Forex Daily Forecast, Analysis and Prediction

We were right about the AUD/USD bearish bias. The level of 0.9388 was hit just after last Friday's NFP news and gave about 15 pips for little drawdown before being quickly wiped out.

Check out the weekly Forex signal for the USD/CAD pair here.

Gold prices continued to decline yesterday and hit the lowest level in four weeks. After falling 4 sessions in a row, it appears that the XAU/USD pair found some support at the 1261 level during today's Asian session.

Last week produced a bearish candle that closed not far from its low. The action has broken below the S/R zone and has so far been unable to break back above 1.3440.

The NZD/USD pair fell during the majority of the session on Tuesday, but found the 0.82 level be supportive enough to push price back over it by the time the markets closed. Ultimately, this formed a nice looking hammer, and this of course is a nice signal for buyers.

The EUR/JPY pair rose during the session on Tuesday, finally breaking above the 133.50 resistance level. The move above that level has me thinking that this pair is going to eventually find the 135 handle, and as a result I have started buying again.

The USD/CAD pair rose during the session on Tuesday but the 1.05 level offered significant resistance, keeping the market down slightly.

The EUR/USD pair initially fell during the session on Tuesday, but as you can see bounced off of the 1.3350 level in order to form a hammer. This hammer suggests that the market is going to go higher, and more than likely head back towards the 1.35 handle.

The WTI Crude Oil markets fell during the session on Tuesday, sending the market well below the $95 level, showing that the market is continuing to show weakness overall.

Last week printed a bullish reversal bar, closing near its high. This is a bullish sign, but there is of course the long-term bearish triangular trend line converging with the psychologically key number of 1.0500 blocking the way, and this has held as resistance so far.

The AUD/USD pair went back and forth during the session on Monday, hugging the 0.9350 level. The area is the beginning of the massive supportive area down to the 0.93 handle.

The USD/JPY pair initially fell during the session on Monday, but bounced enough to form a hammer by the end of the day. The resulting candle suggests to me that the markets want to go higher soon.

The GBP/USD pair went back and forth around the 1.60 level on Monday, essentially proving that the area is a “magnet” for price. The candle isn’t that exciting either, as it is very neutral.

The EUR/USD pair rose during the session on Monday, shooting back above the 1.34 level. The area leads the way back to the 1.35 level, an area that was once significant supportive, which should be resistive now as well.

The WTI markets fell during most of the session on Monday, but bounced in order to form a hammer by the time the markets closed. This of course is a supportive sign, and therefore I think this market is trying to build a bit of a base in this general area to bounce to perhaps the $98.50 area.