Forex Daily Forecast, Analysis and Prediction

The GBP/USD pair fell hard during the session on Wednesday, breaking through the 1.60 level like it wasn't even there. I have to be honest, I didn't think this would happen quite this way, but it still shows signs of support right around the 1.5950 area, an area that had a gap from a couple of weeks ago.

The AUD/USD pair went back and forth during the session on Wednesday, but as you can see it's essentially deciding nothing. Granted, the market did form a little bit of a hammer, but in the end that's not a big surprise considering the leasing too much pressure to the upside.

The USD/CAD pair rose during the session on Wednesday, slamming into the 1.04 handle. This level course is resistance, and if you been following my analysis you know that I think this is a hurdle that has to be overcome in order for the US dollar to continue to appreciate against the Canadian dollar.

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This weekly chart shows that the week before last week was a bearish reversal candle, but that this was then followed last week by a bullish reversal candle.

Last week was a bullish reversal, but it was weak as it closed just about in the bottom half of its range. So far the action this week has been bearish and we are at the weekly low.

The XAU/USD pair closed the session slightly lower than opening but remained within the last three days trading range.

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The XAU/USD pair (Gold vs. the American dollar) scored a gain of 0.93% on Monday as continuing concerns over the partial Federal government shutdown and the borrowing limit lured some investors to relative safety of the precious metal.

The WTI Crude Oil markets fell during the session on Monday, but as you can see found enough support at the $102 level in order to bounce and form a hammer. This hammer of course suggests that we are going to see continued support in this general vicinity, and as a result I am waiting for daily close above the $104 level in order to start buying again.

The EUR/USD gapped a bit higher at the open on Monday, but then spent the rest of the day pulling back. In the end though, we got a bounce, and a hammer has formed as a result. This of course is a strong sign, and I think the bulls will step in and take over yet again, as we target the 1.36 handle.

The GBP/USD pair bounced a bit during the session on Monday, proving the 1.60 level to be as supportive I had originally suspected. This market has been strong for some time, and I think this could continue to be the case going forward as well.

The USD/JPY pair fell during the Monday session, continuing the breakdown of the wedge that gave way recently. However, I am bit cautious about this pair because the nonfarm payroll numbers not coming out last week.

AUD/USD fell during the session on Monday as the Dollar continues to be on the back foot against most other currencies around the world in general, but finally had a good day against the Aussie.

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