Forex Daily Forecast, Analysis and Prediction

The XAU/USD pair closed lower than opening as the American dollar gained some strength across the board after the existing home sales data released from the United States came out better than expected and minutes from the Federal Open Market Committee’s July 30-31 meeting failed to reduce the risk of a September taper.

The EUR/USD pair fell during the session on Wednesday, as the Federal Reserve released minutes from the last meeting suggesting that many of the members were on board with Ben Bernanke’s timeline of quantitative easing being tapered off of.

I saw that this shooting star appeared just below the 1.5750 level, an area that I fully expect to see act as resistance.

The actual price action over the last week is very inconclusive, there is really nothing to say about these daily candles except there is some support at around 97.00 and some resistance at around 98.00.

Yesterday we finally did get a strong close above the trend line.

Gold prices ended yesterday's session higher after bouncing off of the 1352.37 level which converges with the Kijun-sen line (twenty six-day moving average, green line) on the 4-hour time frame.

The WTI Crude Oil markets fell rather significantly during the session on Tuesday, parking just above the $105 level.

This pair is highly leveraged to what's going on in Asia so we will have to watch numbers out of China as well as other countries in the region such as Japan and Indonesia.

The EUR/USD pair rose during the session on Tuesday, breaking above the 1.34 level, an area that I've been calling for in order to start buying.

The EUR/CHF pair has been essentially broken for ages.

See how one trader profited twice in one day - one NZD/CHF and AUD/USD. Only at DailyForex.com.

Governor Wheeler spoke his piece earlier today and as a result the Kiwi dropped like a brick from a 3rd floor window.

Gold lost some ground against the American dollar yesterday as investors took a cautious stance and liquidated some of their positions prior to the release of the Federal Open Market Committee meeting minutes.

The $108 level continues to be resistance, and quite frankly I feel that this resistance area probably runs all the way up to the $110 handle.

I do see this is a market that is very negative at the moment, and any chance that the Federal Reserve is going to taper off of quantitative easing will absolutely crush this pair.