Forex Daily Forecast, Analysis and Prediction

This week I will begin with my monthly and weekly Forex forecast of the currency pairs worth watching.

The difference between success and failure in Forex / CFD trading is highly likely to depend mostly upon which assets you choose to trade each week and in which direction, and not on the exact methods you might use to determine trade entries and exits.

The USD/JPY has gone back and forth during the trading session on Thursday as we continue to hang around the ¥130 level.

The S&P 500 has rallied during the day, although in a relatively tight range.

The GBP/AUD has fallen a bit against the Australian dollar during the day but then turned around to show signs of life again.

The GBP/JPY initially pulled back just a bit during the trading session on Thursday to reach down to the ¥160 level, showing signs of weakness, but then turned around from that large number to show just how tenacious this market is turning out to be.

The AUD/USD bounced back and forth during the trading session, breaking through the 0.71 level.

The West Texas Intermediate Crude Oil market has been very choppy during the Thursday session, as we initially looked very bullish, fell rather hard, only to turn around and look somewhat bullish again.

The GBP/USD has rallied significantly over the last several weeks, but during the day on Thursday, has seen a lot of choppy behavior with a 1.24 level offering resistance.

The Nifty 50 has fallen hard during the trading session on Thursday but still remains in the same rectangle that we have been in for a while.

Gold markets are behaving very much like stock markets, in the sense that they are simply grinding higher, and are not giving much in the way of an entry possibility for those of us who did not jump on it right away.

The BTC/USD initially tried to rally during the trading session on Thursday but seems to be sticking to the 23,000-level light blue.

The continued pressure on the US dollar before the announcement of influential US economic data contributed to the bulls achieving more gains for the EUR/USD up to the resistance level of 1.0926.

The continued weakening of the price of the US dollar remains supportive of the price of an ounce of gold XAU/USD in moving towards important resistance levels.

Despite the weakness of the Japanese yen against the rest of the other major currencies, the pair of the US dollar against the Japanese yen USD/JPY was exposed to selling operations for two days in a row.