Forex Daily Forecast, Analysis and Prediction

This week’s action so far is bearish, but we still have half the week left so it is better not to draw any conclusions yet. Get the full analysis here.

Last week’s candle was a bearish hammer, and this week’s action has been bearish so far. The next level of obvious support is at 1.5422 with a stronger support level below that at 1.5203, the low of the last reversal candle, which was bullish. Get the full analysis here.

After three consecutive days of gains, the XAU/USD pair (Gold vs. the American dollar) hit the highest level since May 16. Yesterday the pair traded as high as 1423.65 but retreated back below the 1416 resistance level during the Asian session today.

The WTI Crude Oil markets rose during the session on Tuesday, as fears over the interaction between the West and Syria continue to rattle the markets. Now that it looks like the Americans may actually have some kind of limited military intervention, oil in all grades got a boost around the markets during the session.

The EUR/USD pair fell initially during the session on Tuesday, but as you can see the buyers stepped in yet again to push market higher. This market formed a hammer, and we now are pressing up against the 1.34 handle, an area that I had recently suggested was pretty important.

The USD/JPY pair fell hard during the session on Tuesday, but found the 97 level supportive enough to keep the market somewhat elevated. However, it appears that with the viciousness of the selloff that this market will more than likely continue lower in the short term.

The Yen gained against all of its counterparts yesterday with the USD/JPY finishing just below 97 at 96.98. The pair is inside a daily wedge or reducing triangle formation suggesting that there is a potential big move coming on one direction or another.

Check out the daily forecast for the BTC/USD pair here.

According to Christopher Lewis's analysis of the EUR/USD and EUR/JPY, one trader profited on a binary options platform. See how here.

Gold continued to gain ground against the American dollar as weak economic data out of the world's largest economy and escalating tension in the Middle East region increased gold's attractiveness as a safe-haven asset.

The WTI Crude Oil markets fell during the session as you can see on Monday, but found enough support just below the $106 level to form a little bit of a hammer. I believe that this market will continue to consolidate overall through the rest of the summer, which is rapidly coming to an end.

The EUR/USD pair fell during the session on Monday, but as you can see remains well within the consolidation area that we've seen over the last couple of weeks. Actually, when you look at this chart you can make a little bit of a case for a channel, with a slightly upward bias.

The EUR/JPY pair fell during the session on Monday, which of course wasn't a big surprise me considering that we formed a shooting star for the Friday trading session. The shooting star with at the top of the recent consolidation area, so this simply looks like a return to that as far as I can tell.

The USD/JPY pair fell during the session on Monday, but as you can see really didn't fall very far. In fact, we are essentially in an area that has been supportive previously, so would not surprise me at all to see a bit of a bounce from this general vicinity.

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