Forex Daily Forecast, Analysis and Prediction

XAU/USD closed higher than opening after a highly volatile session yesterday. Gold prices rose to its highest levels in four weeks against the greenback.

The EUR/USD pair had another strong showing on Thursday as the bulls continue to push the markets up and away. The Euro has been enjoying a bit of a reprieve from the brutal selloff we saw for most of the previous year or so, and as a result there has been quite a bit of short selling.

The EUR/JPY pair has been a one-way ride for some time now. The move that we saw on Thursday simply put an exclamation point on that reality. We had a nice hammer formed on Wednesday, and this of course was always bullish and signal that we would perhaps try to breakout and above the 120 handle.

The CAD/JPY pair had a very strong showing during the Thursday session and managed to make a fresh new high. This makes sense though, because the light sweet crude market itself broke out to the upside.

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XAU/USD tried to break through the 1685 level but the bulls did not have enough gas, as a result prices pulled back to the 1674 level, which is the Kijun sen line (twenty six-day moving average, green line) on the daily chart, before rebounding back to 1679.

The EUR/USD pair fell during the Wednesday session as the 1.33 level has been retested again. This area was one significant resistance, so it makes sense that we will come back down and try to find out whether the "ceiling becomes the floor."

The USD/JPY pair fell during the Wednesday session as the pullback continued. However, we got a significant bounce off of the 87 handle, and the site of a previous swing high. The resulting candle of course was a hammer and then of course is a bullish sign.

The USD/CAD pair rallied during the session on Wednesday again, and unlike Monday and Tuesday managed to keep at least some of the gains. However, I still see quite a bit of resistance above at the 0.99 handle, and possibly even lower.

The AUD/USD has been trading in a tight range the past 3 days with progressively higher lows, but similar highs and has now broken below the support at 1.053.

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XAU/USD extended its gains as the bulls manage to clear trend line resistance at 1672.40. The pair also climbed and managed stay above the 1677 level which had been a cap on the prices recently.

The EUR/USD pair pulled back during the Tuesday session in order to test the 1.33 level for support. The pair even managed to fall just above the 1.3250 area, but bounced towards the end of the day in order to show that support did in fact reside in that general vicinity.