Forex Daily Forecast, Analysis and Prediction

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The XAU/USD pair continued to sink during yesterday's session and closed the day at $1282.57 an ounce, the lowest level since October 16. There is no doubt that U.S. non-farm payrolls figures were better than forecasts.

The XAU/USD pair printed another bearish candle at the end of the week on the back of the solid U.S. economic figures.

Last week’s candle just broke last week’s low by a few pips, then rose weakly, closing in the lower half of its range. It is an indecisive candle, showing that despite the strong support, the price has been unable as yet to rise with any real strength.

Last week produced a bullish candle that broke the upper triangle trend line and closed just a fraction above it. The candle closed near the top of its range and produced a long lower wick. The previous week’s low held and a bearish trend line was rejected.

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

The AUD/USD pair fell during the session on Friday, as it remains below the 0.95 handle. That being the case, the market looks like it's basically being held underneath that level, which of course is very resistive.

The GBP/USD pair fell hard during the session on Friday, mainly in reaction to the nonfarm payroll numbers coming out of Washington DC much stronger than anticipated. The market did close back above the 1.60 handle, which of course is interesting to me as the move to the US dollar wasn't quite enough to break this pair down.

The USD/CAD pair rose in reaction to the nonfarm payroll numbers coming out on Friday, which generally favors the US dollar when employment numbers look good.

The WTI Crude Oil markets did very little during the session on Friday, essentially showing how confused the markets are at the moment simply because the nonfarm payroll numbers came out stronger than anticipated.

The USD/JPY pair rose during the session on Friday, in response to the nonfarm payroll numbers coming out stronger than anticipated. This puts this market in the spotlight again, simply because the interest rate differential should be favoring the Americans for the time being.

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The XAUUSD pair closed the day lower than opening as the American dollar gained some strength after a report from the Commerce Department showed the U.S. economy grew at a 2.8% annual rate in the third quarter and data released by the U.S. Labor Department revealed initial jobless claims dropped by 9K to 336K.

The USD/JPY pair went wild during the session on Thursday as a reaction to the European Central Bank cutting rates as a complete surprise to the markets. In this highly risk sensitive currency pair, we saw a massive swing in one direction, followed by a massive swing in the other.

The USD/CAD pair rose during the session on Thursday as you can see, bouncing off the 1.04 handle an area that has been important time and time again. The Canadian dollar of course is going to be greatly affected by the value of the oil markets, something that is only just now starting to stabilize after a precipitous fall over the last couple of weeks.