Forex Daily Forecast, Analysis and Prediction

The EUR/GBP pair fell during the bulk of the session on Wednesday, but as you can see the market bounced hard enough to form a pretty impressive looking hammer.

The CAD/JPY pair initially fell during the session on Wednesday, but as you can see really took off to the upside later in the day. Because of that, I feel that this market is ready to go higher, especially when you look at the Yen in general right now.

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The price has risen quite steadily, and has not fallen below 0.9388. We can say that 0.9408 held as support and that this did correctly indicate a more bullish bias, as the price rose strongly after the level had been tested several times.

The bearish bias, so far, has not been justified. However, the jury is still out for any long-term traders short at 1.5915 with a stop loss above 1.6119.

The XAU/USD pair halted its decline at the 1253 support level after five consecutive days of losses. The pair turned north after Fitch Ratings announced that it put the world’s largest economy on watch for a possible credit downgrade.

The WTI Crude Oil markets fell during the session on Tuesday, slamming into the $101 level. This is an area that I have talked about previously as being rather supportive, and I think that it is more of a “thick zone”, and that it extends all the way down to the $99 level as well.

The EUR/USD pair spent most of the day on Tuesday falling, but as you can see found enough support just below the 1.35 handle in order to bounce and form a fairly nice looking hammer. This hammer of course signifies that we could see buyers stepping into the market, and it would make sense as we are towards the bottom of the consolidation area that we had recently been trading in.

The CHF/JPY pair fell during the session on Tuesday, plunging below the 107.50 level. This level was the site of a significant breakout early in September, and as a result we have returned and it looks like the market is trying to decide whether or not the area could be supportive.

The GBP/USD pair went back and forth during the session on Tuesday, slamming into the 1.60 handle but finding it to be far too resistive. On the other hand, the 1.5950 level offered support as well, and because of that we formed a nice looking hammer by the end of the day.

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Signs of progress in resolving the U.S. budget crisis increased demand for the American dollar and lured investors away from the precious metal. There are rumors that Democrats and Republicans were nearing a deal to end a partial government shutdown and suspend the debt ceiling through February 2014.

The WTI Crude Oil market continues to meander right around the $102 level, and finding the $101 level be supportive still. The area has been rather resilient, and as a result I believe that the markets will continue to find a reason to bounce from this area.

The EUR/USD pair rose during the session on Monday, but as you can see failed to hang onto any gains. In fact, it formed what could be considered to be a perfect shooting star, in this signifies that we could perhaps pullback at this point.

The GBP/USD pair tried to rally during the session on Monday, but as you can see found far too much resistance at the 1.60 level in order to stay above it. The resulting candle is a shooting star, and that is a negative turn of events obviously.