Forex Daily Forecast, Analysis and Prediction

The EUR/USD pair fell hard during the session on Wednesday, slicing through the 1.35 handle as comments out of the European Central Bank suggested that a miniature rate cut could happen if the economy so warranted it.

The WTI Crude Oil markets initially fell during the session on Wednesday, but bounced back in order to find enough support to form a hammer. This hammer just continues the long line candles that show.

The XAU/USD pair (Gold vs. the American dollar) broke below the 1268 support level printed another bearish candle yesterday.

Last week printed a bullish inside candle. Note though that it was unable to close above the 50% Fibonacci retracement level at around 1.3500, and that this week's break upwards through the level has reversed strongly, with this week's candle currently showing a bearish pin bar rejecting that level.

Last week printed a small bullish pin bar sitting on the established support level of 0.9279 which is both a double bottom and resistance turned into support.

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The USD/CAD pair initially fell during the Tuesday session, but found enough support above the 1.04 handle in order to bounce and form a fairly supportive and positive looking candle.

The GBP/USD pair initially fell during the session on Tuesday, but found enough support at the 1.6050 level in order to bounce and form a hammer. This hammer of course is very supportive, and as a result I believe that this market is going to go higher.

The AUD/CAD pair initially fell during the session on Tuesday, but found the 0.9750 level as being supportive enough to push the market much higher.

The EUR/USD pair initially fell during the session on Tuesday, two fall back below the 1.35 handle.

The WTI. Oil markets drifted slightly lower during the session on Tuesday, but found a little bit of support in approach the $94 handle again.

The XAU/USD pair is trading in a relatively tight range during the Asian session today. Yesterday the pair tried to break below 1268 but more dovish comments from top Federal Reserve officials helped buyers to defend this support level.

Last week’s action is interesting. The price came down to the support zone, breaching 1.5583 and forming a new low just above 1.5850, before rising sharply. The pair closed the week near its high, printing a bullish outside reversal candle.

Last week printed a bearish candle, closing hard on its low. It also made a third touch and rejection of a major bearish trend line.

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