Forex Daily Forecast, Analysis and Prediction

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Check out what's in store for some of the major Forex pairs this week and plan accordingly.

The USD/CAD pair rose during the session on Thursday, as you can see, breaking above the 1.05 handle. This course is somewhat significant, as it is the top of the recent consolidation range, but I do believe that we need to break the top of the Thursday range in order to show significant pressure to the upside that is sustainable.

The NZD/USD pair fell during the session on Thursday, but as you can see found enough support just around the 0.82 handle in order to bounce and form a hammer like candle. As a reasonably looking supportive candle and as a result I think that this market will continue to consolidate between the 0.82 level, and the 0.84 level.

The USD/JPY pair shot straight up during the session on Thursday, breaking well above the 100.50 resistance level. The fact that we have formed a couple of hammers previously, and then broke higher suggests to me that this is an impulsive move in one that we should see continued strength in.

The EUR/USD pair fell initially during the session on Thursday, but as you can see bounced hard enough to challenge the 1.35 handle again.

The West Texas Intermediate market rose during the session on Thursday, plowing into the $95.50 level as you can see, which has significant and the fact that it is the top of the recent consolidation area that we've been monitoring.

Gold prices continued to slide yesterday and fell to the lowest since July 9 as the conditions in the marketplace have dulled the precious metal’s safe-haven appeal. The XAU/USD pair has seen quite a selloff lately and so far there is no sign of exhaustion.

The USD/CAD pair went back and forth during the session on Wednesday, but as you can see is closing the day slightly negative.

The GBP/CHF pair rose during the session on Wednesday, testing the 1.48 level yet again. This level has offered resistance lately, but in the end, I believe it will eventually be overcome.

The EUR/CAD pair fell hard during the session on Wednesday as it was announced that the European Central Bank could possibly do miniature rate cuts in order to boost the sagging European economy.

The EUR/USD pair fell hard during the session on Wednesday, slicing through the 1.35 handle as comments out of the European Central Bank suggested that a miniature rate cut could happen if the economy so warranted it.

The WTI Crude Oil markets initially fell during the session on Wednesday, but bounced back in order to find enough support to form a hammer. This hammer just continues the long line candles that show.

The XAU/USD pair (Gold vs. the American dollar) broke below the 1268 support level printed another bearish candle yesterday.

Last week printed a bullish inside candle. Note though that it was unable to close above the 50% Fibonacci retracement level at around 1.3500, and that this week's break upwards through the level has reversed strongly, with this week's candle currently showing a bearish pin bar rejecting that level.