Forex Daily Forecast, Analysis and Prediction

The XAU/USD pair extended its gains after a volatile session as the bulls manage to clear the first important resistance at the 1347 level which had been a cap on the prices since July 23.

There are three hammer like candles before the shooting star and that normally means consolidation at best.

The EUR/USD pair got a boost during the session on Thursday as US numbers came in weaker than anticipated.

The shooting star of course is a negative sign, and although I am longer-term positive this market, it does tend to make me a bit nervous when I see candles shaped like this.

Going forward, I expect the Euro to do better than the Pound, simply because the Europeans have just exited a recession.

The USD/CAD chart shows that for close to a year now an upward trend has held, with two bullish trendlines and three bullish reversal candles (highlighted in blue) that were all broken to the upside by the next candle.

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The level of 1.3245 held as it was the low of the bullish reversal a few days ago, however this level held quite weakly.

The XAU/USD pair ended yesterday's session higher than opening as the conditions in the marketplace have increased the precious metal’s safe-haven appeal.

It looks like were going higher sooner or later.

The NZD/USD pair rose during the session on Wednesday, breaking the top of the hammer from the Tuesday session, which is typically a nice buy signal.

The USD/JPY pair did very little during the session on Wednesday, but it did try to break above the 98 handle and failed.

The EUR/USD pair did very little during the session on Wednesday, as we continue to hover above the 1.32 support level.

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