Forex Daily Forecast, Analysis and Prediction

The GBP/USD started gaining strength on April 30th after hitting a high not seen since September 2011 but was not able to make a new low for the same time period, only trading as low as 1.5267 on June 01, 2012.

The AUD/USD pair has been sold off relentlessly over the last couple of months, as it is a risk sensitive pair. The falling of risk appetite has been especially tough on this pair, and the fall has been impressive.

The USD/CAD pair is one of my favorites at the moment. This is simply because the oil markets are falling apart, and this gives me a clean way to play that market without all of the heavy margin associated with the futures contract.

The EUR/USD pair was tossed around during the session on Thursday as one might have expected it to be. After all, the markets had rallied on the “hopium” of potential easing by the Federal Reserve that is coming, and the Chairman Ben Bernanke was getting ready to testify before Congress.

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USD/CAD had a fairly bearish session on Wednesday as the oil markets got a much needed pop and bounce from support levels. The oil markets have been telling us of a global slowdown for a while and this bounce will more than likely be a simple matter of an oversold market calming down for the short-term.

EUR/USD had a strong session on Wednesday as the hopes of further easing out of the US continued. The ECB head Draghi also stated during a conference call during the session that the rest of the world underestimated the political will of the member states to keep the European Union and the Euro together.

The NZD/USD pair managed to bounce fairly hard during the session on Wednesday as the “risk on” attitudes came back into the fray. The pair is one of the most active in the “risk on, risk off” markets, and as a result has been pretty impressive in the scope of the fall lately.

Catch up on where the major Forex pairs have been headed with this mid week Forex summary.

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The EUR/USD pair has been sold off rather ruthlessly over the last several weeks. The pair has been the center of the concerns over the last several weeks, and with all of the drama in Europe is isn’t much of a surprise.

The USD/CHF pair has been fairly quiet over the last couple of sessions as the markets are looking for clues as to the next move by a couple of central banks. The Federal Reserve is expected to possibly ease further, and this has weighed upon the value of the US dollar over the last couple of sessions.

The USD/CAD pair has had a rather bullish tone for some time now, as the oil markets continued to deteriorate. However, this pair saw a shooting star on the close for Tuesday, and this suggests that we are going to see a bit of a sell off at this point.

The GBP/USD continues to consolidate below 1.5450 with all of the price action taking place below this level as a result (likely) of the Bank Holiday's in the UK. Price action has printed 2 pin bar reversal patterns with the wicks testing the Weekly Support level at 1.5350 several times and failing to hold below.

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