Forex Daily Forecast, Analysis and Prediction

The Daily candle on the EUR/USD has formed as a nice bearish continuation candle closing at 1.3571, well below our support zone at 1.3650, after reaching a daily high of 1.3797.

Based on Doug’s analysis of the EUR/USD, The weakness in the USD creates an investment opportunity in the following positions: “High” or “Above”, “Touch” or “No touch down” on the EUR/USD.

This pair has reached a 38.2 fib level of the most recent swing low on the weekly chart. The 38.2 is overlapped with the 55 ema and upper Bollinger Band. Stochastics is within the overbought zone. This creates a very bearish feel to me, however, when looking at the daily chart I get an entirely different attitude.

The EUR/JPY continues to maintain its bearish downtrend and is still riding the 5 ema down on the daily chart.

Looking at the EUR/GBP today the longer term charts such as the weekly do not tell me much so I will spend most of my time analyzing this pair on the shorter time frames.

In my EUR/USD Analysis I mentioned that the I see that the EUR has been stronger than the GBP. As strong as it is however, I cannot ignore the fact that it appears to be meeting up with tough resistance.

Today, we are just a bit above the level we were at yesterday. We are also back within the Bollinger Bands and sitting above the lower band that I believe could give price a slight lift.

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Due to a high volatility in the markets, especially in the EUR/USD, volatility sensitive instruments such as: “Touch”, “Touch down” and “Out” are suitable for trading.

The AUD/USD is maintaining bearish. It has pierced the weekly 55 and the weekly lower Bollinger Band is wide open giving price permission to head out. The Stochastics is in the Trade zone but making a bearish cross in the center of the trade zone.

No ifs, ands or buts about it, the EUR/JPY maintains its heavy bearish appearance. I would not consider any longs with this pair. It may retrace a bit to connect with the daily 5 ema but I would just sit back and wait for that to happen. More than likely, price will stay put for a bot and just pull the 5 ema down to it.

Today we find ourselves with a bearish EUR/GBP. On the weekly chart the 13 is crossing below the 21 ema and the 5 is prepping to cross below the 55 ema. Lower Bollinger Band is open and pointing downward.

The GBP/USD continues to be bearish for the last several weeks and I don't see any reason for any of this to change.