Forex Daily Forecast, Analysis and Prediction

The XAU/USD pair scored a gain of 1.01% on Thursday as weakness in the American dollar continued to lure some investors back into the market.

The WTI Crude markets fell during the session on Thursday, but found the $96 level supportive as we had anticipated previously. That being the case, there's this market is going to find some support in this general vicinity, and should be noted that the candle for the Thursday session is in fact a hammer, one of my favorite bullish scenarios.

The EUR/USD pair rose during the session on Thursday, breaking above the 1.38 level for the first time in quite a while. The Euro continues to strengthen against the US dollar because of the Federal Reserve issues as far as tapering is concerned.

The NZD/USD pair fell during the session on Thursday, which is a bit ironic considering that the US dollar should be in trouble.

The USD/MXN pair rose during the session on Thursday, as the Mexican peso continues to weaken. For those of you that don't typically trade this currency, it should be noted that the Mexican peso is highly leveraged to the oil markets, as many of the rings in the Gulf of Mexico are actually Mexican owned.

The USD/CAD pair rose during the session on Thursday, finally smashing through the 1.04 handle, an area that I referenced as a trigger to start buying the US dollar over the Canadian dollar.

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Gold gave up some of its recent gains against the American dollar during yesterday's session as investors continued to take profit off the table. The XAU/USD pair had extended its gains and jumped to a three-week high on Tuesday after the bulls managed to break through the 1326 resistance level.

The WTI Crude Oil markets fell during the session on Wednesday, finding support at the $96 level. The resulting bounce formed a nice hammer for the day, and this of course is very supportive looking candle all of a sudden.

The USD/CAD pair rose during the session on Wednesday, slamming into the 1.04 handle. This area of course was resistive, as I had been talking about, and it is the area that we need to see a nice breaking of in order to start buying.

The NZD/USD pair fell hard during the session on Wednesday, proving the 0.85 level would be overly resistive as one would expect.

The EUR/GBP pair rose during the session on Wednesday, breaking above the 0.85 handle, an area that I've been talking about for some time now. By closing above the 0.85 handle, and now feel comfortable enough to start buying this pair on pullbacks, or simply a break above the highs for the session.

The GBP/JPY pair fell hard during the session on Wednesday, slamming into the 157 handle. However, we do get a little bit of a bounce but I still feel that this market is probably heading down towards the 155 level before it's all said and done.

This weekly chart shows that last week formed a strongly bullish candle, closing hard on its high.

The XAU/USD pair (Gold vs. the American dollar) produced a bullish candle as the American dollar lost strength across the board during yesterday's trading session.