Forex Daily Forecast, Analysis and Prediction

Most of the YEN crosses have been trading in a relatively tight range the past few days, but the GBP/JPY has printed 2 daily candles in a row that show the open/close prices very close together and long wicks on both ends.

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The XAU/USD pair had another bearish weekly candle as investors continued to price in the Fed’s possible reduction in its asset purchase program in coming months. On Wednesday, the Federal Reserve confirmed that it is leaning towards tapering the pace of its massive stimulus measures.

The WTI Crude Oil markets fell again during the session on Friday, to continue the selloff that we have seen over the last three sessions. The main culprit of course is the US dollar and the Federal Reserve, as the Federal Reserve has suggested that they are going to taper off of quantitative easing over the next several months, and possibly be completely out of that game by the middle of next year.

The EUR/USD pair fell during the session on Friday again, plunging below the 1.32 handle. As you can see on the chart, I have a red trend line drawn that: signs with significant pressure to the downside on the weekly chart.

The GBP/USD pair fell during the session on Friday, which of course is very interesting considering we managed to not only fall, but we managed to break below the bottom of the Thursday hammer.

The USD/CAD pair had a very strong showing on Friday, especially when you consider how strong it's been over the last couple of sessions. The fact that we barely pullback, to me shows quite a bit of strength.

The EUR/CAD closed Friday off as a Pin Bar Reversal at an area of previous highs & lows, 1.3775. The zone has been a turning point in the past, so will the pair turn bearish at this level again?

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The XAU/USD pair continued to sink and touched the lowest since September 19, 2010. Breaking below the April 16 low of 1321.52 triggered a sell-off which the Fed announcement on Wednesday had prepared the ground.

The WTI Crude Oil markets absolutely cratered during the Thursday session as the market opened with a massive gap lower, and Falling. All commodities around the world got whacked, and of course oil was going to be no different.

The EUR/USD pair fell like everything else. Measured in US dollars during the session on Thursday. However, we did see a bit of support near the 1.32 handle, causing a bit of a bounce by the end of the session.

USD/JPY rose during the session on Thursday, as the US dollar did fairly well against all currencies it seems. However, you can see that once the market plowed into the 98 handle, it found significant resistance and the market pushed back.

The GBP/USD pair fell during the session on Thursday, but as you can see found support down near the 1.54 level, and bounced enough to close back above the 1.55 handle, this resulting hammer of course is a very significant sign of bullishness, as it shows how much support there really is below this area.

The XAU/USD pair (Gold vs. the American dollar) fell precipitously after Federal Reserve President Ben Bernanke said the central bank could reduce its asset purchases this year and end it in 2014 if the employment outlook shows sustainable improvement.