Forex Daily Forecast, Analysis and Prediction

There is no question about it that price has finally broken out of the price trap it has been confined in. The last couple of days the moves for this pair have been rather extreme.

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The Aussie seems to have found support at 1.0280 with the last 5 4-Hour candles halting at this level, creating a bearish flag formation on the 4-hour chart.

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The EUR/USD has started out the week with a real bang. The pair has fallen apart from the euphoria that last week saw when the announcement came out about the EFSF.

The EUR/JPY has a high correlation with the EUR/USD this week which would explain why these two pairs look exactly alike today. Price looks like it should be bearish on the weekly time frame but price needs to rise up and connect with the weekly 5 ema before heading down much further.

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I will start this pair briefly with the weekly chart. Yesterday's price took off to the upside and abruptly fell precisely at the 50.0 fib level that was precisely overlapped with the 55 ema.

I will start out briefly with the weekly chart. Price is beginning to ride the 5 ema and the stochastics is pointing up. Moving on to the daily chart price has retraced down to the 233 & 144 ema which may act as strong support, however, the stochastic is in the overbought zone.

Starting out with the weekly chart I can see that price has perfectly fibbed to the 38.2 level and this fib is overlapped with a 144 ema and we have a stochastics in the trade zone pointing up.

Yesterday the EUR/GBP took a dive. This was due to GBP strength over the EUR weakness. Briefly looking at the EUR/CHF weekly chart the stochastics is in the overbought zone and the 5 emas appears to be rolling over to the downside.

I will start my analysis for the Swissy with the weekly chart. Price has bounced off the 13 and 21 ema's and is now up against the 5 ema overlapped with the 38.2 fib level. Stochastics is also in the overbought zone.

Looking technically at EUR/USD weekly chart with Ichimoku Averages, we again notice the Bearish overview of the Euro/Dollar pair from the Bearish Engulfing Candle shape touching the 26 day average within the cloud which indicates that the trend is still within a corrective stage.

The AUD/USD pair seems to have found some support at our previous resistance zone of 1.0500. The daily candle has stopped in its tracks at 1.0506 and a new one is forming using the same zone as its base.