Forex Daily Forecast, Analysis and Prediction

Check out this free Forex signal for the GBP/NZD pair and see what the recommendation for your trading is here.

The WTI crude market had a negative showing during the Wednesday session, pulling back after trying to breakout and above the $98.00 level. If you read the analysis from yesterday, you know that I had pointed out the $98.00 level as being potential trouble for the buyers and this seems to be exactly what has happened.

The XAU/USD pair closed lower than opening as investors took a cautious stance ahead of the G-20 talks starting tomorrow. The pair maintains its bearish outlook while trading within the descending channel originating in October 2012.

The EUR/USD pair rose during the session again on Wednesday, but found the 1.35 level as being far too resistive to overcome. The resulting action formed a beautiful looking shooting star, and at the exact spot you want to see it.

The GBP/USD pair fell significantly during the Wednesday session again, breaking the bottom of the hammer that had been formed on Tuesday. Because of this, I have to admit that the support that I expected for this pair never appeared during the Wednesday session.

The NZD/USD pair had another positive session on Wednesday, continuing to press up against the top of the recent consolidation area with the barrier being based upon the 0.85 level. I see this area as a major point of contention in this currency pair, and if we can get above it this would mean big things indeed.

From what I can tell, the GBP/NZD is trading at a lower price than ever before. The previous all time low was at 1.85439 and was set in August 2011.

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The WTI contract had a fairly bullish session on Tuesday as the momentum to the upside continued in this market. There a lot of different reasons why this market may be gaining, and as a result this makes a fairly bullish environment in which to start trading.

The XAU/USD pair (Gold vs. the American dollar) bounced off of the 1640 support level and formed a hammer yesterday. The pair closed the day higher after three consecutive days of losses as the American dollar lost strength against most of its major counterparts.

The EUR/USD pair initially fell during the session on Tuesday, but found support at the 1.3350 area in order to bounce and turn the market around showing significant support and momentum higher. The candle is kind of a strange shape; almost hammer like, but at the end of the day we still find the 1.35 level above offering resistance.

The EUR/GBP pair initially surged during the Tuesday session, but found the 0.86 level as being far too resistive to overcome. Because of this, we saw significant pullback and a shooting star form that was essentially perfect and its shape.

The GBP/USD pair had a rough session on Tuesday initially as it fell below the 1.56 area and almost managed to reach the 1.5550 level. However, it had a significant bounce later in the day to form what essentially looks like a perfect hammer, and as a result it looks like there may be a bounce coming.

Gold (XAU/USD) formed a daily pin bar on the support level at 1648 yesterday. The pair has staged reversals from this level several times over the past 12-14 months as well as farther back in time.

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