Forex Daily Forecast, Analysis and Prediction

The EUR/GBP pair had a positive session on Thursday, as we broke back above the 0.80 level again. However, it appears that we are essentially grinding away just below the 0.8030 level, and as a result were trying to build up enough momentum to break out to the upside.

The NZD/USD pair initially fell during the session on Thursday, but as you can see found enough support at the 0.8350 level to turn things back around and form a nice-looking hammer.

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Gold lost ground against the American dollar for a fourth consecutive session on Wednesday after the minutes from the Federal Open Market Committee's July policy meeting showed that officials are willing to tighten policy in response to the economic data.

The WTI Crude Oil market try to rally slightly during the session but as you can see we remain very weak in this market. With that, I believe that the market should continue to fall, as there simply is nothing to hold the market off.

The USD/JPY pair as you can see broke out during the course of the day on Wednesday, slamming right through the 103 level, an area that had been so resistive.

The EUR/USD pair broke down during the day on Wednesday, as the FMOC minutes were released from the last meeting, suggesting that there were perhaps more bullish members than originally thought.

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