Forex Daily Forecast, Analysis and Prediction

The eurusd is currently at support over several timeframes. On the daily we broke the 233 ema, we are slightly outside of the bollinger band and stochastics is within the oversold zone.

From a strictly technical point of view the pair known to some as the 'Pacific Peso' or Aussie is clearly bearish on a daily candle chart. We have both closed and opened under the moving average as well as closing and opening below a major support zone at 1.0560, with support at 1.0500 below us.

The Australian dollar has many different hats that it wears these days, and as such the currency can act differently than “usual” at times. While it is often thought of as a “risk on” type of trade, you sometimes have to look at the gold markets in order to understand what could be driving the Aussie in the first place.

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If the Greenback gets some support from the previously mentioned announcements today, we could see the Euro reverse. If price breaks back above 1.4300 and holds above it we may return the reins to the bulls. However I wouldn't consider this pair to BE bullish again until we break and hold above 1.4500 which is a major resistance zone for the pair.

Price has traded as low as 0.9926 in the last 3 weeks but has pretty much been run by the bulls since hitting that low.

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If the Swissy continues its recent bullish trend, we can expect to encounter major resistance at 0.8650 and 0.9350 above that, should it turn bearish and break the support zone at 0.7850 we will most likely be aiming for a wick-fill and can expect to encounter major support at the previous low of 0.7067.

Two weeks ago we saw a 450 point bearish long shadow aka an inverted hammer on the EUR/AUD closing just above the support zone at 1.3800. The pair has remained bearish however only closing above its daily opening price 5 times since August 08, 2011.

Last week, the U.S. Dollar failed at 9,535, bringing forth the possibility (again) that the larger trend remains down towards fresh lows below the 1st August low at 9,326. At Friday's close, price was testing the trendline drawn from the said low and notably, the 20 and 50 SMA’s are still lined up on the bearish side.

The AUD/USD is trying its best to remain bullish after the open on Monday, but will news out of the USA this week put a stop the the gains? Price has opened above the 62 EMA after producing a 175 pip bullish engulfing candle on Friday, but we have a descending trend-line intersecting with the 61.8% retracement level at about 1.0630 and the pair will also encounter heavy resistance at 1.0690.

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Yesterday the EUR/GBP pair cleared a major resistance zone at 0.8800 closing the day at 0.8830. We have been bullish on this pair for the past week and it appears to be full steam ahead now that we have crossed and closed on the upside of the 62 moving average at 0.8788.

The Sterling lost some ground today against the Greenback, which seems to have been strengthened by positive numbers from the Durable Goods Orders report out of the USA for July. With little data coming out of London today the Greenback seized the opportunity and capitalised on it by gaining 120 pips.