Forex Daily Forecast, Analysis and Prediction

USDCAD stays in a trading range between 1.1221 and 1.1448. The price action in the trending range is treated as consolidation of uptrend from 1.0784, and further rally is still possible to 1.1550 zone after consolidation.

Euro/Dollar had a moderate increasing momentum on Friday. The currency couple tried to drop, reaching a bottom at 1.3882, than ascended, reached a peak at 1.3998 and closed the week highrt at 1.3938.

EURUSD, like it was stated before, did reverse and this action made channel broken. Selling action is good to take, there is a possibility to wait and get better price for selling rather than now.

EURUSD step by step and heading towards the resistance line at 1.3984 price level. If candles are going to stay above 1.3960 we can be more confident about the bulls. At this situation trend came back to neutral status and we should wait for new possibilities.

GBPUSD stays in the trading range between 1.6209 and 1.6618. A break above 1.6618 will indicate that the uptrend from 1.3654 (Mar 11 low) has resumed, then further rally could be seen to 1.7000 zone.

Euro/Dollar made significant upward movement on Wednesday. The currency couple decreased to the bottom 1.3806, but further bearish impetus was rejected as the European currency rose sharply to the top 1.3977, closing at 1.3943.

EUR/USD Open 1.3827 High 1.3918 Low 1.3748 Close 1.3834 The Euro/Dollar made a significant increasing movement yesterday. The currency couple reached a bottom at 1.3748, rose up to the top 1.3918, and closed the day lower at 1.3834.

The EUR/USD continued decreasing on Monday with over 250 pips lost. On the 1 hour chart the quotes tested the trend line as a support again, which is still holding.

AUDUSD is forming a cycle bottom at 0.7827 level on daily chart. Range trading between 0.7827 and 0.8263 is expected next week. The price action in the trading range will be treated as consolidation of uptrend from 0.6284.

Dollar/Yen made an insignificant downward movement yesterday. This confirms the consolidation phase of the currency couple and the unclear movement direction, till trading range is within the triangle formation on the 1 hour chart. Immediate support is 97.25, followed by 96.00.

USDCAD failed to test 1.0928 support and rebounded from 1.0940 level. However, the rise is treated as correction of the downtrend from 1.1289. One more fall to test 1.0928 support is expected later today

Yesterday Euro/Dollar increased to the top 4138, from where the currency couple started descending down to the 1.3921 bottom. On the 1 hour chart is seen that the bearish impulse could not break the support level at 1.3920 and the trend line still resists.

Euro/Dollar attempt to drop yesterday, reaching a bottom at 1.3853, but further bearish impetus was rejected as the currency couple rose with nearly 250 pips, closed the day at 1.4064.

GBPUSD formed a short term cycle bottom at 1.5801 level on4-hour chart. The rise from 1.5801 is now treated as resumption of uptrend from 1.3654 (Mar 11 low). Further rise to test 1.6662 previous high resistance is now in favor.

Being contained by 1.3793 key support, EURUSD rebounds from 1.3804 level. However, the rise from 1.3804 is treated as consolidation of downtrend from 1.4338. Pullback to re-test 1.3793 would more likely be seen later today.