Forex Daily Forecast, Analysis and Prediction

The XAU/USD pair continued to recover some of last week's losses but weak manufacturing purchasing managers’ index data out of China, the world's second biggest gold consumer, limited the shiny metal's gains.

The Monday markets did see the gold markets rise over $30, and this of course pushes the Australian dollar higher as well.

The EUR/USD pair rose during the session on Monday, showing the 1.30 level to be supportive yet again.

The DTI Crude Oil market had a strong showing on Monday, breaking slightly above the $98.00 level.

With the Federal Reserve looking to pull out of quantitative easing mode, this should be the "double whammy" for this pair.

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Beginning with the long-term picture from the monthly chart, the EUR/USD pair has been in a downtrend over the past several years, albeit one with plenty of pull-back to the upside.

The EUR/CAD has been ascending in a Daily channel since the middle of May, and at a fairly steep angle.

The WTI Crude Oil market rallied during a big part of the day, but found the $98.00 level far too resistive.

The situation in Europe is starting get ugly again, as the stock markets have shown the last several weeks.

This coming week is going to be interesting for this pair, because both of these countries will be releasing their economic numbers involving employment.

The resulting shooting star from the session on Friday suggests that we are going to continue to bounce around in this area, so I think there is a short-term trading opportunity at this point in time.

Although the XAU/USD pair fell for most of the week, it had a nice bounce during the Friday's session.

Check out the forecast for the week on some of the major Forex pairs here.