Forex Daily Forecast, Analysis and Prediction

The EUR/USD pair bounce during the session on Thursday, just as I suspected it would. Quite frankly, the 1.28 level looks very supportive, and I have a hard time believing that the market is going to easily break down below it.

The XAU/USD pair closed the day higher than opening but remained within the last 5 days trading range.

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The EUR/JPY reached as high as 133.80 in yesterday’s trading, but could not hold the level with strong resistance at 133.50 from the Monthly Charts.

The EUR/USD pair showed on Wednesday exactly why I hate trading this pair lately. You can see that we shot straight up in the early hours of the trading session to the 1.30 resistance level.

The USD/JPY pair rallied during the session on Wednesday, breaking to fresh new highs as the 104 level was tested.

The GBP/USD pair fell rather precipitously during the session on Wednesday, as the market continues to selloff.

I know I have recently suggested that I was only going to use short term charts to demonstrate with going on in the WTI market, but quite frankly the action today was significant enough for me to pull back and look at the daily chart.

The XAU/USD pair had a bearish session as expectations of a reduction in quantitative easing provided extra support for the American dollar.

The USD/CHF 4 hour chart has now printed a triple top/head & shoulders pattern. The pattern comes after 2 very bullish weeks and occurs after yesterday's high once again tagged the 200 EMA on the Weekly Chart (inset).

The AUD/USD pair spent most of the market hours on Tuesday going back and forth, hovering around the 0.98 handle. This is essentially where were ending the session, and the resulting candle does look a bit like a hammer at this point.

The GBP/USD pair showed weakness again during the session on Tuesday, as the 1.5250 level continues to be far too resistive for the market to move beyond.

The EUR/USD pair went back and forth during the session on Tuesday, looking just as lost as usual. However, the market did drift down towards the 1.2825 level, and found support as we would expect.

The WTI Crude Oil markets had a slightly negative session on Tuesday, but you can see that the same general area is offering support as the $95.50 level continues to be a bit of a problem for the sellers.

The XAU/USD pair closed the day lower than opening as the bulls failed to break through the 1400 level once again. The bulls have been struggling to push prices above this barrier for almost 4 days.