Forex Daily Forecast, Analysis and Prediction

The course of events since last week was dominated by the Fed's announcement last Wednesday evening that tapering would not be commencing. This had the effect of an immediate and sharp weakening of the USD against the EUR.

The XAU/USD pair tried to rally on expectations the Federal Reserve will not begin to wind down its $85 billion a month in asset purchases before the end of 2013 but contradicting messages from policy makers left investors completely confused.

The Loonie (USD/CAD) as it is known to us Canucks seems to have found some support at a previous support level of 1.0285 which is also in sync with the 200EMA (black line of the chart).

What is in store for the EUR/USD pair for the month of October? Check out the Forex forecast here and be prepared for the upcoming month.

The XAU/USD pair had a positive session but it seems that the adrenalin rush of a decision by the Federal Reserve to maintain the pace of bond purchases wore off.

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The XAU/USD pair had an extremely bullish session after the outcome the Federal Open Market Committee's policy meeting surprised market participants and U.S. housing data came out weaker than forecasts.

The AUD/CHF daily chart is giving us an interesting question at the moment.

The next area of major resistance is more than 200 pips above where the price is now, so there is plenty of room for bullish continuation. Get the full analysis here.

If the price now rises significantly without making a new low, then we probably have, or we will have at least probably seen the best of this low. Get the full analysis here.

The XAU/USD pair (Gold vs. the American Dollar) continued to sink yesterday and touched the lowest since August 9 during today's Asian session. The recent price action indicates that gold market participants are in a cautious mode ahead of the Federal Open Market Committee announcement and Fed Chairman Bernanke's press conference.

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Price rose bullishly into the resistance zone above 100.40 to 100.80, which was respected, with the price reaching a high of 100.60 last Wednesday.

A long trade was recommended at the retest of any daily low, and we can see that Thursday’s low of 1.3255 was hit on Friday, giving a maximum of 130 long pips with only a 2 pip draw down. Get the full analysis here.

Although gold prices started the week higher after former U.S. Treasury Secretary Lawrence Henry Summers announced that he was withdrawing his name from consideration for Fed Chief, the settlement was lower than opening.