Forex Daily Forecast, Analysis and Prediction

The EUR USD pair has been trapped in a relatively sizable range for several weeks now, and going into the month of January I do not expect to see a whole lot of change to that pattern.

The AUD/JPY pair seems to be finding quite a bit of support right around the 92 handle. This is interesting considering how poorly the Australian dollar has performed recently, socially against the US dollar.

The USD/JPY pair has been going higher for a couple of months now. While a pullback certainly could happen, I believe that this pullback would simply be an opportunity to start buying again.

The GBP/USD pair has been very bullish over the last six months or so. That being said, as we approach the 1.65 region, the pair has lost quite a bit of momentum.

The AUD/USD pair has been falling drastically for the last two months, and as a result it takes a certain amount of wherewithal to start buying it in this general vicinity.

Gold prices declined yesterday but remained within the last two days of trading range as end of year holiday effects started to be felt. Although prices are under pressure after Fed's taper decision, we may not see any true momentum while the market volume is decreasing.

The WTI Crude Oil markets fell during the session on Monday, pulling back from the $99.50 handle. Ultimately, I see a lot of support just below current levels, and therefore I’m not willing to start selling into this move.

The EUR/USD pair rose during the session on Monday, but as you can see gave back about half of the gains by the time the market closed. The 1.37 level has offered a bit of resistance, but quite frankly I think it has more to do with the fact that we are getting to close the Christmas than any type of significant resistance that’s going to keep the market from doing what it wants to.

The AUD/USD pair tried to rally during the session on Monday, but gave back quite a bit of the gains by the end of the session. That being the case, we ended up forming a shooting star, and I believe that this market is ready to pull back again.

The CAD/JPY pair rose during the session on Monday, breaking above the 98 handle. Now it looks as if this market has broken out to the upside, and this could be one of the first Yen related pairs to break out to the upside again.

The USD/JPY pair fell during the beginning of the session on Monday, but as you can see the 104 level has offered enough support to form a hammer. This hammer is the second hammer that we have seen in the last three sessions, and as a result it looks like the market is trying to find support in this general vicinity overall, and I do believe that we are going higher given enough time.

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The EURUSD fell sharp last week, reaching the 1.3624 support level after failing to breach the 1.3810 resistance level.

Check out the signal for the USD/JPY pair here.

Check out the signal for the EUR/USD pair here.