Forex Daily Forecast, Analysis and Prediction

The USD/CAD pair rose in reaction to the nonfarm payroll numbers coming out on Friday, which generally favors the US dollar when employment numbers look good.

The WTI Crude Oil markets did very little during the session on Friday, essentially showing how confused the markets are at the moment simply because the nonfarm payroll numbers came out stronger than anticipated.

The XAU/USD pair printed another bearish candle at the end of the week on the back of the solid U.S. economic figures.

Last week produced a bullish candle that broke the upper triangle trend line and closed just a fraction above it. The candle closed near the top of its range and produced a long lower wick. The previous week’s low held and a bearish trend line was rejected.

The USD/JPY pair rose during the session on Friday, in response to the nonfarm payroll numbers coming out stronger than anticipated. This puts this market in the spotlight again, simply because the interest rate differential should be favoring the Americans for the time being.

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The USD/JPY pair went wild during the session on Thursday as a reaction to the European Central Bank cutting rates as a complete surprise to the markets. In this highly risk sensitive currency pair, we saw a massive swing in one direction, followed by a massive swing in the other.

The USD/CAD pair rose during the session on Thursday as you can see, bouncing off the 1.04 handle an area that has been important time and time again. The Canadian dollar of course is going to be greatly affected by the value of the oil markets, something that is only just now starting to stabilize after a precipitous fall over the last couple of weeks.

The WTI Crude Oil markets spent most of the day on Thursday falling, but it is simple consolidation that I'm looking at just below the $95 handle it has caught my attention.

The XAUUSD pair closed the day lower than opening as the American dollar gained some strength after a report from the Commerce Department showed the U.S. economy grew at a 2.8% annual rate in the third quarter and data released by the U.S. Labor Department revealed initial jobless claims dropped by 9K to 336K.

We can see that the well-established support zone from 1.3440 to 1.3475 has held securely, with Monday producing a bullish pin bar on Monday, with that low of 1.3440 holding so far.

The USD/MXN pair fell initially during the session on Wednesday, but as you can see got a little bit of a boost near the 13.07 handle, causing a nice bounce and forming a perfectly shaped hammer.

The USD/CAD pair fell during the session on Wednesday in order to come back towards the 1.04 handle again. That being the case, looks like the markets ready to continue consolidating sideways, and as a result I don't see much in the way of a longer-term trade here.

The NZD/USD pair rose during the session on Wednesday, but as you can see failed at the 0.84 handle. The New Zealand dollar continues to look fairly strong though, and as a result I am bullish of this commodity currency.

The EUR/USD pair got a little bit of a bump higher during the session on Wednesday, as the 1.35 level continues to be somewhat supportive. In fact, this is an area that I have been watching very closely over the last several weeks, as it has been fairly predictable.