Forex Daily Forecast, Analysis and Prediction

The USD/JPY pair fell during most of the session on Wednesday, as the Yen continued to gain overall. However, by the end of the session we bounced enough to form a hammer like candle.

The GBP/USD pair went back and forth during the Wednesday session for the third day in a row. We currently been bouncing on the 1.58 handle, and as a result the area looks like its trying offer a significant amount of support.

Yesterday the EUR/CAD rocketed upwards over 100 pips after the Bank of Canada left the interest rate unchanged. The EUR/CAD has been steadily marching higher since establishing an all time low in August at 1.2129.

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The XAU/USD pair managed to stay above the 1685 level as easing concerns over the global growth continued to attract buyers. Also the recent weakness in the American dollar has been providing support for safe-haven gold.

The EUR/USD pair went back and forth during the session on Tuesday, essentially doing nothing but testing the bounds of the recent consolidation area. Because of this, this is a micromanaged pair at best, and scalpers will do quite well while the rest of the simply wait on the sidelines.

The GBP/USD pair went back and forth during the session on Tuesday, much like the Euro did against the US dollar. However, this pair is sitting on a much more significant support level than the EUR/USD, so it's actually a little bit more interesting to me at this moment.

The AUD/USD pair had a strong showing on Tuesday as the market plowed higher. However, we run into quite a bit of resistance of the 1.0580 level, and as we have seen over the last couple of weeks, the Australian dollar simply isn't strong enough to chew through that area yet. However, I do believe in sooner or later this happens.

The NZD/USD aka Kiwi climbed over 70 pips from open yesterday after the BOJ doubled its inflation target to 2 percent and adopted an open-ended commitment to buy assets starting 2014.

Gold prices ended slightly higher although trading activity was subdued with the financial markets in the United States closed for a public holiday. Today the gold market remains steady during the Asian session as most investors are waiting for the outcome of the Bank of Japan policy meeting.

The EUR/USD pair did almost nothing during the Monday session, as would be expected as the United States was celebrating Martin Luther King Jr.'s birthday. Because of this, the markets are very illiquid, and we saw almost nothing out of Forex markets during North American hours.

The GBP/USD pair fell again during the Monday session, but as you can see by the daily chart found quite a bit of support at 1.58 level. This is an area that I had suspected could cause a bit of a bounce, and so far it looks like my assumptions are holding somewhat true.

The AUD/USD pair had a slightly positive day on Monday, as the 1.05 level offered support yet again. I firmly believe that this area is the beginning of a significant base, and we are going to eventually see this pair break above the 1.06 level.

The USD/CAD, otherwise known as the good old 'Loonie' to us Canuck's has pierced a descending trend-line at 0.9932 2 days in a row with yesterday's low volume market printing a Bullish Inside Bar.