Forex Daily Forecast, Analysis and Prediction

The actual price action over the last week is very inconclusive, there is really nothing to say about these daily candles except there is some support at around 97.00 and some resistance at around 98.00.

Yesterday we finally did get a strong close above the trend line.

Gold prices ended yesterday's session higher after bouncing off of the 1352.37 level which converges with the Kijun-sen line (twenty six-day moving average, green line) on the 4-hour time frame.

The WTI Crude Oil markets fell rather significantly during the session on Tuesday, parking just above the $105 level.

This pair is highly leveraged to what's going on in Asia so we will have to watch numbers out of China as well as other countries in the region such as Japan and Indonesia.

The EUR/USD pair rose during the session on Tuesday, breaking above the 1.34 level, an area that I've been calling for in order to start buying.

The EUR/CHF pair has been essentially broken for ages.

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Governor Wheeler spoke his piece earlier today and as a result the Kiwi dropped like a brick from a 3rd floor window.

Gold lost some ground against the American dollar yesterday as investors took a cautious stance and liquidated some of their positions prior to the release of the Federal Open Market Committee meeting minutes.

The $108 level continues to be resistance, and quite frankly I feel that this resistance area probably runs all the way up to the $110 handle.

I do see this is a market that is very negative at the moment, and any chance that the Federal Reserve is going to taper off of quantitative easing will absolutely crush this pair.

This shooting star of course is a negative sign, but I'm not necessarily looking for any type of meltdown anytime soon.

The NZD/CHF pair is one that I talk about often, but what I do love about this pair is that it shows the risk tolerance of traders in general.

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