Forex Daily Forecast, Analysis and Prediction

Check out what pro trader Andrew Keene thinks about the FXC ETF and what this may mean for USD/CAD. Only at DailyForex.

The XAU/USD (Gold vs. the American dollar) pair continued to sink after a report released by the University of Michigan showed its consumer sentiment index rose to 83.7 from 76.4. After falling for seven days in a row, gold prices settled at $1355.57 an ounce on Friday, the lowest settlement since April 16

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The WTI Crude market has seen quite a bit of choppiness recently, and although the day was positive during Friday, I had recently expressed that I was going to start following the shorter-term charts. Quite frankly, no matter what news crosses the wires at the moment, the market simply needs to grind its way back and forth.

The EUR/GBP pair had a positive session on Friday, but as you can see we remain stuck in a fairly tight consolidation area. With even more interesting is the fact that the weekly chart has pretty three shooting stars in a row, all of which are sitting just above the 0.8400 handle.

The USD/CAD pair had a very strong showing on Friday, as the United States Dollar continues to out power all other currencies on the whole. Look in this market, the 1.03 level was a resistance area that I have marked out on the chart previously, and as you can see that exactly where we stopped for the session.

The EUR/USD pair fell during the session on Friday again, breaking the bottom of the neutral candle that we had printed on Thursday. Because of this, it is obvious this pair has significant weakness in it, and of course the lack of economic performance out of the European region isn't going to help

The AUD/USD pair fell drastically during the past week, and closed at the very bottom of the range. This market looks very vulnerable at the moment, and I think that we are going to seriously test the 0.9650 support level. The gold markets certainly aren’t helping the situation either

The XAU/USD pair declined for a sixth straight session but found some support above the 1363 level. Gold prices traded as low as 1369.72, a four-week low, before recovering to 1388. The American dollar lost some strength as the data came out from the world's biggest economy disappointed the markets.

The WTI Crude Oil markets had a positive session on Thursday, after initially dipping below the $94.00 handle. However, the hammer that had formed on Wednesday certainly suggested that there was support below, and we did in fact see that during the session. The biggest problem now is the fact that there is so much resistance above. In other words, I absolutely hate this market at the moment for anything more than a short-term trade.

The USD/JPY pair had a back and forth session on Thursday, essentially going nowhere for the second day in a row. This is a huge surprise though, we have seen a fairly significant move higher, and most of the time that we get these breakdowns from ascending triangles, it's only a matter time before we pullback in trying to reestablish the breakout level as being support.

If there is a currency pair out there right now thath I could absolutely put to sleep, it would be this one. Quite frankly, the Euro has been given a pass on so many things that this market simply doesn't have much volatility overall. While we do get choppiness from time to time on a daily basis, in reality if you look at the longer-term charts, we've gone nowhere.

The AUD/USD pair fell again during the session on Thursday, breaking the bottom of the Wednesday hammer which of course is a very bearish sign. Because of this, the market raced towards the 0.98 level, an area that has been significant support in the past. That wasn't much of a surprise to me, once we broke the bottom of the hammer that really was nowhere else for this market ago at that point.

The EUR/USD pair looks primed to continue the sideways action that we have seen for some time. Although the pair did in fact break down below the 1.30 level, the support that the market currently seems to be adhering to extends as low as 1.2950 or so. Because of this, the fact that the Friday session closed above that area, it is hard to get overly bearish on this pair at the moment.

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