USD pair continued its negative tone during the session on Wednesday after we had broken below the 1.35 level on Tuesday. With that being the case, the market looks like it’s ready to continue going lower, but with the tight range that we had seen during the Wednesday session, a bounce is certainly possible.

The EUR/HUF market is one that very few of you will play. However, that is not to say that it is not viable. In fact, I really like this pair as far as exotic markets are concerned, simply because it is a reflection on risk appetite more than anything else.

The US Dollar Index initially fell during the session on Wednesday, testing the 80.70 level for support. We did in fact see buyers come back into the market in that general vicinity, and as a result I believe that the US dollar will continue to climb and value overall.

The AUD/CAD pair initially broke higher during the day on Wednesday, but as you can see struggled at the 1.0150 level. The market broke down from there, but as you can see we still see the 1.01 level as an area of interest for the marketplace, as it was previously resistive.

BTC/USD continues once again to trade in a narrow range with the resistance level set at $621.17 and strong support being found at $611.

The WTI Crude Oil markets fell during the session on Tuesday, rather significantly to test the $102.00 handle.

The EUR/USD pair fell hard during the session on Tuesday, finally breaking below the 1.35 support region. With that, I feel that the Euro will continue to weaken and as a result I shorted it during the day.

The EUR/CAD pair broke down during the session on Tuesday, as the Euro was sold off against just about everything. The chart attached to this article is still down, and that’s done on purpose.

The EUR/JPY pair initially tried to rally during the day on Tuesday, but as you can see the 137.50 level offered a bit too much in the way resistance and turn the market back around.

The GBP/USD pair had a back-and-forth session on Tuesday, ultimately settling on something along the lines of a hammer. This hammer sits at roughly the 1.7050 level, which I see is the beginning of support extending all the way down to the 1.6950 region, with of course the 1.70 level as the focal point.

Gold prices declined for the second time in three days as concerns surrounding Ukraine and Russia eased and stocks extend their gains.

Bitcoin continues to trade in a rangebound manner with no immediate signs of a breakout as yet. It seems that the bulls and the bears are in no mood to flex their muscles to get it their way and are rather just waiting for the other party to tire out.

The WTI Crude Oil markets rose during the course of the session on Monday, testing the $104.60 level. We closed at the very top of the range, which tells me that this market is still very bullish, and I believe that this market will make a serious attempt to break above the $105 level.