Forex Daily Forecast, Analysis and Prediction

The GBP/USD attempted to break higher in yesterdays trading, topping out at 1.5577 and piercing the Weekly Pivot at 1.5553 The pair failed to reach the Monthly Pivot by only 5pips due to previous daily closes lining up as resistance at 1.5564.

EUR/GBP fell, and then bounced on Wednesday in order to form a hammer. The fact that this hammer has appeared at roughly the 0.79 level suggests to me that a bounce is coming.

AUD/USD managed to rally during the session on Wednesday as it ran to the 1.03 resistance area. This was an area that's all significant resistance last week, and in fact is also the top of the shooting star from last week on the weekly charts.

EUR/USD fell during the Wednesday session as the Euro continues to suffer at the hands of the financial markets. This pair is showing a real "risk off" attitude lately, and as such it should be a surprise that we had a fairly benign attempted to rally in the early hours.

The Euro weakened at the start of the new week against the US Dollar on heightened risk aversion in the market. The British Pound rose versus the US Dollar at the beginning of the week as well. Get the full updates on the major pairs here.

The Swiss Franc has slid lower against its counterpart the US Greenback, sending the daily chart higher. The Swiss currency slid another .78 cents bringing the pair to a new 13 month high at 0.98142 during the New York session yesterday.

The GBP/NZD pair is one that I love to trade. This is mainly because I love to trade the Kiwi dollar in general. However, it isn't one I write about often as many traders are nervous about trading this pair.

EUR/GBP fell during the session on Tuesday as the problems in Europe continue. With the Italian Prime Minister Mario Draghi stating that he could not rule out Italy needing bailout funds, this sent a lot of people running from the Euro during the session.

EUR/USD fell for almost all of the session on Tuesday as concerns about European debts continue. Adding to the negative outlook for Europe was the Italian prime minister saying in an offhanded way during the session that he could not rule out Italy needing to seek bailout funds.

Gold/USD or XAU/USD has formed a large Ax / Pennant formation on the Daily, Weekly & Monthly charts.With each time frame we step up, the formation becomes more visible until you reach the Monthly where it sticks out like cruise ship in the Sahara.

The GBP/JPY pair had a slightly bullish session on Monday in order to bounce from the bottom of the recent consolidation area. The pair looks as if it is ready to continue the sideways move, and one of the best things about this market is that I feel is so clearly defined.

The AUD/USD pair fell recently during the Monday trading session, but bounce to form a hammer showing support at the 1.02 level. This isn't much of a surprise, as the 1.20 area was the previous high, and the fact that we are just now delving into the massively bullish candle from two Fridays ago.

EUR/USD had a mildly bullish session on Monday as the selloff from the last three days will have undoubtedly been considered to be a bit over done by many in the Forex markets.

Our signals expert brings you a technical view of the EUR/USD pair. See the recommendation of how to proceed and which direction the EUR/USD is headed.

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