Forex Daily Forecast, Analysis and Prediction

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The XAU/USD pair had a slightly positive session but as we can see uncertainty over when the Federal Reserve would start winding down its $85 billion monthly bond purchases continues to affect the market sentiment.

The WTI Crude Oil markets have a positive session on Monday, breaking above the $97.50 level for the close. As a matter of fact, we went as high as $98, but stopped abruptly and turned back around as the area showed itself to be far too resistive.

The USD/JPY pair fell during the majority of the session on Monday, but as you can see formed enough support in order to bounce high enough and form a nice-looking hammer. This hammer is focused on the 103 level, which of course is a large, round, psychologically significant number.

The EUR/USD pair try to rally during the session on Monday, but as you can see the 1.38 level has offered resistance yet again.

The USD/CAD pair spent the majority of the session on Monday following, but bounced hard enough to form a hammer. This hammer is just below the 1.06 handle, so therefore it has the look of a market that is trying to find the bottom of the recent consolidation area.

The EUR/JPY pair fell during the bulk of the session on Monday, but bounced hard enough off of the 141 level in order to form a hammer. This hammer signifies what I have suspected all along, that the uptrend is about to continue in this pair.

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The EUR has gained strength for the fifth consecutive week reaching 1.3811, an all time high in the last 6 weeks. The pair ended the week with a slight decline; closing at 1.3736.

The XAU/USD pair ended the week higher after the Friday's slightly bullish price action. The pair had tried to rally on Tuesday but heavy resistance around the 1268 level stopped the bulls' advance.

The WTI Crude Oil markets fell during the majority of the session on Friday, challenging the $96.40 level. I still believe that this market goes higher eventually, but the $95.50 level will offer as a magnet to price, and a supportive area.

The EUR/USD pair fell during the bulk of the Friday session, but as you can see we bounced off of the 1.37 level, showing that there is in fact an underlying bid to this market. That being said, I think that this market could still drift a little lower, simply based upon the weekly chart, which of course formed a shooting star.