Forex Daily Forecast, Analysis and Prediction

Both the Australian Dollar and the New Zealand have been under market pressure for some time. Most analysts connect it to the Euro crisis and the anticipated global economic slowdown.

With two news items with outcomes forecast to counteract each other, price action, trend and technicals must be turned to

The recent rebound in the GBP-NZD pair stalled over the last few days. This pair had been in a seeming free-fall for weeks and even months.

Upward undulation did not temp the EUR/USD into breaking it's trend, nor did any of the four technical indicators put to the daily chart.

Thursday (20 May) produced an interesting opportunity on Cable (GBP/USD) that tied in to my analysis from my last post.

Those with the power to push this pair have seen fit to move it down at this week's open.

Until recently, the Canadian Dollar had been one of the best performing currencies. It reached the parity level with the US Dollar and staged strong rallies in most of its other pairs.

The New Zealand Dollar is one of the currencies heavily affected by the Euro crisis. Just like the other commodity dollars, it is regarded as “risky” in current environment.

During the recent sell off, the British Pound did not fare much better than the Euro.

The Japanese Yen has been getting stronger against most other currencies for some time now. While the prices rebounded sharply from the lows made on May 6, they failed to exceed highs preceding the selloff.

The GBP-CHF pair is in the process of building a symmetrical triangle on an intermediate term chart.

The EUR/USD explored higher territory on the 17th yet decided to still continue down. Good, bad and neutral news today for this pair evens out the news angle of analysis and the technicals have been rendered infertile for the past few weeks in this virile trend.

After staging large bullish run last Monday, AUD-JPY spent most of the week pulling back.

After severe sell off, EUR-USD is approaching critical support level at 1.2630, low reached during 2008 financial panic.

The trend, being your friend, is best adhered to when it is this strong.