Forex Daily Forecast, Analysis and Prediction

The EUR/USD pair fell during the session on Friday, only to bounce off of the 1.3150 level. This level has served as support over the last two weeks, and previously was significant resistance.

The USD/JPY pair fell during the Friday session as the market finally salsa negativity. This pair has shot straight up from the 84 handle, and as an exclamation point to the situation we managed to gap up higher after the Christmas break.

The GBP/AUD pair has spent the better part of the last two weeks bouncing around the 1.55 handle. When look down upon through the prism of the longer-term charts, and this is a significant area, and the fact that we are finding support at this area does suggest that we should see higher prices.

Ring in the new year with this weekly forecast of some of the major Forex pairs. The markets may slow down this week but don't let that stop you.

The EUR/USD pair bounced around during the session on Thursday, but did not break out of the consolidation that we have been seen over the last week or so.

The USD/JPY pair continued to jump higher during the Thursday session as the world focuses on the Bank of Japan and what it is going to do next. This pair has been essentially reacting to the new mandate that the Bank of Japan will find itself having, namely keeping an inflation target of 2% and trying to devalue the Yen.

The USD/CAD pair fell during the Thursday session, and bounced off of the 0.99 handle. This is an area that I suspect it could as the area has been supportive. The fact that we closed the day forming a bullish hammer suggests to me that we will make a run towards the 0.9950 level which I see as massive resistance.

The gold market remains focused on the U.S. budget battle. Yesterday the XAU/USD pair closed higher than opening on increased uncertainty that lawmakers in the United States will reach a budget deal before next year.

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The EUR/USD rose during the session on Wednesday again as the bullishness continues. However, as you can see by the chart there seems to be a lot of give back towards the end of the day as there are relatively long wicks on top each of the candles.

The USD/CAD pair managed to plow higher during the session on Wednesday after traders came back from the Christmas holiday. However, we did manage to break above the 0.9950 level, so as far as I can see we are still consolidating.

The NZD/USD pair gapped lower at the open after the Christmas break on Wednesday. Typically, this would be the type of action that would have me shorting a market as it is very bearish.

XAU/USD appears to be consolidating as the uncertainty over the U.S. budget talks make traders reluctant to take sizable positions, long or short. In addition, many traders are on the sideline as trading slows down prior to the New Year.

This free EUR/USD signal based on Elliott Wave theory will hopefully help you end the year profitably.

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