Forex Daily Forecast, Analysis and Prediction

The AUD/USD pair tried to rally during the session on Monday, but gave back quite a bit of the gains by the end of the session. That being the case, we ended up forming a shooting star, and I believe that this market is ready to pull back again.

The CAD/JPY pair rose during the session on Monday, breaking above the 98 handle. Now it looks as if this market has broken out to the upside, and this could be one of the first Yen related pairs to break out to the upside again.

The USD/JPY pair fell during the beginning of the session on Monday, but as you can see the 104 level has offered enough support to form a hammer. This hammer is the second hammer that we have seen in the last three sessions, and as a result it looks like the market is trying to find support in this general vicinity overall, and I do believe that we are going higher given enough time.

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The EURUSD fell sharp last week, reaching the 1.3624 support level after failing to breach the 1.3810 resistance level.

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

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

Gold finished down on the week as the news of less quantitative easing by the Fed was enough for the bears to overtake the bulls. The XAU/USD pair traded as low as 1187.20 but managed to close just above the 1200 after investors decided to take some of profit off the table on a possible double bottom formation.

The WTI Crude Oil markets rose during the session on Friday, continuing the bullish attitude that we have seen for some time now. This market looks like it’s destined to test the $100 level, and then the $101 level.

The EUR/USD pair went back and forth during the session on Friday, essentially printing a slightly positive yet overly neutral candle. A lot of this comes down to the fact that it was the end of the week, and the fact that Christmas is this Wednesday.

The EUR/JPY pair did almost nothing during the session on Friday, which isn’t necessarily a big surprise. This of course is because of the fact that we are heading towards the Christmas holiday, and that the pair is in a relatively obvious consolidation pattern of the moment.

The GBP/CHF pair fell on Friday, pulling back to the 1.4629 level. However, there is a little bit of a precedence for this area to be supportive based upon earlier in the month of December.

The GBP/AUD pair pullback during the session on Friday for the second day in a row, but quite frankly I think this is only going to offer buying opportunities going forward.

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

The gold market has been a difficult market to be bullish of over the last several months, as it seems that the sellers simply just won’t give up. However, as I write this in mid-December, there is an obvious place on the monthly chart that we are approaching that could send this market higher.