Forex Daily Forecast, Analysis and Prediction

Gold prices continued to advance on expectations the Federal Reserve will maintain its monetary stimulus at its next meeting which will be held on July 30-31.

The candle suggests that we are going to see a bit of buying pressure in this general vicinity, and as a result I feel that this market will more than likely make a serious attempt to reach the $110 level in the short term.

The USD/CAD pair fell during the session on Tuesday, breaking well below the 1.03 handle.

The GBP/USD pair went back and forth during the session on Tuesday, forming a hammer for the day.

It is possible that we will close above that weekly downtrend line, and at that point time I would give up any thoughts about shorting the Euro.

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The AUD/JPY pair has been trapped in a range for the past 2 weeks between 93.60 and 89.60 and this week that range is even narrower.

The XAU/USD pair produced a nice bullish candle after it pulled itself out of the bears' grip and broke above the 1300 level which has been a cap on prices for the last seven trading days.

The WTI Crude Oil markets fell during the session on Monday, confirming the shooting star that we had seen printed on Friday.

The GBP/USD pair rose during the session on Monday again, cleanly breaking above the 1.5250 level, an area that I have been talking about as significant resistance.

This market of course is one that I think is having a "two speed moment", as short-term traders will certainly see a bullish opportunity in this market overall, while a longer-term trader may see that we are forming a very bearish pattern at the same time.

I think that the prudent trader will simply wait for some type of resistive candle to start selling the Australian dollar yet again.

Advice remains the same for today short on a downward momentum change near the top of this range, go long for an upward momentum change near the bottom.