Forex Daily Forecast, Analysis and Prediction

The EUR/GBP pair rose during the course of the day on Wednesday, but as you can see found a bit of resistance at the 0.80 level. However, there is still significant resistance above, and I do not think that this market breaks out to the upside until we get above the 0.8035 handle.

The USD/NOK pair rose during the course of the day on Wednesday, breaking the top of the shooting star from the Tuesday session, and going above the 6.20000 level. Because of this, the market should continue to go higher as the trend line certainly has been holding onto the uptrend.

The USD/JPY pair fell during the session on Wednesday, breaking back below the 105 level. This being the case, it appears that the market will have to pullback in order to find some type of supportive action in order to go long.

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The XAU/USD pair (Gold vs. the American dollar) fell 1.69% on Tuesday, extending its losses to a third straight session, and touched the lowest level since June 18.

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The EUR/USD pair initially fell during the session on Wednesday, but bounced enough to form a nice-looking hammer. This hammer is just after forming a shooting star, and with that being the case the market looks as if it is ready to perhaps go sideways in general.

The NZD/USD pair fell during the course of the day on Tuesday, smashing into the 0.83 handle. That level offered support though, as we bounced from there. At the end of the day though, I believe that the market will continue to go down from here, especially as the commodity markets all look so soft.

The EUR/AUD pair had a very positive session on Tuesday, but as you can see we are coming up upon what used to be significant support at the 1.42 level.

The USD/JPY pair broke much higher during the day on Tuesday, breaking above the 105 level. That was an area that should have been massively resistive, so it doesn’t surprise me that we pull back a little bit.

The EUR/CHF pair is one that I have not been involved with for quite some time. This is mainly because the Swiss National Bank put a “floor” in this market at the 1.20 level, and as a result the market should continue to respect that area.

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