Forex Daily Forecast, Analysis and Prediction

The New Zealand dollar has been a little bit more resilient than it antipodean cousin across the Tasman, the Aussie dollar.

The EUR/USD pair rose during the session on Friday, to show even more strength.

I am not a big fan of the Pound in general, but this move is pretty stout, and therefore I will be arguing with that.

Check out the forecast for the week on some of the major Forex pairs here.

The XAU/USD pair closed yesterday's session higher than opening but remained within the last four days trading range.

The WTI Crude Oil markets had a very strong session on Thursday, as the markets closed that the $108 level.

The EUR/JPY pair had a very strong showing on Thursday, and in fact managed to breakout above the top of the shooting star from the Wednesday session, a candle that I thought would keep this market consolidated.

Going forward from there though, I would expect to see resistive action somewhere just above, and because of this I'm actually on the sideline right now looking for an opportunity to sell the New Zealand dollar yet again.

This market has formed several hammers over the last week, and because of this I think it's obvious that the market is going to attempt to go higher.

Last Friday the USD/JPY pair produced a bullish reversal bar which was broken to the upside the very next day. However just after that, last Tuesday produced a bearish reversal.

The XAU/USD pair fell to its lowest level in two days as the bulls continued to encounter heavy selling pressure at the 1300 level.

Resistance became support at 1.3050, however the price has been falling off since Tuesday night.

The Sterling gained some ground against the EURO yesterday after better than expected employment numbers

The WTI Crude Oil markets fell initially during the session on Wednesday, but as the Federal Reserve Chairman Mr. Bernanke testified in front of Congress that the Federal Reserve remain flexible with quantitative easing plans, this of course will work against the value of the Dollar, and as a result the oil markets got a bit of a boost during the session.

The USD/CAD pair went back and forth during the session on Wednesday again, hovering around the 1.04 level.