Forex Daily Forecast, Analysis and Prediction

The EUR/USD pair fell during the majority the session on Wednesday, touching the 1.18 level. This is a very important levels far as I can see, as it looks to be supportive on the monthly charts.

Looking at the AUD/USD pair it appears that we are starting to find fairly serious support just above the 0.80 handle. That’s not a big surprise to me though, as it is an area that has been important in the Australian dollar for the last 20 years.

The GBP/USD pair broke down initially during the session on Wednesday as we have seen time and time again. However, we did see buyers step been somewhere near the 1.5050 level, and form a nice-looking hammer.

The USD/CAD pair broke higher initially during the session on Wednesday, but pulled back in order to form a shooting star. With that, looks like the market going to simply consolidate in this general vicinity and that makes a lot of sense to me.

The EUR/JPY pair initially fell during the course of the day on Wednesday, but as you can see found enough support just below the 141 handle to bounce and form a little bit of a hammer.

Gold snapped three consecutive days of gains as the greenback edged higher and global equities markets saw a modest rebound after upbeat U.S. private sector jobs data boosted optimism.

The EUR/USD pair fell during the session on Tuesday, as we have broken below the 1.19 level. However, there is a significant amount of support all the way down to the 1.18 handle in my opinion, and I believe that we are essentially in a 200 pips wide support zone.

The GBP/AUD pair initially fell during the course of the day on Tuesday, but as you can see bounced enough to form a nice-looking hammer. That hammer of course is suggestive of buying pressure, and a break above the top of the hammer is a classic technical analysis signal to start buying.

The USD/JPY pair fell slightly during the session on Tuesday, but as you can see is still well elevated overall. It would take a significant meltdown to change the trend of this pair, so I am essentially either buying or sitting on the sidelines.

The GBP/USD pair broke down during the course of the Tuesday session, and even broke below the hammer that had formed on Monday.

The EUR/GBP pair initially rallied during the session on Tuesday, but as you can see pullback at the 0.75 zero level in order to form a shooting star.

Gold prices ended Tuesday's session up 1.32%, or $15.64, to settle at $1218.34 an ounce as Greece’s political crisis and a tumble in global equities buoyed the precious metal’s safe-haven appeal.

Get the GBP/USD Forex signal for January 7, 2015 here.

Get the USD/JPY Forex signal for January 7, 2015 here.

Get the EUR/USD Forex signal for January 7, 2015 here.