Forex Daily Forecast, Analysis and Prediction

The GBP/USD pair initially fell during the session on Friday, but as you can see found enough support near the 1.6550 level. With that, it appears that the market is trying to find a little bit of support near this area, as the 1.65 level below has held the market higher.

Get the weekly Forex forecast for the end of the month of August 2014 here.

The EUR/USD pair broke down over the course of the last month, as August was absolutely horrible for the Euro. As you can see on the weekly chart attached this article, we had three hammers in a row that were broken down below with a massively bearish candle.

The GBP/USD pair has sold off rather drastically, as the US dollar continues to be one of the most desired currencies in the world at the moment. With this, I am looking at the 1.65 level as the first serious battleground that could protect the value of the British pound.

The EUR/CHF pair continue to fall during the month of August, but as you can see I have a massive horizontal line at the 1.20 level on this weekly chart. This is because 1.20 is the area that the Swiss National Bank defended so vigorously in the past.

The USD/JPY pair finally broke out to the upside and above the 103 level during the month of August. That being the case, I feel that this market will continue to try to build up bullish pressure, and eventually test the 105 level.

The EUR/CAD pair fell hard during the course of August, crashing through a longer-term trend line the goes back to late summer of 2013. Breaking that trend line tells me that the Euro will continue to fall, even as oil prices to know favors whatsoever for the Canadian dollar.

The XAU/USD pair (Gold vs. the American Dollar) closed higher than opening for a third consecutive day as investors moved to the safety of gold after flaring Ukraine tensions ruined investors' appetite for riskier assets.

The EUR/USD pair tried to rally during the course of the day on Thursday, but as we have seen over the last several sessions, the sellers step been above the 1.32 handle.

The GBP/JPY pair fell during the bulk of the session on Thursday, but later in the day we saw the Japanese yen selloff in general, and as a result this pair rose right along with the USD/JPY pair.

The NZD/USD pair rose during the session on Thursday, and even broke above the 0.84 level at one point in time. However, you can see that we pulled back and ended up forming a perfect shooting star.

The AUD/NZD pair has done the same thing for the last three days: form hammers. This is after gapping higher at the open of the week, so I believe it’s only a matter of time before this pair breaks out.

The USD/JPY pair initially fell during the course of the day on Thursday, but as you can see the 103.50 level has offered support yet again. With that, we bounce significantly and formed a beautiful looking hammer.

Get the bitcoin forecast for August 28, 2014 here.

Get the USD/JPY Forex signal for August 28, 2014 here.