Forex Daily Forecast, Analysis and Prediction

The gold market appears to be stable with the bulls and bears gaining and losing ground almost equally during the Asian session. On Wednesday the XAU/USD pair had a slightly bullish session as the American dollar weakened across the board.

The WTI crude Oil markets fell during most of the session on Wednesday, but as you can see found enough support at the $106 level in order to form a nice looking hammer.

The EUR/USD pair fell initially during the session on Wednesday, but as you can see bounced high enough to find the 1.33 handle. With that being the case, I think that we will continue up to the top of the recent consolidation area which find resistance at the 1.34 handle, but I have a hard time believing that we are to breakout above that without some type of headline crossing the wires.

The AUD/USD pair broke out above the 0.93 handle during the session on Wednesday, which of course is what I've been waiting for. Now that we have broken above that level, I can say that the consolidation has now ended, and it's starting to look more and more like it could have been accumulation.

The USD/CAD pair fell hard during the session on Wednesday, but still remains above the 1.03 level that I had been watching for a potential sell order. However, I do believe that we are about to break down below that level, and as a result we will more than likely see this pair drift down to the 1.02 handle.

Looking at the previous three weeks, the action taken as a whole looks very bullish. Last week saw a strongly bullish breakout from the summer’s triangle with a bullish reversal bar that closed very near its high.

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The WTI Crude Oil markets fell hard during the session on Monday, as we continue to see bearish action in this market. All things being considered, it makes sense that we have fallen at this point as the markets have been a little bit ahead of themselves over the course of the last several weeks.

The USD/CAD pair fell during the session on Monday, as you can see breaking the low of the 1.04 handle. This area of course has been supportive in the past, so what I found interesting is that we not only managed to break down below it, but close towards the bottom of the candle.

The action has been very bullish this week, following Friday's bullish reversal bar at 1. We have exceeded the previous swing high at 1.5718 which may now be acting as support.

Gold prices (XAU/USD) settled lower yesterday on easing Syrian tensions and speculations the Federal Reserve will adjust the pace of monthly asset purchases based on improvement in the economic outlook (currently the Fed purchases longer-term treasury securities at a pace of $45 billion per month and mortgage-backed securities at a pace of $40 billion per month).

The WTI Oil markets fell during the session on Tuesday as you can see, but the market bounced just above the $106 level in order to show support in the area. The market is consolidating just below, and as a result I find it very difficult to sell in this general vicinity.

The EUR/USD pair rose during the session on Monday, breaking well above the 1.32 handle as we reenter the previous consolidation area. This previous consolidation area runs from the 1.32 area on the bottom to the 1.34 area on the top.

The GBP/USD pair rose during the session on Tuesday, slamming into the 1.5750 level. This area has been rather resistive in the past, so I believe that this market will struggle to get above it. However, this is a nice area to watch as it is an inflection point, and that means that we will certainly see some type of decision made.

The AUD/USD pair rose during the session on Tuesday, slamming into the 0.93 handle again. However, this area has been rather resistive lately, so it'll be interesting to see how this market reacts.