Forex Daily Forecast, Analysis and Prediction

The Japanese Yen is one of the most interesting currencies to me at the moment, as the Bank of Japan continues the quest to kill it off. The market will certainly have to pay attention to the Bank of Japan on Friday, as it is set to announce a furthering of the easing that it has started to undertake.

The EUR/GBP is a direct measure of strength in these two currencies without the noise of adding the US dollar. With the recent troubles in Europe, it shouldn’t be surprising that the pair has been falling lately.

The Japanese Yen appears set to head lower after its high in Wednesday's trading intersected perfectly with a descending trend-line from mid-March. Price closed below the Weekly Pivot at 81.22 on April 10, retraced exactly 38.2% and is now pushing lower again.

See how one trader profited on a binary options platform based on today's technical analysis of AUD/USD and USD/CAD.

See the mid week summary of your favorite major pairs, get updates and learn where they may lead the rest of the week.

The EUR/USD has continued to shop around over the last several weeks as the markets try to figure out the economic direction of the world at large. Since the EUR/USD pair is the most heavily traded financial instrument in the world, it is a proxy for economic expansion in general.

The oil markets are most often looked at as the driving factor in this pair. While there is certainly truth to this, it isn’t the only thing. In general, if the US is falling into economic decline, the pair will actually favor the Dollar, as Treasuries are bought, and the Canadians will sell less.

With the Federal Reserve meeting and news conference coming later today, this is one of the pairs that I will be watching. The main reason is that the Aussie is so tied to commodities, and gold in particular.

The GBP/AUD daily chart printed a Shooting Star formation at a strong area of Resistance that includes the Monthly R1 at 1.5712 and the Weekly R1 at 1.5672.

See how one trader profited on a binary options platform based on today's technical analysis of GBP/USD and USD/JPY.

The EUR/USD pair has continued to slam back and forth over the last several sessions, and the Monday session wasn’t much different. After all, the Dutch are now finding it difficult to agree on austerity measures, and now there is talk about snap elections in the Netherlands.

The United Kingdom is currently doing reasonably well, and the central bank there is now openly worrying about inflation. This means that higher rates are coming to England before they are in America, and this is one of the most fundamental and basic things that move a pair.

This week should be a big one for this pair. After all, both central banks will have an impact on the markets, as the Federal Reserve has a two day meeting on Tuesday and Wednesday, and the Bank of Japan in meeting later in the week.

The GBP/USD had a great week last week against the Yankee currency the Greenback, climbing some 300 pips from the beginning of the week. Today we had a continuation candle print off of the Support zone of 1.6107, possibly indicating that the British currency aims to go higher.

A trader profited on a binary options platform based on Christopher Lewis's analysis of today.