Forex Daily Forecast, Analysis and Prediction

Gold prices continued to fall yesterday as the bulls failed to overcome the resistance level at 1486 to gain more momentum. It seems that major investment companies and funds are reluctant to buy gold after last month's sharp drop, which caused prices to break out of a massive consolidation area.

The British Pound is showing signs of weekness across most of the key currencies, but none are showing so clearly as the GBP/CHF. THis pair has now made a double top on the daily chart and printed a Pin Bar Reversal candle this time around, AND the double top is the right arm of a large daily 'W' formation, a reversal pattern in itself.

The WTI Crude market had a slightly negative session on Tuesday, continuing the lack of bullishness that we've seen over the last three days. The candlesticks for Friday and Monday both look very shaky at best, but I do see significant support at the $95.00 level. Going forward, I believe that this market is trying to run out of steam and start falling again, but until we get a close below the $95.00 level, I would be a bit hesitant to short this market.

The EUR/USD pair continue to grind sideways during the session on Tuesday, essentially staying in the center of the larger consolidation area that the market has been stuck in for over a month. I see the bottom of this consolidation area as being the 1.30 handle, and the top of it as being the 1.32 level. Until we break out of this 200 PIP range with significant momentum, I find this market very difficult to trade.

The AUD/USD pair fell during the session on Tuesday, which of course is a much of a surprise considering that the Reserve Bank of Australia cut rates to the 2.75% level. However, this market had an interesting reaction as not only did a breakdown, but it didn't break down significantly. Because of this, I feel that the support below must be fairly strong.

The EUR/JPY pair fell during the session on Tuesday, just as the Euro looked weak in general. This pair has an obvious breakout point at the 131 handle, an area that we can't clear quite yet. However, I feel that it's only a matter of time before this market does breakout, and I would be very aggressively long of it when it does.

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The XAU/USD pair (Gold vs. the American dollar) closed the session slightly lower than opening but remained within the last six days trading range. Prices have been moving above the Ichimoku cloud on the 4-hour time frame for some time but the bears' camp at 1486 is blocking the bulls' way. Between Fed’s unlimited money printing, ECB's dovish stance and mounting tension in the Middle East, gold will be appealing.

The EUR/USD fell during the session on Monday, as you can see on the chart attached. However, you can also see that the market bounced off of the 200 day exponential moving average as well. This is kind of ironic, considering the fact that the market has sliced through this moving avere quite often recently, that it would even bothered to acknowledge it.

The WTI Crude market tried to rally during the session on Monday, and while he did managed to break above the $97.00 level at one point in time, and you can see that the market got pushed back down. As a result, this candle that formed for the Monday session is indeed a shooting star, and does look very bullish at this point in time.

The AUD/USD pair fell during the session on Monday, bouncing just above the 1.02 support level yet again. That being the case, it appears that this market is going to continue to grind sideways, as the 1.02 level has been massively supportive. This support has been there for roughly 18 months, and as a result I think that this pair will continue to struggle to get below this area.

The USD/JPY pair did almost nothing during the Monday session, but quite frankly most markets around the world were real snoozers at best. Because of this, there isn't a whole lot that can be disseminated as far as information is concerned from the Monday session. However, looking at this chart it is obvious that the 100 area still looms large as resistance.

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The EUR/USD pair continued to chop around during the Friday session, in response to the better than expected Non-Farm Payroll number out of the United States. Because of this number, there will now be a “risk on” attitude in the short-term, and I believe that this pair will be pushed and pulled quite a bit going forward.