Forex Daily Forecast, Analysis and Prediction

The AUD/CAD pair fell after initially trying to gain during the session on Tuesday.

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The level of 0.9133 was hit during the later part of yesterday’s New York session.

Gold prices settled higher yesterday after the China Gold Association reported that purchases rose 54% in the first half from a year earlier.

The breakout began last week when the British Pound surged upwards to 1.5574 after better than expected numbers showing that the UK economy is doing relatively well and Mr. Carney did a partial about face on his plans for QE.

The biggest problem I have with this market right now is that we are simply in the middle of the trading range.

There's really nothing to push the markets around at the moment, although Europe seems to be leaving a recession finally.

The GBP/USD pair fell during the session on Monday, slicing through the 1.55 handle again.

I think that we have a nice set up for a short-term long in this currency pair.

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The Australian Dollar appears to be making a comeback against many of the major currencies of the world and the Japanese Yen is one of them that looks ripe for the upward momentum to capitalize on.

Although the highs and lows of recent previous days look like perfectly good points to look for longs, given recent buying momentum, the true test of whether this pair is turning really bullish will be closes above all the three resistance levels overhead, i.e. above 0.9344.

It has taken two and a half weeks just for the price to move by even these small amounts and the action is now quite quiet.

The level of 1.3345 was hit during the last hour of Friday's London session.

Long AUD/USD between 0.9133 and 0.9083 if the price reaches this level before Midnight GMT today.