Forex Daily Forecast, Analysis and Prediction

Check out the Forex forecast for the major pairs here and plan your trading week accordingly.

Check out this weekly short signal from pro trader John Ursus, and find your profits in the Forex market now.

The EURUSD currency pair has launched a five week rally which caused it to settle into a very heavy resistance zone as indicated in the chart above. Get the signal here.

Over the past eight weeks this currency pair has tried to form a bottom as all negative economic events including an additional rate cut by the Reserve Bank of Australia have been priced in and while Chinese data points to stabilization.

During yesterday’s session, the XAU/USD pair (Gold vs. the American dollar) managed to hold above the 1360 level after HSBC reported that preliminary index of manufacturing activity advanced to 50.1 from 47.7.

I'm not overly impressed one way or the other but do recognize the fact that we have a market that can be traded back and forth.

I hate this type of market. It's based upon rumors, innuendo, and simple speculation.

According to Christopher Lewis analysis of the EUR/USD and GBP/USD, one trader profited on a binary options platform. See how here.

Momentum is strong so it is possible to trade pullbacks long.

This candle did not only close below yesterday's open, it also closed below yesterday's low, making it an outside bearish reversal.

The GBP/USD printed a daily Hammer, or Pin Bar off of previous highs set back in June when the pair topped out at 1.5751 and the Weekly R1 at 1.5717.

The WTI Crude Oil markets fell during the session on Wednesday, as the Federal Reserve released the minutes from the last meeting suggesting that more of the board members were in agreement with Mr. Bernanke than originally thought.

The XAU/USD pair closed lower than opening as the American dollar gained some strength across the board after the existing home sales data released from the United States came out better than expected and minutes from the Federal Open Market Committee’s July 30-31 meeting failed to reduce the risk of a September taper.

The EUR/USD pair fell during the session on Wednesday, as the Federal Reserve released minutes from the last meeting suggesting that many of the members were on board with Ben Bernanke’s timeline of quantitative easing being tapered off of.

I saw that this shooting star appeared just below the 1.5750 level, an area that I fully expect to see act as resistance.