Forex Daily Forecast, Analysis and Prediction

One of the choppiest pairs in the Forex markets lately has been the USD/CAD pair. The main reason is probably the drama that we have seen in the Middle East lately, and especially with the Iranians. See where this pair is headed.

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The AUD/USD pair has been beaten up over the course of the last few weeks, as the fears of a Chinese slowdown rocked the risk appetite around the various Forex, futures, and stock markets. The “slowdown” would be from a growth rate of 12% to “only” 7%, which of course would be phenomenal if we were talking about anywhere else in the world.

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The USD/CAD daily chart printed a perfect 'Pin Bar' or 'Shooting Star' formation after Friday's trading action. This strong reversal pattern printed by closing below both the Daily Pivot level at 0.9990 and the Daily Moving Average of 0.9991 after testing the waters as high as 1.0336.

EUR/USD fell for most of the session on Thursday as the fears of a Chinese slowdown continue to circulate around the various financial markets globally.

The NZD/USD pair has been a tough one to trade lately. The market has been pushed around between the “risk on, risk off” theories. The commodity markets have been reacting to various headlines coming out of China, Europe, and elsewhere.

USD/CAD rose on Thursday as the oil markets sold off. The Chinese manufacturing numbers have been soft, and the addition of slower European manufacturing numbers did very little to instill confidence in the oil markets.

The GBP/USD tested the Weekly Pivot once more in yesterday's trading and appears to be forming a classic Head & Shoulders chart pattern on the Daily chart.

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The US stock markets gave us first signal yesterday for the pressure on the investors. The trading day started as usual, as the indices traded in a positive momentum but Bernanke's testifies caused sharp declines on the last hour of the day.

The candle for the session on Wednesday formed a bearish looking doji, and shows that perhaps we are starting to run into the top of the easy pips to be had. The market looks as if it wants to pullback, and certainly there is always going to be the potential for a headline shock to do just that.

The pair formed a shooting star for the Wednesday session after first poking through the 84 handle. The Monday session produced a hammer off of the 83 level to show support as well. Get the full analysis here.

The GBP/USD pair is an interesting one to me lately, as the pair is typically a risk sensitive one. The fact that it continues to attempt to get higher in value is interesting as well, as it has been fairly obvious that there is a real chance that the Bank of England will look into ways to execute further quantitative easing going forward as well.