Forex Daily Forecast, Analysis and Prediction

Over recent months, there has been an uproar concerning the National Security Agency snooping into social media records of users from world over. This led to the development of many platforms which are claiming to be encrypted.

The XAU/USD pair ended the day up nearly 1% as the dollar took a breather from its recent rally. In the latest economic data, Markit's manufacturing index came in at 54.7, down from the previous month's 55.9 and below expectations for a reading of 56.2.

The EUR/USD pair continues to grind sideways and just above the 1.25 handle. The session on Thursday showed more sideways action, and I believe that we are trying to build up enough downward momentum to take advantage of the strength in the US dollar and push this pair much lower.

The USD/JPY pair continues to show strength even though we had a little bit of a neutral candle for the session on Thursday. After all, even though we are slowing down, it does in fact look like there are going to be buyers below.

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A group of billionaires have recently taken an active interest in developing the Bitcoin marketplace and Bitcoin technology. They already invested close to $21 million in the blockchain technology called Blockstream.

The Coca-Cola Co (NYSE:KO) stock received a lift in the market after the giant beverage company confirmed it had entered into a definitive agreement with Great Lakes Coca Cola Distribution LLC.

The EUR/USD pair tried to rally during the course of the day on Wednesday, but struggled at the 1.26 level yet again. By doing so, we ended up forming a massive shooting star which of course is just about perfect in a marketplace that has been bearish for some time.

The USD/JPY pair broke out again during the session on Wednesday, as we continue to see you us dollar strength overall. In fact, it’s probably only a matter of time before we go to the 120 handle, which is my longer-term target.

The AUD/CHF pair fell hard during the course of the session on Wednesday, heading down to the 0.82 level. That area has been supportive in the past, but I am also looking at the stochastic oscillator, as it shows that there could be a potential crossover somewhere in this general vicinity.

The GBP/USD pair rallied during the bulk of the session on Wednesday, testing the 1.57 level. That being the case, the market pullback a little bit but it looks like the ready to grind in this general vicinity.

The AUD/USD pair fell during the course of the day on Wednesday, testing the 0.86 level for support. Ultimately, we feel that this market should continue to fall, but we recognize there could be a little bit of support at the 0.85 handle as well.

Gold prices closed lower on Wednesday, erasing all of the previous day's gains, after the minutes from the Federal Open Market Committee’s October 28-29 meeting showed that policy makers are concerned about the inflation outlook.

Check out the USD/JPY Forex signal for November 20, 2014 here.

Check out the GBP/USD Forex signal for November 20, 2014 here.