Forex Daily Forecast, Analysis and Prediction

Currency: GBP/USD Trend Expected Direction: Down Strategy: Ichimoku Kinko Hyo

While not being one of the most favored pairs in the FX markets, the AUD/NZD pair can be quite useful. On the negative side, the spread is normally fairly wide at best, and the action is choppy most of the time.

EUR/JPY continued to sell off on Monday as traders run from the Euro overall. Trading volume was almost non-existent, and as a result the moves in most pairs were muted. The breaking below the 100 mark is actually parity in this pair as the Yen is denominated in sequences of 100, and this shows just how weak the Euro actually is at this point in time.

The EUR/USD pair had a quiet day as traders started to come back from holiday on Monday. The pair continues to tread water between the 1.29 and 1.30 levels, and looks set to experience further weakness going forward.

Currency: NZD/USD Trend Expected Direction: Down Strategy: Ichimoku Kinko Hyo

Currency: AUD/USD Trend Expected Direction: Down Strategy: Ichimoku Kinko Hyo

The much maligned Euro started 2012 where it left off in 2011, finding itself under increased pressure following today’s announcement that activity in the Eurozone manufacturing sector dropped for the 5th consecutive month.

The Euro has hit it lowest point against the US Dollar since last February. As we all know, the Eurozone is facing many economic difficulties, which is pressuring the currency against the US Dollar.

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Yesterday the GBP/USD broke below a very strong area of support at 1.5424 It then fell down to another level of support just above 1.5432 then profit taking kicked in and price bounced up and what was support may have reversed roles and may now be resistance and could begin to drop from where it is.

This week has been a very interesting week for the EUR/USD. Price has broken a strong area of visual support and has made its retracement to the upside, has nearly made contact with the daily 5 ema and is now ready to drop.

The EUR/USD pair fell below the 1.29 level on Thursday as traders reacted to the lackluster Italian 10-year bond auctions during the session. The Italians are paying more than 7% on the 10-year notes now, and as a result the Euro sold off to the safer Dollar.

Where will the USD be headed as we close out 2011 and head into 2012? Find out what one expert trader thinks.

A trader used today's Forex technical analysis to profited on a binary options platform.

Follow up on yesterday's EUR/USD Signal in this analysis by an expert Forex trader.