Forex Daily Forecast, Analysis and Prediction

The GBP/USD, had a relatively good week last week and managed to hold its position above 1.5300 with some consolidation, and after testing 1.5260 one last time on Thursday, is now poised to continue higher.

Gold prices ended yesterday's session higher after the mixed data out of the world's largest economy reinforced expectations that the Federal Reserve will not stop its aggressive asset purchases in the near future.

The WTI Crude Oil market fell during the session on Thursday, poking below the $105 level, and bouncing off of the $104 level.

The NZD/USD pair skyrocketed during the session on Thursday, breaking the top of the Wednesday hammer that was placed at the 0.80 handle.

The USD/JPY pair fell during the session on Thursday, falling below the 100 level yet again.

The EUR/USD pair rose during the session on Thursday, breaking above the top of the shooting star that we saw printed on Wednesday.

If you followed the previous forecasts you shorted the 96-97 range and exited in the 93-94. I flagged this the 94-96 range between to be avoid until a clear break through develops above or below.

Last week I predicted that 98.50 and 101.49 were the key levels to watch out for. Since then, neither of these have been tested, with the price ranging well within these limits. I also said that the short term trend looked weakly bullish.

The price then continued upwards to a high of 1.5390 before falling again, bouncing this morning at what seems to have become a support zone.

The EUR/AUD pair has been climbing since the end of March/early April of this year when the Australian Dollar began to weaken and began its bearish trend.

The XAU/USD pair (Gold vs. the American dollar) settled lower yesterday, pulling back after sizable gains in the previous sessions, as better-than-estimated U.S. new home sales and manufacturing PMI data increased demand for the greenback ahead of today’s durable goods orders and unemployment claims reports.

The oil markets are priced in US dollars, and this is exactly why the two markets typically run in an inverse fashion.

The USD/CAD pair rose slightly during the session on Wednesday, bouncing off of the area just below the 1.03 handle.

This shooting star isn't necessarily something that I think leads to a massive selloff, rather it simply shows the slowing down of this market, and the fact that the buyers are starting to run out of steam.

The EUR/JPY pair rose during the session on Wednesday, and broke above the 132 handle again.