Forex Daily Forecast, Analysis and Prediction

Get the USD/JPY Forex signal for October 20, 2014 here.

Get the EUR/USD Forex signal for October 20, 2014 here.

Check out the Forex forecast for some of the major currency pairs for the week of October 20, 2014 here.

Gold weakened against the American dollar on the back of upbeat U.S. economic data. According to the latest figures released by the Federal Reserve, industrial production advanced 1% in September.

The EUR/USD pair initially fell during the session on Thursday, as the market reenter the previous consolidation area. The fact that we fell below the 1.28 level of course was a fairly negative sign, and something that I had anticipated seeing.

The AUD/USD pair fell during the session initially on Thursday, but found enough support below to turn things back around and form a nice-looking hammer.

The XAU/USD pair (Gold vs. the American dollar) had a positive day as disappointing U.S. economic data and continued volatility in the global equities markets increased desire for safe haven diversification.

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Bitcoin experienced a very positive development as the state of NY ruled that developers working on software for the crypto-currency would not require a license going forward.

Gold gave up some of its recent gains against the American dollar during Tuesday's session as the bulls failed to overcome the resistance around the $1240 level.

The USD/JPY pair fell again during the session initially on Tuesday, but bounced in order to form a hammer for the second day in a row. This supports seems to be focused on the 107 level, an area that has been supportive and resistive in the past.

During the session on Tuesday, the Australian dollar fell again. However, at this point in time it appears that the market is ready to consolidate, at least in the short-term.

As I mentioned yesterday, the USD/CAD pair is trying to break out. During the Tuesday session though, we did in fact see that happen. Broke out and touch to the 1.13 level, an area that of course is a large, round, psychologically significant number.

Yesterday, I produced an article on the USD/INR pair, suggesting that the market was struggling to keep the uptrend going, but the US dollar bounced off of the uptrend line in order to strengthen against the Indian rupee again.

Check out the USD/JPY Forex signal for October 15, 2014 here.