Forex Daily Forecast, Analysis and Prediction

The WTI Crude Oil markets fell during the session on Tuesday, plunging towards the $94.00. This area has been supportive lately, as well as resistive.

Gold prices (XAU/USD) closed the session lower than opening on growing expectations the U.S. Federal Reserve will reduce the pace of monthly asset purchases

The EUR/JPY pair fell during the session on Monday, but as you can see bounced quite a bit by the end of the day in order to form a hammer. This hammer of course is focused on the 132 handle, and as a result looks like we are ready to continue going higher. With that in mind, a break of the highest from the Monday session is indeed a buy signal, and one that I fully intend on taking.

The GBP/USD pair initially tried to rally during the Monday session, but as you can see found too much resistance at the 1.54 area in order to continue. In fact, we fell enough to form something that looks kind of like a shooting star, at least in its meaning. We are now sitting on top of support at the 1.53 area, which I believe is simply the outside border of the true epicenter of support at 1.5250, based upon the recent stair step action.

The EUR/USD pair went back and forth during the session on Monday, finding the 1.30 level is far too resistive, while the 1.29 level below offers support. This very neutral looking candle suggests to me that we will continue to grind away in this market, and probably struggle for any real sense of direction for any real length of time. Granted, we did selloff pretty significantly last week, but in the end this pair tends to have nine lives over the course of time, and as a result it is always difficult to short.

The WTI market fell during the Monday session, closing just below the $95.00 handle. This market looks like it's trying to find some type of support in the $94.00 area, and as a result I think that we will see fairly tight trading over the next couple of sessions. In the long run, this could be a different story but we should see some type of consolidation in this general vicinity.

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The XAU/USD pair posted first weekly loss in three weeks as a strong rally in the U.S. dollar pushed prices down. Friday's settlement was the lowest closing price since April 24. Gold has been under pressure for some time because of the persistent improvement in U.S. data and expectations that the Federal Reserve will scale back quantitative easing before the end of 2013.

The AUD/USD pair fell rather significantly during the Friday session, and at one point even managed to break the parity level. This market has been an interesting one to watch over the last 18 months, as we simply could not break out of the consolidation area that the market had been forced into

The WTI Crude Oil market continues to hang about the $96.00 level, as it had most of the week. You will see though that I have included an hourly chart from this market, in order to show the significance of the bounce that we saw happen on Friday. Because of this, it appears that the market is certainly more bullish than anticipated, but overall I still look at this market as being very choppy to say the least.

The GBP/USD pair fell during the session on Friday, and even broke down below the 1.54 area, a spot that I figured would be supportive. Granted, I only looked at it is potentially been minor support, but the fact that was violated is something that has to be paid attention to.

The USD/JPY pair kept on going higher during the session on Friday, confirming the breakout that we had seen on Thursday. The breakout on Thursday was significant as the 100 level has been so massively resistant

The pair fell during the week, but remains choppy to say the least. Although we broke below the 1.30 level, we didn’t do so significantly, and as a result it looks as if the market wants to chop around more.

The XAU/USD pair tried to reach the 1486 resistance but failed as the USD bulls gained some strength after the report released by the U.S. Labor Department revealed initial jobless claims dropped by 4K to 323K, the lowest level since 2008.