Forex Daily Forecast, Analysis and Prediction

The EUR/USD pair fell during the session on Monday as the profit taking began. Quite frankly, the latest move has only reinforced in my mind that we will eventually break above the all-important 1.35 resistance level.

The NZD/USD pair had a fairly eventful session on Monday as we fell quite significantly during the day. However, there was quite a bit of a bounce and in fact the market formed a nice looking hammer at the bottom of what's been fairly consistent consolidation.

The EUR/GBP pair shot straight up again during the Monday session, but did pullback to give some of the gains back. However, it's obvious that the 0.85 level has been violated and jumped over, and as a result it looks like we are beginning the next leg higher.

The USD/CAD has been stopped in its advance at 1.0099, just above parity with the US Dollar. The pair has reached the 61.8% FIBO Projection anchored at the low of 0.9632 (September 12, 2012) to the previous high from November 2012 at 1.0056, and finally back to January 11, 2013's low at 0.9815.

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The end of the month may be approaching but don't let that discourage your trading for the final week. Check out the forecast for major Forex pairs here and plan your trading carefully.

The XAU/USD pair (gold vs. the greenback) closed the week lower than opening as failure to break above the 1695-1705 zone resulted in a sell-off.

The EUR/USD pair had another bullish session on Friday, as the buyers continue to take control in this market. What I find interesting is that we are currently testing the 1.35 level, and although we didn't break above that we certainly close on a high note for the week.

The GBP/CHF pair is one that has been drifting lower for some time now. Part of this is because of the fear of a so-called "triple dip recession" in the United Kingdom.

The USD/JPY pair has been on an absolute tear lately as the Bank of Japan has recently announced that they were going to go out of their way to devalue the Yen. The skyrocketing value of the Japanese currency has been killing the export economy for this country, and as a result drastic actions will have to be taken.

Last week the GBP/AUD hit a low of 1.4965, establishing a 3 touch trend line extending from the February 2012 lows through the August 2012 lows.

We have moved from our negative neutrality and as we have mentioned in our previous report, a probability appeared that this pair might be in continues bullish technical combination. Get the analysis here.

The NZD/USD has been range bound for almost three weeks as the pair is trapped between 0.8455 and 0.8330. As a result of better-than-expected data from China and Australia, the New Zealand dollar continues to show resilience against the greenback.

Gold prices dropped after data released yesterday provided further evidence that the U.S. economy is continuing to heal.