Forex Daily Forecast, Analysis and Prediction

The WTI Crude Oil markets rose during the session on Thursday, breaking above the $98 level. With that, we have finally broken out above the level that I thought would be the biggest problem in the near term.

The EUR/USD pair fell rather hard during the session on Thursday, testing the 1.3550 level.

The USD/CAD pair fell slightly during the session on Thursday, showing signs of weakness.

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This pair seems caught in a long-term consolidation and enjoys only limited price movement, the current signs are that this is likely to continue during February, but a lot will depend upon how this current week closes.

This pair is established in a long-term uptrend which is beginning to show some signs of weakening. Despite this, it seems likely to continue upwards during February, especially if January closes above 1.6450.

This cross has been established in a strong long-term uptrend since the summer of 2012, and has been rising strongly in its recent leg to reach a five-year high, but it is beginning to show signs of weakening or at least slowing.

This pair has been established in a strong long-term uptrend since the summer of 2012, and has been rising strongly in its recent leg to reach long-term new highs, but it is beginning to show signs of weakening or at least slowing.

The EUR/USD pair fell during the month of January, but you can see still remains locked in a fairly tight range. Essentially, with the exception of a little bit of a breakdown during the illiquid month of December, this market has been stuck between 1.35 and 1.38 for the last four months.

The USD/CAD pair had a very strong month in January. In fact, breaking above the 1.10 level for me was a relatively significant event.

The GBP/USD pair initially fell during the month of January, but as you can see spent quite a bit of time trying to gain support. It appears that the 1.65 level now offers enough support to become a potential buying zone, as the monthly candle is starting to turn into a hammer.

The NZD/USD pair broke higher during the beginning part of the month of January, but as you can see fell short at the 0.84 level. The market is currently sitting above the 0.8150 level, which is significant support.

Into the end of 2013, financial markets were broadly influenced by widespread weakness in the US Dollar. A significant portion of these Dollar declines were driven by changing central bank expectations as the US Federal Reserve delayed its plans to start making monthly reductions in quantitative easing stimulus.

The XAU/USD pair (Gold vs. the American dollar) scored a gain of 0.84% on increasing demand for protection against the trouble in emerging markets. The pair traded as high as 1270.05 even after the Federal Reserve announced that it will trim monthly purchases by another $10 billion to $65 billion.

The WTI Crude Oil markets initially fell during the session on Wednesday, but as the market progress through the session, we saw enough buyers step in to form a hammer. With that, it suggests that the market is in fact going to try to go higher, and on a break above the $98 level I see no reason why it won’t.