Forex Daily Forecast, Analysis and Prediction

The USD/CAD daily chart printed a perfect 'Pin Bar' or 'Shooting Star' formation after Friday's trading action. This strong reversal pattern printed by closing below both the Daily Pivot level at 0.9990 and the Daily Moving Average of 0.9991 after testing the waters as high as 1.0336.

EUR/USD fell for most of the session on Thursday as the fears of a Chinese slowdown continue to circulate around the various financial markets globally.

The NZD/USD pair has been a tough one to trade lately. The market has been pushed around between the “risk on, risk off” theories. The commodity markets have been reacting to various headlines coming out of China, Europe, and elsewhere.

USD/CAD rose on Thursday as the oil markets sold off. The Chinese manufacturing numbers have been soft, and the addition of slower European manufacturing numbers did very little to instill confidence in the oil markets.

The GBP/USD tested the Weekly Pivot once more in yesterday's trading and appears to be forming a classic Head & Shoulders chart pattern on the Daily chart.

Check out this EUR/USD signal based on a head and shoulders formation and find your entry and target in the market now.

This EUR/USD signal is time sensitive, so check it out now!

The US stock markets gave us first signal yesterday for the pressure on the investors. The trading day started as usual, as the indices traded in a positive momentum but Bernanke's testifies caused sharp declines on the last hour of the day.

The candle for the session on Wednesday formed a bearish looking doji, and shows that perhaps we are starting to run into the top of the easy pips to be had. The market looks as if it wants to pullback, and certainly there is always going to be the potential for a headline shock to do just that.

The pair formed a shooting star for the Wednesday session after first poking through the 84 handle. The Monday session produced a hammer off of the 83 level to show support as well. Get the full analysis here.

The GBP/USD pair is an interesting one to me lately, as the pair is typically a risk sensitive one. The fact that it continues to attempt to get higher in value is interesting as well, as it has been fairly obvious that there is a real chance that the Bank of England will look into ways to execute further quantitative easing going forward as well.

The EUR/JPY pair came within 14 pips of the 6 month high shortly after the London Session opened. The pair then proceeded to reverse and fell 105 pips in the next 4 hours, closing below the Daily Pivot at 110.40 to a daily low of 109.87.

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

Wall Street closed the second trading day of the week in mixed territory, as the technology sector keeps pushing the NASDAQ higher. S&P 500 and Dow Jones closed on the red territory but finished on the day's high.

EUR/USD had a funky kind of day on Tuesday as the markets continue to try and figure out a catalyst for the next move. The initial move was to the downside, probably in reaction to the comments made by a BHP Billiton exec in Australia about how the Chinese demand for hard commodities was going soft.