Forex Daily Forecast, Analysis and Prediction

The WTI Crude Oil market had another positive session on Friday, breaking above the $97.50 handle, an area that I thought would be a bit more resistant than it turned out to be. However, as you can see we have pulled back below the high back in late March, and as a result we are still somewhat tied to this range.

The EUR/USD pair fell during most of the session on Friday, but as you can see the market found quite a bit of support below. The 1.33 handle has yet again served as support, as it has over the last couple of sessions.

The USD/CAD pair went back and forth during the session on Friday, initially rising, and then falling. However, it stayed in a relatively tight range during the balance of the session. As a result of this, we have formed a somewhat hammer like candle.

The GBP/USD pair fell most of the session on Friday, but as you can see bounced significantly from the 1.56 handle, an area that had been resistive back in the late part of April, early part of May. Because of this, we formed a nice looking hammer at the top of the recent and significant move higher.

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Many of the major Forex pairs have been strong lately. Will it continue this coming week? Find out here with the Forex forecast for the week of June 16, 2013.

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Gold lost some ground against the American dollar but still remained in the last three days trading range. The XAU/USD pair traded as low as 1374.43 after better-than-expected retail sales and unemployment claims figures helped push money back into the dollar and equities.

The WTI Crude Oil market initially fell during the session on Thursday, but you can see that it found enough support at the $95.00 level in order to bounce. The bounce rose all the way above the $96.50 level, and as a result the market actually closed higher than the resistance level that had kept the markets lower lately.

The EUR/USD pair initially fell below the 1.33 handle during the session on Thursday, but as you can see bounced enough to form a hammer yet again. This is the second hammer in a row, and that almost always means bullish action.

The AUD/USD pair initially fell during the session on Thursday, but found enough support at the 0.9425 area to bounce and significantly break through the 0.95 handle. In fact, we have close the very highs of the session, near the 0.9650 level.

The USD/JPY pair fell hard during the session on Thursday as it has been doing so for two weeks. However, there was plenty of support below, and as a result the buyers stepped in at roughly 94 to push this market back up.

The EUR/USD pair fell below the 1.33 level during the session on Wednesday, but found enough buying below that level in order to break back above that area. With that being the case, the market formed a hammer and it appears that the 1.33 level is not going to try and act as support going forward.

The XAU/USD pair closed yesterday's session slightly higher than opening as sharp drop in the major stock markets and the USD/JPY pair lured some investors back to the gold market.

The WTI Crude Oil market went back and forth during the session on Wednesday, essentially hugging the $95.50 level. I still see the area above as significant resistance, so as far as buying this market is concerned it's very difficult to come up with an idea or reason to.