Forex Daily Forecast, Analysis and Prediction

The GBP/NZD pair has been flirting with a serious demand level for some time now. On Friday, we saw the pair finally break through the area, as the 1.95 handle gave way.

EUR/USD rose quite a bit for the third day in a row on Friday, only to retreat in the end. There is open speculation that the ECB is about to get aggressive in the markets to help stabilize the European debt concerns, and this gave a bit of a relief rally for the Euro as a result.

The AUD/USD is Bullish again during Asian trading and is rapidly approaching both yesterday's high and the 90 day high for the pair at 1.0472.

USD/CAD fell hard during the Thursday session to coincide with the "risk on" rally that we saw throughout the financial markets. The pair of course will follow the oil markets, so it is worth noting that oil had a relatively benign rally for the session.

The price action over the last couple days has been fairly interesting, and it should be noted that what originally got me interested in this pair was the bearish flag that you see on the chart.

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.

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