Forex Daily Forecast, Analysis and Prediction

So far this month, some of the biggest moves in the forex markets have been tied to the Euro. The EUR/USD had previously posted a steady advance toward the 1.40 mark but changing central bank expectations led to sharp bearish reversals.

Although the XAU/USD pair settled lower on the last trading day of the week, the weekly candle was slightly positive. Gold prices rose 0.3% over the course of the week while the market remained within the last 4 weeks trading range.

The WTI Crude Oil market did very little during the session on Friday, essentially carving out a range between the $101 level on the bottom, and the $102 level on the top.

The EUR/JPY pair had a relatively volatile session on Friday, testing an uptrend line that I have been watching for some time now. However, it appears that it held, just as the 139 support level held.

The USD/JPY pair went back and forth on Friday, essentially printing a neutral candle. We still see the 101.25 level as a significant support level as noted on this chart, but at the end of the day I think that ultimately this could be the market trying to form some type of a “floor” in the pair.

The USD/CAD pair tried to rally initially during the session on Friday, but as you can see the small cluster just below the 1.09 level held enough resistance and it to keep the market down a bit.

The AUD/USD pair has done very little during the last several sessions, basically hanging around the 0.9350 level. With that, the market seems like it’s trying to contemplate its next move. For myself, I fully believe that this market is going to go higher, but is going to do it at its own pace.

Check out the Forex signal for the USD/JPY pair here.

Check out the Forex signal for the GBP/USD pair here.

Check out the Forex signal for the EUR/USD pair here.

Check out the Weekly forecast for some of the major Forex pairs here.

The XAU/USD pair (Gold vs. the Greenback) closed the day lower than opening as the bulls failed to overcome the resistance at the 1307 level and after a series of U.S. economic data came out stronger than expected.

The WTI Crude Oil markets tried to rally initially during the session on Thursday, but as you can see the $102 level offered far too much in the way of resistance, thereby pushing the market back down to the $101.50 area.

The EUR/USD pair initially fell during the course of the session on Thursday, breaking below the significantly support at 1.37 handle. With that, it should be a sign that the market was going to come undone.

The USD/JPY pair had a pretty wild session on Thursday, as you can see it initially rose to the 102 region. However, we pull back and fell all the way down to the 101.25 level, where we found support enough to bounce slightly.