Forex Daily Forecast, Analysis and Prediction

The GBP/USD pair went back and forth during the session on Tuesday, much like the Euro did against the US dollar. However, this pair is sitting on a much more significant support level than the EUR/USD, so it's actually a little bit more interesting to me at this moment.

The AUD/USD pair had a strong showing on Tuesday as the market plowed higher. However, we run into quite a bit of resistance of the 1.0580 level, and as we have seen over the last couple of weeks, the Australian dollar simply isn't strong enough to chew through that area yet. However, I do believe in sooner or later this happens.

The NZD/USD aka Kiwi climbed over 70 pips from open yesterday after the BOJ doubled its inflation target to 2 percent and adopted an open-ended commitment to buy assets starting 2014.

Gold prices ended slightly higher although trading activity was subdued with the financial markets in the United States closed for a public holiday. Today the gold market remains steady during the Asian session as most investors are waiting for the outcome of the Bank of Japan policy meeting.

The EUR/USD pair did almost nothing during the Monday session, as would be expected as the United States was celebrating Martin Luther King Jr.'s birthday. Because of this, the markets are very illiquid, and we saw almost nothing out of Forex markets during North American hours.

The GBP/USD pair fell again during the Monday session, but as you can see by the daily chart found quite a bit of support at 1.58 level. This is an area that I had suspected could cause a bit of a bounce, and so far it looks like my assumptions are holding somewhat true.

The AUD/USD pair had a slightly positive day on Monday, as the 1.05 level offered support yet again. I firmly believe that this area is the beginning of a significant base, and we are going to eventually see this pair break above the 1.06 level.

The USD/CAD, otherwise known as the good old 'Loonie' to us Canuck's has pierced a descending trend-line at 0.9932 2 days in a row with yesterday's low volume market printing a Bullish Inside Bar.

According to the analysis of the USD/CAD and EUR/JPY trader profited on a binary options platform.

The XAU/USD pair seems to be picking up momentum since the prices bounced off of the 1625.64 level. The pair printed two bullish weekly candles in a row.

The EUR/USD pair lost ground on Friday as we continue to bounce around just above the 1.3300 level. This area of course was significant resistance previously, and as a result we are currently testing it out support. This is a basic tenet of technical analysis, so of course this move isn't necessarily surprising.

The EUR/JPY pair has been out-of-control and absolutely ridiculous for the last couple of months. The way this pair moves, you would be forgiven if you thought gravity failed to exist. Having said that, we have seen a nice and relentless uptrend and it's obvious at this point time selling this pair is a very dangerous proposition.

The USD/CAD pair shot straight through the roof on Friday, managing to leapfrog the 0.99 handle for the first time in two weeks.

The Swissy (USD/CHF) printed a Weekly Engulfing candle last week off of the support level at 0.9100 that has halted it's decent for the past 5 weeks in a row.

Begin your trading week the right way with this forecast of some of the major Forex pairs. See the recommendations and where these pairs may be headed here.