Forex Daily Forecast, Analysis and Prediction

WTI price is interesting today because yesterday managed to close right in the middle of the "noise" going all the way up to the $98.00 level.

We'll see continued weakness in the Euro, and a bounce soon, so we plan to sell rallies. Get the full analysis here.

As long as the gold markets hold steady above the $1600 area, we should see a continued strengthening Australian dollar.

All the way down to the 90 handle we should see significant support, so we're buying pullbacks - see why here.

XAU/USD found support around the 1591 support level and turned north after two voting members of the Federal Open Market Committee said the central bank should continue its large-scale asset purchases through the end of 2013.

Gold prices settled lower yesterday, extending losses to third straight session, as the mild disappointments in U.S. data failed to have a lasting impact on the greenback. The Conference Board’s consumer confidence and Commerce Department's new home sales data were weak but were more or less in line with market expectations.

The WTI Crude market had a strong showing during the session on Tuesday, as the "risk on" trade came back into play. The candle close towards the very top of the range, and as a result it does look like we're going to continue to grind higher in this market.

The EUR/USD pair had a fairly quiet session on Tuesday as we continue to bounce around along the 1.2850 area. This area is significant support as far as I can tell, and the fact that we did not break down below it shows just how much resilience there is going to be buying the bullish traders down here.

The USD/CAD pair fell through the 1.02 level during the session on Tuesday, in order to push the value of the Canadian dollar higher. This is a move that I've been waiting for quite frankly, as although I am bullish of this market right now, we needed to get some type of pullback.

The USD/CHF pair is one that has been rather consistent lately, as we continue to grind slowly downwards. Recently, we have seen an attempt to break above the 0.9500 level, but we failed on Tuesday and formed a shooting star.

Yesterday the AUD/CHF climbed to a 7 month high, peaking at 0.9970 before falling to close at 0.9936, 14 pips under the monthly resistance level that restricted a further rise.

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The XAU/USD pair had a bearish day after the last minute deal to avoid a major crisis in Cyprus dulled the precious metal’s safe-haven appeal. The pair traded as low as 1589.87 before recovering to 1607.

The EUR/USD pair sold off drastically on Monday as details of the Cypriot bank bailout became public. Originally, many of the traders in Asia trying to push the Euro higher, as the markets finally got some type of solution.

The EUR/JPY pair sold off drastically during the session on Monday, as the Euro was punished in general. The In gained against most currencies, but saw a bit of a bounce towards the end of the session.