Forex Daily Forecast, Analysis and Prediction

Although many investors, traders and analysts are predicting that it is only a matter of time that the EUR/USD will begin to fall back into its Bearish trend, the daily chart has an almost text book perfect Ax or Hatchet formation that indicates it is getting ready to break higher.

AUD/USD rose slightly during the session on Tuesday as it refused to pullback after the massive surge late last week. This is a very bullish sign for the short term, as the 1.0250 level has been overcome as well.

GBP/JPY has been fairly quiet over the last 48 hours, which isn't necessarily bad surprising considering all of the risk in the markets over the course of this week. This pair does tend to be very risk sensitive, and as such many traders would be a bit nervous getting involved at this point in time.

The EUR/USD pair had a slightly positive tone to it during the Tuesday session. The fact that the 1.25 level still hasn't been violated to the downside does state the obvious: the 1.25 level is an area where certain traders feel there is value in this currency pair.

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The RBA left the interest/cash rates unchanged at 3.5 %, a move most investors were expecting and at time of writing has only caused a minor drop in the Aussie Dollar against other currencies like the Greenback and the Kiwi.

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GBP/NZD is a currency pair that many traders overlook, which is too bad as both currencies are majors. The spreads on this particular pair aren't bad - typically around seven pips and the moves can be very deliberate and straightforward.

AUD/USD had a fairly quiet session on Monday as traders came back from what has been a relatively calm weekend. With this in mind, the fact that the nonfarm payroll Friday is coming up and the Independence Day holiday in America is on Wednesday, it's not a huge surprise the markets were quiet.

EUR/USD found itself on the back foot Monday as the euphoria waned yet again. The reality has been that every time the Europeans come up with some type of solution, the markets get excited for a few moments, and then probably selloff yet again. It looks that it may be happening again, although it is a bit premature to declare this obviously.

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Don't let the American holiday discourage your trading this week. Check out the Weekly Forex Forecast of the major pairs and trade wisely!