Forex Daily Forecast, Analysis and Prediction

The USD/CAD pair rose slightly during the session on Wednesday, bouncing off of the area just below the 1.03 handle.

This shooting star isn't necessarily something that I think leads to a massive selloff, rather it simply shows the slowing down of this market, and the fact that the buyers are starting to run out of steam.

The EUR/JPY pair rose during the session on Wednesday, and broke above the 132 handle again.

I suggested holding out until a breakthrough or reversal at top or bottom of this range with expectation the action would be more likely the top.

In my analysis last week of AUD/USD on Wednesday 17th July, I declined to make concrete predictions due to the uncertain technical behaviour of this pair.

As there is quite strong bullish momentum, I would be nervous to take any shorts off of the zone around 1.3250 unless the bullish trend really slows down first for a few days and we get some consolidation instead.

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Gold prices continued to advance on expectations the Federal Reserve will maintain its monetary stimulus at its next meeting which will be held on July 30-31.

The candle suggests that we are going to see a bit of buying pressure in this general vicinity, and as a result I feel that this market will more than likely make a serious attempt to reach the $110 level in the short term.

The USD/CAD pair fell during the session on Tuesday, breaking well below the 1.03 handle.

The GBP/USD pair went back and forth during the session on Tuesday, forming a hammer for the day.

It is possible that we will close above that weekly downtrend line, and at that point time I would give up any thoughts about shorting the Euro.

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