Forex Daily Forecast, Analysis and Prediction

The Sterling has been falling for 6 of the past 8 days after consolidating above the 1.5950 level for 2 weeks. Now we are sitting on a Support zone at 1.5575 could see price stop and reverse, or break through and possibly re-test the previous low of 1.5272 in the weeks ahead.

The EUR/USD has fallen quite precipitously over the last few weeks, only to slam into the 1.35 level. The area is offering support and is frustrating the bears as the pair simply will not give in at this level.

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The Japanese Yen is not impressed by the everything that is going on in the financial markets and it keeps strengthening. If the BOJ does not interfere soon, the investors might take the JPY to the level of 75.5 again.

When looking at the weekly time frame for this pair it appears that price has bounced above from support. On the daily time frame price is in the zone between the 61.8 and 78.6 fib zone to the upside and the stochastics is in the oversold zone.

I begin my analysis for this pair starting with the daily time frame which may be bouncing up off the 61.8 fib of the recent swing up at around 1.5612 The stochastics is in the oversold zone and price is spaced away from the 5 ema and should rise up to it.

Yesterday price climbed up beyond the weekly 5 ema and to nearly the 50.0 fib of the previous weekly swing down which is overlapped with the weekly 13 ema then retreated back down.

The Swissy has been in the zone just below the 50.0 fib level of the previous move down for about seven weeks now and this looks like on the daily time frame that price is making a double top.

Last week I wrote about the Loonie and its struggle to break through 1.025...well we have now indeed accomplished this with a Bullish Power candle forming on today's charts spanning 150+ pips.

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The GBP/USD begins its week at a 50.0 fib to the upside and at the same time price is also bouncing off the lower Bollinger band, however, the lower band is open and pointing down and price appears to riding down along the daily 5 ema.

This pair starts its new week off with the weekly candle spaced below the weekly 5 ema. I expect price to rise up and meet with the weekly 5 ema. Price is also just above visual support on this time frame this may help price head up to the weekly 5 ema.

This pair begins its week more than 100 pips below the weekly 5 ema. It is expected that price will head up a bot and connect with the 5 ema before it continues to head down.

The new week starts off with the weekly candle above the 5 ema and a space in between the weekly candle and the 5 ema exists. Price and the 5 ema will need to make contact with each other sooner or later.

The EUR/GBP starts out this new week with the weekly candle just under the 5 ema. It practically poked the 5 ema and it does overlap with a trend line. This zone also nearly coincides with a 38.2 fib of the recent swing down at .8617 on the weekly time frame.