Forex Daily Forecast, Analysis and Prediction

The S&P 500 went back and forth during the course of the session on Monday, as we bounced off of the 2120 handle below. The NASDAQ 100 went back and forth during the course of the session on Monday as well, as we continue to hang about the 4800 level

The WTI Crude Oil market went back and forth during the course of the session on Monday, showing a proclivity to bounce around the $50 level. The natural gas markets went back and forth during the course of the session on Monday after initially gapping lower, and as a result it looks as if the market is trying to find plenty of support below in order to continue the longer-term uptrend.

Gold prices ended Monday's session up 0.27%, or $3.34, to settle at $1255.20 an ounce as the dollar weakened after industrial production and Empire State PMI data fell short of market forecasts.

Find out what's in store for some of the major currency pairs with our Forex forecast for the week of October 17, 2016 here.

The USD/JPY pair had a slightly positive session on Friday as we continue to bang around the 104 level. The Australian dollar had a very strong showing on Friday, touching the 0.7650 level.

The EUR/USD pair fell rather hard on Friday, closing below the 1.10 level for the first time in several months. The British pound had a much more stable session on Friday, as we continue to grind slightly lower, and I believe at this point in time we are trying to form some type of base.

The WTI Crude Oil market had a very volatile session on Friday as we continue to bounce around just above the $50 level. Natural gas markets had a fairly negative day on Friday, but quite frankly this is a market that is a little overextended at this point in time and should have a bit of a pullback in order to attract more momentum.

The S&P 500 initially tried to rally during the day on Friday, but found enough resistance of the 2150 level to turn things around and form a pretty massive shooting star. The NASDAQ 100 did very much same type of thing during the session on Friday, testing the 4850 handle for resistance.

Gold ended the week down $5.25 at $1251.80 an ounce as the greenback rose on expectations that the Federal Reserve was moving closer to raising interest rates.

Get our trading strategies series with our monthly and weekly forecasts of the currency pairs worth watching using support and resistance for this week of October 17, 2016

Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of October 16, 2016.

There will be a significantly heavier news schedule this week compared to last week, with central bank input due from the European Central Bank, Canada, and Australia. Get the economic calendar for the week of October 17, 2016 here.

The USD/JPY initially tried to rally during the course of the session on Thursday, but found the area close to the 105 level would be a bit too rich for the buyers. The Australian dollar fell during the day on Thursday, and rather significantly.

The S&P 500 initially had a very tough day on Thursday, testing the 2120 level, and even breaking down below there at one point in time. The NASDAQ 100 of course did very much the same thing as the S&P 500 did, finding support of the 4760 level.

The WTI Crude Oil market initially fell on Thursday, dropping near the $49.25 level. The natural gas markets initially fell on Thursday as well, but found enough support near the $3.12 handled the turn things back rent shoot straight up into the air.