Forex Daily Forecast, Analysis and Prediction

USD/JPY had an interesting day on Wednesday to say the least. The pair initially fell during a "risk off" type of environment, but did manage to bounce late in the day in order to form a hammer.

GBP/USD fell for the session on Wednesday as many of the traders will have felt better about taking exposure to the British pound off of their books. This is because of the Bank of England's monetary policy decision later today, and the unknowns that always come with that type of announcement.

The EUR/USD pair had a negative day during the session on Wednesday. This really shouldn't be a huge surprise, as it is normally the Americans to step in and buy the Euro in general. With the Americans gone for the Independence Day holiday, there really was nobody left to buy it as the native traders tend to be the one to sell it.

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Although many investors, traders and analysts are predicting that it is only a matter of time that the EUR/USD will begin to fall back into its Bearish trend, the daily chart has an almost text book perfect Ax or Hatchet formation that indicates it is getting ready to break higher.

AUD/USD rose slightly during the session on Tuesday as it refused to pullback after the massive surge late last week. This is a very bullish sign for the short term, as the 1.0250 level has been overcome as well.

GBP/JPY has been fairly quiet over the last 48 hours, which isn't necessarily bad surprising considering all of the risk in the markets over the course of this week. This pair does tend to be very risk sensitive, and as such many traders would be a bit nervous getting involved at this point in time.

The EUR/USD pair had a slightly positive tone to it during the Tuesday session. The fact that the 1.25 level still hasn't been violated to the downside does state the obvious: the 1.25 level is an area where certain traders feel there is value in this currency pair.

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The RBA left the interest/cash rates unchanged at 3.5 %, a move most investors were expecting and at time of writing has only caused a minor drop in the Aussie Dollar against other currencies like the Greenback and the Kiwi.

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GBP/NZD is a currency pair that many traders overlook, which is too bad as both currencies are majors. The spreads on this particular pair aren't bad - typically around seven pips and the moves can be very deliberate and straightforward.