Forex Daily Forecast, Analysis and Prediction

The GBP/USD pair went back and forth around the 1.60 level on Monday, essentially proving that the area is a “magnet” for price. The candle isn’t that exciting either, as it is very neutral.

The EUR/USD pair rose during the session on Monday, shooting back above the 1.34 level. The area leads the way back to the 1.35 level, an area that was once significant supportive, which should be resistive now as well.

The WTI markets fell during most of the session on Monday, but bounced in order to form a hammer by the time the markets closed. This of course is a supportive sign, and therefore I think this market is trying to build a bit of a base in this general area to bounce to perhaps the $98.50 area.

The XAU/USD pair continued to sink during yesterday's session and closed the day at $1282.57 an ounce, the lowest level since October 16. There is no doubt that U.S. non-farm payrolls figures were better than forecasts.

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Check out the weekly Forex forecast for some of the major pairs here.

Last week’s candle just broke last week’s low by a few pips, then rose weakly, closing in the lower half of its range. It is an indecisive candle, showing that despite the strong support, the price has been unable as yet to rise with any real strength.

The AUD/USD pair fell during the session on Friday, as it remains below the 0.95 handle. That being the case, the market looks like it's basically being held underneath that level, which of course is very resistive.

The GBP/USD pair fell hard during the session on Friday, mainly in reaction to the nonfarm payroll numbers coming out of Washington DC much stronger than anticipated. The market did close back above the 1.60 handle, which of course is interesting to me as the move to the US dollar wasn't quite enough to break this pair down.

The USD/CAD pair rose in reaction to the nonfarm payroll numbers coming out on Friday, which generally favors the US dollar when employment numbers look good.

The WTI Crude Oil markets did very little during the session on Friday, essentially showing how confused the markets are at the moment simply because the nonfarm payroll numbers came out stronger than anticipated.

The XAU/USD pair printed another bearish candle at the end of the week on the back of the solid U.S. economic figures.

Last week produced a bullish candle that broke the upper triangle trend line and closed just a fraction above it. The candle closed near the top of its range and produced a long lower wick. The previous week’s low held and a bearish trend line was rejected.

The USD/JPY pair rose during the session on Friday, in response to the nonfarm payroll numbers coming out stronger than anticipated. This puts this market in the spotlight again, simply because the interest rate differential should be favoring the Americans for the time being.

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