Forex Daily Forecast, Analysis and Prediction

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EUR/USD had another back and forth session on Thursday in order to finish the day relatively unchanged. There was an attempt to push the pair lower, but the end of the day saw many of the sellers covering, more than likely to get out of the market before the Non-Farm Payroll report that is coming out later today.

USD/JPY has been the one pair I have paid the most attention to over the last several weeks. The pair is simply at a crossroads, and I believe that this pair is about to make a serious decision on the future direction it takes.

The USD/CAD pair had a rough session on Thursday as the market first fell, and then popped at the end of the day. The pair is one of the most volatile ones when it comes to Non-Farm Payroll Fridays, and as a result it can be one of the high flyers for the day.

The EUR/USD has been trading in an increasingly tighter range since January of this year, and as a result will soon reach a point where it will simply have to break one way or the other...my money is on higher.

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The US stock markets closed on mixed territory yesterday on the background of disappointing ADP Non-Farm employment change data, which might indicate that the official data tomorrow will disappoint as well, but we will have to wait and see.

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As the end of the week approaches, see how your favorite pairs have been doing and where they may be headed.

EUR/USD fell hard on Wednesday as the downtrend line continues to keep the bulls at bay. The pair is one that I only sell – and sometimes get grief for doing so – but overall, you can’t help but think that Europe simply isn’t worth bothering with.

USD/JPY rose during the Wednesday session as the 80 level proved to be supportive. The last couple of days have seen this pair try to find a bullish tone, and as a result we now have the market trading above the 80 handle again.

AUD/USD fell for most of the session on Wednesday as the “risk off” attitude came back into the markets in general. As the price of commodities fall, the Aussie will often lose strength, so the move for the session wasn’t exactly shocking.

XAU/USD has been trading in an ever tightening channel making lower highs and lower lows (for the most part) since the beginning of March.

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