Forex Daily Forecast, Analysis and Prediction

The AUD/USD pair rallied during much of the session on Wednesday, breaking above the 0.95 handle. This level had previously been significant support, so I had anticipated it being massive resistance.

The USD/JPY pair had a slightly negative session on Wednesday, but managed to close relatively close to the opening essentially negating any type of action one way or the other. After all, we have risen high enough to test the 97 level as resistance, and will certainly tested the 95 handle for support as well.

Gold priced ended yesterday's session with a loss as the technical selling pressure continued to weigh on the market. Standard and Poor's decision to revise its U.S. credit rating outlook to stable from negative was another element working against gold prices.

The WTI Crude Oil markets fell during the session on Tuesday, touching as low as $94.00 during the American trading hours. However, you can see that we did get a significant enough of a bounce to close at $94.86, which of course is just below the large round psychological number of $95.00 that traders typically will focus on.

The EUR/USD pair had a positive session on Tuesday, initially falling slightly, but as you can see it broke the recent high in order to close above the 1.33 handle. As you know, I personally do not like the Euro at all, but the market is going higher and that is simply all I need to know.

The AUD/USD pair fell during most of the session on Tuesday, as you can see chasing towards the 0.93 level. Having said that, we saw enough support come into the marketplace to form a nice looking hammer, that hammer was formed just after a shooting star on Monday, and that being the case I find this market looks potentially dangerous.

The USD/JPY pair fell precipitously during the session on Tuesday, crashing into the 96 handle. We are now approaching an area that should be significant support for this market, and as a result I am very hesitant to short this market at this point in time.

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Gold gained some ground against the American dollar during yesterday's session but the market is still feeling the bearish pressure of last week's U.S. employment report. Encouraging figures reinforced expectations that the Federal Reserve will taper or end its asset purchases.

The WTI Crude Oil markets fell during most of the session on Monday, testing the $95.00 level for support again. The level did of course hold, and as a result the bounce caused a hammer to appear for the daily candle.

The EUR/USD pair initially fell during the session on Monday, but as you can see the 1.32 level did in fact offer enough support in order to bounce the market higher, as we closed near the 1.3250 handle.

The USD/CAD pair fell during the session on Monday, piercing below the 1.02 handle. However, this is more of a "squishy" zone, and as a result eventually the market found support. The resulting support caused the market to bounce, and then therefore print a hammer for the day.

The USD/JPY market had a positive showing on Monday, after printing a bit of a perfect hammer for Friday. The candle on Friday touched the 95 handle, and then proceeded to bounce 250 pips in order to form a perfectly placed hammer.

The XAU/USD pair (Gold vs. the American dollar) ended the week with a loss and hit the lowest level since May 24. Prices failed to break above the 1420 resistance level during the Friday's European session and selling pressure increased after jobs data came in slightly better than expected.

The WTI markets initially fell on Friday, but recovered quite nicely and broke above the $96.00 level. The resulting candle looks a bit positive to me, but I have to admit that I still think that this market is currently in a consolidation area, and that the top of that is at the $97.00 area.