Forex Daily Forecast, Analysis and Prediction

WTI Crude Oil markets rose during the session on Wednesday, breaking above the $95 level, and as a result the market looks like it's ready to do a little bit of a bounce from here.

The XAU/USD pair has been consolidating in a relatively tight range since Monday. It appears that gold prices established a support level at 1306 and a resistance at 1323 as market players took a cautious stance ahead of the third-quarter gross domestic product data and monthly non-farm payrolls report.

Last month produced a bearish pin bar, rejecting the overhead resistance zone and the 50% Fibonacci retracement level of this year's downwards move.

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The GBP/USD pair rose during the session on Tuesday, breaking back above the 1.60 level, an area that I have been watching for some time now.

The NZD/USD pair rose during the session on Tuesday, closing above the 0.8350 handle. This of course was the signal that I had been looking for, and as a result I think this market will continue to go higher, based upon the fact that we have broken above a relatively significant resistance barrier.

The USD/CAD pair rose during the session on Tuesday, breaking the top of the hammer that had formed on Monday. I had stated that the hammer formed at the 1.04 handle, and as a result this market looks very well supported at the area, based not only upon that candle, but the previous resistance.

The EUR/USD Tuesday, but as you can see we still maintain in the area of 1.35, an area that has been support for some time now. That being the case, it doesn't surprise me that the market did get a little bit of a bounce towards the end of the session, and as a result I am looking at the area as a potential "buy zone."

The WTI Crude Oil markets fell during the session on Tuesday, testing the $93 level. That level has offered support though, and as a result the candle does look a little bit like a hammer.

The American dollar gained ground against the precious metal during yesterday's session after the ISM Services Purchasing Managers' Index came out stronger than forecasts.

Last month printed a bearish candle, though one showing plenty of support in its long lower wick, so it was not strongly bearish. It was the smallest ranging month of 2013.

Last week printed a bearish pin bar off a fairly strong resistance zone. The uptrend remains intact but has not been able to make significant new highs in recent weeks.

According to the analysis of the NZD/USD and USD/CAD pairs, trader profited on a binary options platform. See how here.

The NZD/CHF pair isn't one that most of you trade over the longer term, but it is one that you should be paying attention to. This is because it is very sensitive to the risk appetite of markets in general, not just in New Zealand or Switzerland.

The USD/CAD pair did move too much during the session on Monday, but what it did do was fall enough to test the 1.04 support level. At the end of the day, we formed a nice looking hammer, and this suggests that the market will continue to recognize the 1.04 level as a significant area.