Forex Daily Forecast, Analysis and Prediction

EUR/GBP has been falling for some time, but recently has seen a bit of a bounce. The most recent action has been a bit of a grind higher, and as such it has taken a back seat in my order of preference as I prefer an easy and obvious trade.

USD/JPY has been a fairly quiet market lately, and for those that would take the time to understand the driving factors this wouldn’t be much of a surprise. The most important thing to think about in the market is the relationships of the central banks involved and the markets.

EUR/USD had a slightly positive day on Tuesday as the “risk on” trade came back into play. However, I found it very telling that the pair really couldn’t rise much in a session that saw whispers of Fed easing, sending the commodity markets, commodity currencies, and just about all risk assets rising over the course of the day.

The AUD/CAD has been forming a classic pennant formation on the daily chart suggesting that a bullish continuation is on the horizon. The pair has been bearish since January but shifted to a more bullish sentiment on May 23 and has since retraced roughly 38.2% since.

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This AUD/USD signal is based on Ichimoku theory, and it will help you find a position in today's volatile market.

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Check out this EUR/USD signal based on support and resistance theory, and find your profits in the Forex market.

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The USD/CAD like most pairs tied to either the USD or the EURO took a hit today while investors return to the Greenback as the currency to keep. This has resulted in the USD climbing against almost every currency, and the Yankee's northern brethren felt the heat on the Loonie aka CAD.

Looking at this pair lately, it has been a strong case for a global slowdown. True, the two economies are very interconnected, but the reality is that the Canadians need a much stronger economy than the Americans do, in the sense that the Canadians produce so many commodities.

The Kiwi dollar has been a bit of a battlefield for traders that want to express the fear out there. The pair is less liquid than a lot of the majors, and as a result can move quickly on headlines, and we have more than enough headlines lately.

The EUR/USD continued to be the hotbed of problems in the Forex markets on Monday as the original gaps around the FX markets got reversed, and this market certainly wasn’t any different. It appears that the short covering rally was just that, and as traders looked at the deal for the Spanish banks they liked the “solution” less and less.

Don't start your trading week without this weekly Forex forecast of the major pairs! See where they are headed!

The AUD/USD pair has had a nice bounce as of late, and as such I have been waiting for a chance to sell it. With the price action on Thursday, I thought that I had a nice signal. However, the Friday action was a reversal candle in the form of a hammer, and this will have the bears a bit concerned, myself included.