Forex Daily Forecast, Analysis and Prediction

The EUR/USD is continuing its bearish trend after the London Open. Although price was bullish yesterday, it was halted by the weekly resistance zone at 1.3223.

The US indices started the trading week on the red territory as this morning the futures are down and this might be the opening bell for the bearish correction that everybody were waiting for.

EUR/USD continues to bounce around in consolidative action and at the mercy of various headlines out of the EU. The most recent one was an admission that the Spanish weren’t quite able to meet debt to GDP levels, and this shouldn’t have been a surprise to many.

NZD/USD had a very bearish day on Monday as the pair broke below the 0.8250 level, a level that had been offering support over the last few weeks. The pair had been consolidating between the level and the 0.8450 mark in a fairly consistent and tight range.

EUR/GBP isn’t a pair that a lot of retail traders give a fair shake to. True, it isn’t always the most volatile, but it has a higher pip value, so it doesn’t need to move like some of the other pairs.

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The US stock market continued rising last week on the background of improving GDP & continuing claims data. See this technical analysis of the EUR/USD and what this means for economic data.

Take a look at where the major currencies like EUR/USD and USD/JPY should be heading this week, and plan your weekly Forex trading smartly.

The EUR/USD continues to be driven by the latest headlines, and Friday proved to be more of the same. The Spanish were kind enough to provide the fireworks this time, noting that they will not meet agreed upon austerity measures. This drove the pair down, and as the day wore on, the Euro lost value.

The USD/JPY pair has undergone a transformation lately. The pair has been in a bearish run for ages, and until recently, people who bought it only experienced losses. This is mainly because of the perceived safety status of the Yen.

With the possibility of being overly simplistic, the AUD/USD loves to form support and resistance levels every 200 pips lately.

Price opened last week at a daily resistance zone of 1.0005 and quickly tested the weekly EMA at 1.0050 that very day. Thats where the Bulls lost the race however and the Canadian Dollar finished stronger than its southern cousin the Greenback closing at 0.9895 after pushing as low as 0.98412.

The session was quiet for the most part on Thursday, and the market sat fairly still as a result. The 1.3250 level below should continue to offer some sort of support for the market though, and selling at this point – even after the move down on Wednesday – is very difficult to sell now.

USD/CAD is one of the most favored commodity trades for the average Forex trader. The Canadian dollar and its relationship to the behavior of oil markets is a well-known phenomenon, and one of the most reliable moves in the markets over time.

The USD/CHF pair has recently been affected by the goings on in the EUR/CHF pair. The Swiss National Bank has a standing “minimum acceptable rate” of 1.20 for the EUR/CHF pair, and as a result, most CHF-related pairs are being manipulated by proxy.