Forex Daily Forecast, Analysis and Prediction

GBP/USD pair continues its heavy dive down. This is caused by an obviously strong USD and is amplified by the fact that the EUR/GBP has been quite bullish causing GBP weakness.

EUR/JPY pair continues its bearish trajectory to the downside, however, this pair is approaching areas where profit taking may soon come into play.

The Daily candle on the EUR/USD has formed as a nice bearish continuation candle closing at 1.3571, well below our support zone at 1.3650, after reaching a daily high of 1.3797.

Based on Doug’s analysis of the EUR/USD, The weakness in the USD creates an investment opportunity in the following positions: “High” or “Above”, “Touch” or “No touch down” on the EUR/USD.

This pair has reached a 38.2 fib level of the most recent swing low on the weekly chart. The 38.2 is overlapped with the 55 ema and upper Bollinger Band. Stochastics is within the overbought zone. This creates a very bearish feel to me, however, when looking at the daily chart I get an entirely different attitude.

The EUR/JPY continues to maintain its bearish downtrend and is still riding the 5 ema down on the daily chart.

Looking at the EUR/GBP today the longer term charts such as the weekly do not tell me much so I will spend most of my time analyzing this pair on the shorter time frames.

In my EUR/USD Analysis I mentioned that the I see that the EUR has been stronger than the GBP. As strong as it is however, I cannot ignore the fact that it appears to be meeting up with tough resistance.

Today, we are just a bit above the level we were at yesterday. We are also back within the Bollinger Bands and sitting above the lower band that I believe could give price a slight lift.

Free Forex signal for the USD/CAD pair based upon Elliott Wave principles.

GBP/USD Forex signal based upon Ichimoku Kinko principles. Find your entrance and stop loss here.

EUR/USD Forex signal based upon Elliott Wave principles. Enter the market for a profit now!

Due to a high volatility in the markets, especially in the EUR/USD, volatility sensitive instruments such as: “Touch”, “Touch down” and “Out” are suitable for trading.

The AUD/USD is maintaining bearish. It has pierced the weekly 55 and the weekly lower Bollinger Band is wide open giving price permission to head out. The Stochastics is in the Trade zone but making a bearish cross in the center of the trade zone.

No ifs, ands or buts about it, the EUR/JPY maintains its heavy bearish appearance. I would not consider any longs with this pair. It may retrace a bit to connect with the daily 5 ema but I would just sit back and wait for that to happen. More than likely, price will stay put for a bot and just pull the 5 ema down to it.