Forex Daily Forecast, Analysis and Prediction

Gold declined for a third session in a row on Wednesday as the dollar gained some strength across the board after the minutes from the Federal Open Market Committee’s March 17-18 meeting suggested the U.S. central bank may not begin increasing interest rates by the middle of the year.

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The EUR/USD pair initially rallied during the session on Wednesday, but struggled at the 1.09 handle. With this, we ended up falling and forming a shooting star like candle, slamming into the 1.08 level, and even below there.

The USD/JPY pair fell during the course of the session on Wednesday, testing the 119.50 level. This is an area that offered enough support to turn things back around and form a nice-looking hammer.

The USD/CAD pair initially broke down during the course of the session on Wednesday, dipping below the 1.24 handle. However, the buyers came back in and push the value the US dollar much higher.

The AUD/CHF pair tried to rally during the session on Wednesday, but failed to hang onto the gains by the end of the day.

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Gold continued to retreat from a seven-week high struck this week, gains in the U.S. dollar and global equities helped push the metal down another $5.6 to $1209.

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Get the AUD/USD Forex signal for April 8, 2015 here.

Get the USD/JPY Forex signal for April 8, 2015 here.

Get the GBP/USD Forex signal for April 8, 2015 here.