Forex Daily Forecast, Analysis and Prediction

Gold prices lost some ground against the greenback after the latest U.S. retail sales data came out stronger than expected. Data released from the Commerce Department showed that sales jumped 1.1% in February.

The EUR/USD pair did fall during the Wednesday session, continuing the general bearish attitude of the markets. This doesn't surprise me, I still believe that the Euro could fall farther, but we are certainly sitting on top of what can be best described as a "noisy area", down to the 1.28 level.

The GBP/USD pair rose during the session on Wednesday, as I had suggested could happen. However, I also suggested that the 1.50 level we continue to offer significant resistance, not only because of the former support, but also the large round psychological nature of the number.

The USD/CAD pair again during the Wednesday session as the 1.0250 level acted in a supportive manner yet again. This pair has recently broken out above the 1.01 level, and as a result many technical traders, myself included, would have loved to seen some type of pullback to that level to prove it as being supportive now.

The AUD/CAD, like its cousin the AUD/USD shot upwards after the unemployment rate improved drastically last month. The numbers were in fact astounding, but now the pair faces a strong resistance level seen easiest on the Weekly chart below.

The XAU/USD pair is testing its moving average at 20 sessions. Get the details here with this free Forex signal.

The rebound in U.S. housing and consumer spending has translated broadly to the dollar strengthening as the possibility of an earlier end to Federal Reserve stimulus measures has traders betting on higher interest rates.

The WTI market shot higher during the session on Tuesday, but did run the quite a bit of resistance at the $93.00 level. This is the epicenter of a cluster of noise going all the way to the $94.00 level, and as a result this doesn't surprise me that the market found it difficult to overcome.

The XAU/USD pair closed higher than opening yesterday as the bulls gained some strength on media reports saying that large speculators and hedge funds started recovering their short positions recently.

The EUR/USD pair went back and forth during the session on Tuesday, essentially going nowhere. This session simply reinforced the idea that the 1.2950 level will continue to be support, while the 200 day exponential moving average will continue to offer resistance.

The USD/JPY pair fell during the session on Tuesday, breaking below the 96 handle. This would have been a little bit more impressive, have the 96 handle managed to form some type of pedigree, but as we recently have just broke over it, there isn't a whole lot you can read into this.

The GBP/USD pair fell during the session on Tuesday, as the 1.49 level gave way to the sellers. The bearishness in this pair continues, and as a result certainly it's difficult to buy the British pound.

According to the analysis of the USD/JPY and EUR/USD trader profited on a binary options platform.

The changes in economic conditions as well as monetary and fiscal policies in the US and UK create an opportunity to gain from trading the USD against the GBP. Learn the trade idea for this pair here.

The WTI contract has an interesting session on Monday. The market originally fell, but as you can see on the chart, bounced back in order to form a hammer that stopped just at the top of the gap from last week.