Forex Daily Forecast, Analysis and Prediction

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.

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The EUR/USD pair initially tried to rally during the session on Monday, even with the low volumes during the Christmas Eve shortened holiday. The rally failing is interesting as it happened at the 1.32 handle, which is exactly one handle below the last failure.

The USD/JPY pair is one that I have been talking about ad nauseam for several weeks now. This is because I believe that we are in the beginning of a massive trend change that could last months, if not years.

The GBP/USD pair initially rallied during the session on Monday, but could not hold gains in a light volume session for the Christmas Eve holiday. The pair simply could not hold above the 1.62 level, and as a result fell back down in order to challenge the 1.61 handle and formed a shooting star.

The USD/CAD pair has been a great pair for people that are looking to range trade lately. This makes sense as the two economies are so intertwined. The fact that there is a “fiscal cliff” possibly happening in the United States will continue to hurt the Canadian dollar as well.