Forex Daily Forecast, Analysis and Prediction

The American dollar continued to lose ground against gold during yesterday's session as the precious metal got a boost after the release of minutes from the Federal Reserve’s last meeting.

This market has been extraordinarily parabolic, and quite frankly I've been having trouble figuring out why.

If the hammer gets broken to the downside, I suspect that not only the 1.28 level gets tested, but quite frankly we could see a break down altogether.

Because of the Bank of Japan being so aggressive in its quantitative easing program, I have no interest in selling this pair at all.

The USD/CAD pair fell during the session on Thursday, breaking below the 1.04 level for the first time in a few weeks.

For the rest of this week, the best trade opportunities will probably be shorts from any pull backs close to 100.00, with initial targets of 98.50.

As the price has been so volatile, it is impossible to pick any good zones for trades right now.

The Sterling appears to have bottomed out at 1.4813 for the time being, just 17 pips lower than the previous 2013 low set on March 12.

The XAU/USD pair closed higher than opening for a third consecutive day as minutes from the Federal Open Market Committee’s June 18-19 gathering revealed that officials wants to see substantial improvement in the labor market before they begin to reduce the size of asset purchases.

The WTI Crude Oil market rose rapidly during the session on Wednesday again, as the Federal Reserve released its minutes from the last meeting.

The GBP/USD market shot straight through the 1.50 level like it wasn't even there on Wednesday.

Being patient is going to be key in this marketplace as there are plenty of reasons to think that perhaps there will continue to be bullishness in this market right now.

The EUR/USD pair rose rapidly during the session on Wednesday, as the FMOC released the minutes from the last month’s meeting, suggesting that several of the members weren't quite ready to taper off on quantitative easing.

Last week we saw the monthly chart was suggesting a move down to 0.8914. This is still true, but dropping down to lower time frames shows a suggestion of a different story.

The Swiss Franc continues to weaken against the US Greenback with another bullish day yesterday that topped out at 0.9751, just shy of a weekly resistance level of 0.9780 and the recent highs from May in the same ball park.