Forex Daily Forecast, Analysis and Prediction

The GBP/AUD has been descending steadily since making a 3 month high on May 23 of this year and has now broken the 3 month low as well as the low established 2 weeks ago at 1.5069.

AUD/USD rose during the session on Wednesday as it appears the markets believe stimulus is coming. Whether or not they believe it is coming from the Federal Reserve, or the Chinese central bank is probably going to be relevant at the end of the day.

GBP/AUD had a very bearish session during the Wednesday trading day, which is simply a continuation of the trend that we have seen sense April.

EUR/USD seems to be stuck in a pattern of déjà vu, as for the third day in a row it has fallen only to bounce back to form a hammer.

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The AUD/USD pair continues to defy gravity and climbed again yesterday by another 83 pips to close above the Daily Pivot at 1.0288 but unable to break the high made on July 05 at 1.03271.

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GBP/USD had an interesting day on Tuesday as the Federal Reserve Chairman Ben Bernanke testified in front of the U.S. Congress on the state of affairs.

The USD/JPY pair had a positive session on Tuesday, and this would be expected during the session like we had on Tuesday as the Federal Reserve Chairman gave no real straightforward indication of looming quantitative easing.

EUR/JPY had a positive session on Tuesday, as the Federal Reserve chairman spoke before the U.S. Congress. While this pair typically will follow equity markets, and risk appetite in general, it should be noted that we have also reached a major bottom in this pair and could be seen a simple technical bounce.

The USD/CHF, along with its cousin the EUR/USD has started to reverse from the highs and lows made last week (low for EUR/USD), both of which are levels not breached since the area turned into resistance in December of 2010.

The EUR/JPY pair fell during the majority of the Monday session, in order to break below the 96.50 level. The pair has been sold off rather drastically over the last couple weeks, and appears that we are currently slowing down the dissents of the Euro against the Yen.

NZD/USD fell during the beginning of the session on Monday, but bounce later in the day once it was reported that the US retail sales numbers were weaker than expected.

The EUR/USD fell during most of the session on Monday, in order to crack the 1.22 level. The pair has been following rather relentlessly over the last couple weeks, and as a result we have found a bit of a temporary bottom in the form of the 1.2150 level.

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