Forex Daily Forecast, Analysis and Prediction

The EUR/USD continued its bearish move today and landed square on a weekly support zone at 1.3160 that gave the currency a bullish push the last time it was at this level in October of this year.

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The EUR/JPY weekly candle opens up just below the 5 ema and looks like it wants to head down. It can still head up a bit and pierce the 5 ema and possibly even head up to the 13 ema which is where price should be rejected but that could be a couple hundred pips up.

The GBP/USD starts out its new weekly candle precisely at the 5 ema and has tanked since then. On the daily time frame around the time the weekly candle was touching the 5 ema the daily candle was up against the 13 ema so both timeframes helped out each other.

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The new weekly candle for the EUR/GBP starts out just on the 144 ema and a bit below the 5 ema which means the 5 ema may soon be crossing below the 144 ema which could force price down below the 144 ema which has been support, then based on role reversal the 144 ema could then be resistance forcing price downward.

The Swissy weekly candle opens up just on and above the 5 ema and is nearing that 50.0 fib zone of the last major move down at around .9400 so it will be very interesting what happens around that level.

The EUR/USD weekly candle opens just below the 5 ema and not quite touching it but very close. Price seems to have been rejected at this zone and has been falling ever since.

The AUD/USD daily chart is indicating that we could see prices pushing higher this week. After last week's strong bullish move from 0.9943 to 1.0380 we have pulled back to a major support zone at 1.0152 and even traded as low as 1.004 (just short of the 50% retracement level at 1.002) before closing above the zone on Friday at 1.0217.

Take a look at where the major currencies should be heading this week, and plan your weekly Forex trading strategy smartly.

This week has been a very bearish week for the EUR/JPY. On the weekly time frame price continues to ride the 5 ema to the downside and there is much angle and separation between the 5 and 13 ema's indicating strong downside momentum for this pair.

The GBP/USD begin its day today just below the daily 5 ema. For the past couple weeks this pair has been caught in a range between 1.5570 - 1.5776 On the 4 hour time frame price has been riding the 5 ema down and recently the 5 ema has crossed below the 13, 21 and 55 ema's.