Forex Daily Forecast, Analysis and Prediction

USD/CAD had a very negative session on Thursday as you can see on the daily chart, break in the bottom of the Wednesday shooting star that sent just on top of the parity support level.

The GBP/USD pair had a strong showing on Thursday for the third day in a row. Considering how be of this pair had been recently, it is interesting to see that we are seeing quite a bit of a fight at this area.

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The XAU/USD pair produced a bullish candle after it pulled itself out of the bears' grip. Poor U.S. GDP numbers and expectations that the Federal Reserve will remain hyper active helped gold prices to rise sharply.

The EUR/USD pair had an extraordinarily strong showing on Wednesday, as we finally broke above the 1.350 level. This area has been of particular interest to me, and just about everybody else in the Forex world, as it represents the neckline of a massive inverted head and shoulders.

The AUD/USD pair had a very negative day on Wednesday, but remains above the 1.04 level that showed so much support recently. The hammer from Monday still represents in my opinion a significant amount of support in this market, and as a result I'm not quite ready to start selling it.

The USD/JPY pair had a positive session on Wednesday, but gave back much of the gains as we found the 91 handle to be just a bit too rich for the buyers. However, what is more telling is the fact that the candle is shooting star shaped.

The EUR/CAD has bumped up against 1.3650, which was the the lows of May 2011, and a level not seen even once in 2012.

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The XAU/USD pair paused its four-day decline as prices rebounded from 1652 to test the 1666 resistance level. The last few sessions saw bearish pressure due to fact that the bulls failed to penetrate a strong resistance at 1695.

The GBP/CHF printed a daily Pin Bar on the very solid support level of 1.4500 in yesterday's trading. The level was the key level from October 2011 through April of 2012 when it finally managed to break away from the zone's gravitational pull and began its ascent to the 2012 high of 1.5479.

The EUR/USD pair initially fell during the session on Tuesday, but found support at the 1.3400 level in order to bounce back and attempt to breakout and above the 1.3500 handle. A break of this area would indeed be very significant, and have me buying this market hand over fist.

The EUR/GBP pair fell during the session on Tuesday, but did bounce just above the 0.85 level in order to form a hammer. This hammer suggests to me that we are going higher in this pair, and quite frankly the Euro seems to be picking up steam against everything at the moment.

The USD/JPY pair rose during the session on Tuesday, but gave back about half of the gains by the end of the day. The candle that was formed was slightly similar to a shooting star formation, but the fact that we sit upon a massive support area at the 90 handle suggests to me that the candle shape is basically irrelevant.

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