Forex Daily Forecast, Analysis and Prediction

Gold gave up some of its recent gains against the American dollar during yesterday's session as better-than-estimated U.S. retail sales data sparked speculation the Federal Reserve could start trimming its massive monetary stimulus as early as September.

I see this market as being stuck between $103 on the bottom, and $109 on the top.

The USD/JPY pair rose during the session on Tuesday, breaking above the 98 handle.

The Europeans are coming out of a recession, so you would think that the Euro would be doing better.

The AUD/CAD pair fell after initially trying to gain during the session on Tuesday.

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The level of 0.9133 was hit during the later part of yesterday’s New York session.

Gold prices settled higher yesterday after the China Gold Association reported that purchases rose 54% in the first half from a year earlier.

The breakout began last week when the British Pound surged upwards to 1.5574 after better than expected numbers showing that the UK economy is doing relatively well and Mr. Carney did a partial about face on his plans for QE.

The biggest problem I have with this market right now is that we are simply in the middle of the trading range.

There's really nothing to push the markets around at the moment, although Europe seems to be leaving a recession finally.

The GBP/USD pair fell during the session on Monday, slicing through the 1.55 handle again.

I think that we have a nice set up for a short-term long in this currency pair.

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The Australian Dollar appears to be making a comeback against many of the major currencies of the world and the Japanese Yen is one of them that looks ripe for the upward momentum to capitalize on.