Forex Daily Forecast, Analysis and Prediction

EUR/USD rose during the session on Thursday after the head of the European Central Bank announced that he was willing to do "whatever it takes" to save the Euro. For some out there, this seems to have been a major revelation.

The USD/CAD pair is another pair that is trading within a channel, and the pair has reacted to the top of that channel by printing a bearish engulfing candle off of Resistance at 1.0225.

NZD/USD rose during the session during the Wednesday session as the "risk on" rally came back into the market. Looking back over the previous 40 hours, we have seen a breakdown out of consolidation by the Kiwi dollar, and now we have ran back of to retest that area.

USD/JPY had a very slight gain during the session on Wednesday as the pair bounced from the 78 handle. This is an area that I find very intriguing, mainly because it looks to me like it is an obvious support and resistance line on the longer-term charts.

EUR/USD had a strong session on Wednesday, to fill the gap from the weekend open. The candle does look fairly strong, and I do have the mid-although I am very bearish of the Euro in general, this does make me believe that selling at this point will be a little bit difficult.

XAU/USD is going to break out...it will simply HAVE to at some point in the very near future. The range the pair is trading is is growing increasingly smaller with higher lows and lower highs every week forming a giant wedge formation on the Daily, Weekly and most predominant, the Monthly Chart.

NZD/USD fell during the session on Tuesday after initially trying to break free of resistance. The 0.79 level turned out to be far too resistive, and as such we found a reversal in the middle of the trading day.

AUD/USD fell during the session on Tuesday as the rounds on risk assets continues. Bad news out of Europe pushes down the risk appetite around the world for traders, and as a result the Australian dollar pays.

EUR/USD fell during the session on Tuesday as the fears coming out of the European Union continue. The yields in various debt markets from a Madrid to Rome are starting to spike, and as such demand for the Euro is waning.

According to the analysis of the NZD/USD and EUR/USD trader profited on a binary options platform.

The GBP/USD has been trading in a range of about 350 +/- pips since early July and now appears to be getting ready to test the lower end of this range once again, with yesterday's candle being strongly Bearish and initiating a Bearish cross of the 5 & 13 EMA's.

USD/JPY fell during the session on Monday as the risk appetite was destroyed most of the day. However, in the later hours the Americans turned around and bid up risk assets in general. This of course means selling off the Yen, and it should be noted that the 78 handle acted as support as well.

NZD/USD had a very tough day during the session on Monday, which at one point in time actually looked like it was going to turn around.

The EUR/USD pair had a pretty rough session during the Monday trading day as the markets reacted to news of several Spanish territories needing a bailout in the near future. The market action was absolutely horrible most of the session, but as usual the Americans stepped in to save the day and kill off the Dollar.

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