Forex Daily Forecast, Analysis and Prediction

The EUR/USD pair fell hard during the session on Thursday, breaking well below the 1.30 handle again.

With the Bank of Japan continuing its quantitative easing program, it's almost impossible to imagine a Yen that continues to gain in value overall.

The USD/CAD pair had a pretty volatile session on Thursday, but you have to keep in mind that the pair is mainly traded between American and Canadian traders at best, so obviously most of the volume is done in North America.

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USD/JPY has been one of the most stable major pairs in recent years, until it exploded upwards last October, rising for eight consecutive months and eventually reaching close to a five-year high.

As the currency of a major gold-producing country, the AUD has been highly positively correlated with the price of gold.

The pair was very bullish yesterday after better than expected numbers were released for PMI Services.

The gold market appears to be stable with the bulls and bears gaining and losing ground almost equally during the Asian session.

The WTI Crude Oil markets had a very strong showing during the Wednesday session, although it was shortened trading hours due to the US independence holiday for the fourth.

The AUD/CAD pair fell hard during the session on Wednesday again, as we continue to grind our way lower.

The EUR/USD pair fell during most of the session on Wednesday, getting as low as 1.29250 one point during the session.

The EUR/JPY pair fell during the balance of the session on Wednesday, as we even went as low as 128.50 during the session.

The EUR/USD is clearly in a downtrend.

The XAU/USD pair closed slightly lower than opening on Tuesday as the American dollar gained strength across the board after a report released from the U.S. Commerce Department showed that factory orders climbed 2.1% in May after a revised 1.3% increase in the prior month.

Adding to the concern with a market like this is the fact that the next two days will be very thin trading out of the United States, with many brokers not even bothering to open up during the July 4 session itself.