Forex Daily Forecast, Analysis and Prediction

The GBP/NZD pair attempted to break through the 1.95 level on the Friday, but was repelled by the sellers in order to form a shooting star.

The AUD/USD pair has been in a nice uptrend since the beginning of June. However, we saw a breakdown on Friday below the uptrend line that has been propelling this pair much higher.

GBP/USD has been very bullish of the last several sessions, and during the Thursday trading day even managed to approach the 1.59 level. The pair had been recently consolidating in an ascending triangle, and as such I have been waiting for what seems like forever to buy this pair.

AUD/USD fell during the Thursday session as the poor Chinese economic numbers that have been coming out recently wait upon the commodity currencies. There is serious concern that the slowdown in China is accelerating, and this will put a serious dent into the commodity markets which Australia is so reliant upon for its export market.

EUR/USD had another bullish session on Thursday as the short covering rally continues. The market has been rather impressive over the last several sessions, mainly based upon expectations of some type of Euro related bailout of Spanish banks.

The USD/CAD pair had an interesting day of the originally gain in value, only to turn around once the Federal Reserve minutes were released. It appears that several of the members on the board of the Federal Reserve are more than willing to ease monetary policy in the United States economy doesn't pick up.

The USD/JPY pair fell rather significantly during the session on Wednesday, facilitated by the Federal Reserve released that suggested many of the members are willing to step in and increase monetary easing if the US economy doesn't pickup.

The EUR/USD pair made a strong showing during the Wednesday session as the Federal Reserve released the minutes from its July meeting. In the release was the impression that several of the members are more than willing to step in and ease monetary policy if the economy in the United States does not pick up soon. Needless to say, this was Dollar negative and the Euro benefited as a result.

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The EUR/USD pair surge during the session on Tuesday to smash into the 1.25 area. This is the area that I have been suggesting for some time is the beginning of serious resistance, and should repel me Euro going forward. It is now that we will find out whether or not this actually holds true.

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The USD/JPY pair had a bearish session on Monday, as the pair ran into the 79 – 80 resistance zone. The pair had risen quite a bit over the last week or so, and as a result it wasn’t a surprise to see a bit of a pullback at this point.

EUR/USD had a fairly quiet session on Monday as the markets simply have no real catalyst to push them in either direction. However, I do have to admit that the action looks relatively supportive at this point in time.

GBP/USD has been a bit of a juggernaut lately. After all, this pair has been banging against the 1.57 – 1.58 resistance level even as the bears sell off aggressively. Although this pair hasn’t broken out to the upside yet, the fact is that the buyers are simply not giving up.