Forex Daily Forecast, Analysis and Prediction

Begin the month of November with the weekly forecast for some of the major Forex pairs here.

The NZD/USD pair fell slightly during the session on Friday, but found support yet again near the 0.82 level.

The EUR/JPY pair fell most of the session on Friday, but as you can see bounced hard enough to form a hammer.

The EUR/GBP pair fell during the session on Friday, but as you can see got enough of a bounce off of the 0.8450 level in order to form a nice looking hammer.

The USD/CAD pair went back and forth during the session on Friday, hovering above the 1.04 handle as you can see.

The WTI Crude Oil markets fell hard during the session on Friday, breaking below the all-important $96 handle.

The XAU/USD pair fell for the week and settled at $1315.54 an ounce on Friday as investors decided to liquidate some of their long positions and turn to the relative safety of the U.S. dollar.

Last Thursday's analysis ended with the following predictions relevant to what has happened since:

Our previous analysis last Monday ended with the following predictions, as applicable to the price action that has occurred since then:

In my last article, I noted a possible top in the GBP/USD pair at the 1.62 level, and was possibly seeing a bearish trend start to setup. From 10/21: Within that up-trend, there is some failure occurring within the trend back up to its upper band.

The AUD/USD pair tried to rally during the session on Thursday, but as you can see the 0.95 level offered far too much resistance yet again and as a result force this market to form a shooting star.

The GBP/USD pair went back and forth during the session on Thursday, but remained above the 1.60 level by the end of the day. That being the case I believe that this market will continue to stay above that level, and as a result I'm looking for some type of supportive action in order to go long.

The EUR/GBP pair fell hard during the session on Thursday, breaking down to the 0.8450 level. It was enough support there though in order to keep the market somewhat afloat, but you have to look at this candle and understand that it closed at the very lows of the day.

The EUR/USD pair fell hard during the session on Thursday, surprising most traders out there in the marketplace. Even though this market has stalled recently, I have to admit that I was caught off guard as well as the market also hard.

The WTI Crude Oil markets did almost nothing during the session on Thursday, but remains true to the idea that the $96 level is going to continue to be supportive.