Forex Daily Forecast, Analysis and Prediction

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The WTI crude markets rose during the session on Tuesday, breaking above the $97.00 level yet again. We have been in a consolidation area for some time now, and this simply looks like a continuation of that.

It appears that the XAU/USD pair halted its decline at the 1603 area after five consecutive days of losses. Gold prices have been falling since October on optimistic U.S. data. Rising car and house sales show the economy is improving and there are further signs that the labor market is stabilizing.

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The EUR/USD market got a bit of a boost during the Tuesday session as the ZEW numbers in both Europe and Germany came out much stronger than expected. The ZEW is a measurement of confidence in the economy, and as a result the fact that the confidence level was much higher than anticipated got buyers in the mood the push the market higher.

The USD/CAD pair rose during the session on Tuesday, breaking through the 1.01 handle which has been an area that I've been wanting for some time. This is a very bullish move, but the biggest problem I have is the shape of the candle as it formed a fairly well formed a shooting star.

The AUD/CAD pair had a strong showing during the Tuesday session as the market plowed into the 1.05 level. The Canadian dollar found itself on the back foot for most of the session, and the Aussie finally got some relief again some of the major crosses.

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The XAU/USD pair had a relatively tight range yesterday as investors tries to digest Friday's downswing. Demand for gold has been significantly decreasing as the conditions in the marketplace have dulled the precious metal’s safe-haven appeal.

The WTI contract barely budged during the session on Monday, which of course wouldn’t be a surprise as the Americans were celebrating President’s Day. As it is a Federal holiday, many financial institutions were closed, and only the electronic global trading was available.

The EUR/USD pair did very little on Monday, but the Americans were away celebrating President’s Day. The largest players in New York were certainly away, and as a result there is only so much that can be read into the price action.

The USD/CAD pair shot straight up during the session on Monday, but the Americans were also away for the President’s Day holiday. Because of this, the pair would be greatly effected as a majority of the volume in this market tends to be North American trading, and the population of the American trading community is much larger than the Canadian one.

The NZD/USD pair fell during most of the session on Monday, although it needs to be stated that we had low volume due to President’s Day in America. This kept a lot of the larger New York offices closed, but the action was indeed telling to me.