Forex Daily Forecast, Analysis and Prediction

Based on DailyForex's analysis of the USD/CAD and EUR/USD traders profited on a binary options platform.

Where are your favorite pairs headed? Find out in this weekly Forex Forecast from one of our pro traders.

The EUR/USD pair had a wild day on Friday as the G8 summit loomed. As it has done recently, the pair started out the day falling, only to bounce once the Americans were left alone to their devices.

The GBP/USD pair has had a roughly couple of weeks as the pair has lost over 400 pips in an almost straight shot down. The concerns of global slowdowns have traders buying the US dollar, and this pair hasn’t been any different.

The USD/CAD pair has been one that has been very good to the scalpers out there for some time. However, on Thursday we got a significant breakout in this market as the 1.01 level gave way. This was the signal that I had been looking for in order to go long.

The EUR/USD pair formed a hammer on Wednesday that had me thinking that a bounce was coming. On Thursday, it fell even further. The market managed to break below the bottom of that Wednesday hammer, essentially voiding it.

The AUD/USD pair is one of the most interesting ones to trade at the moment as it is purely a “risk on, risk off” environment. The Aussie has a lot of different things sinking it at the moment, some of which originate out of Australia, and many others that don’t.

The GBP/USD pair has absolutely fallen apart over the last couple of sessions. This is ironic, considering how it seemed to be so resilient over the last couple of months, even as the Euro weakened, and risk wasn’t in favor on most days.

Based on DailyForex's analysis of the AUD/USD and EUR/USD traders profited on a binary options platform.

EUR/USD continued to show serious weakness on Wednesday as the pummeling continues. The latest headline out of the Union was that the European Central Bank was suspending monetary operations with several Greek banks as they didn’t have the proper recapitalization in place.

The AUD/USD pair has been beaten up pretty badly over the last several sessions. The risk appetite around the world continues to deteriorate, and as long as it does, the Aussie will suffer for it. The commodity markets all look weak, and as a result the Aussie will too.

GBP/USD is an interesting market at the moment. The pair continued to rise even as the risk appetite fell. However, the last couple of weeks have seen a bit of a pullback now, and the Wednesday session may have been the real start of something much more bearish.

The AUD/USD chart printed a pin bar reversal pattern at a very strong level of support of 0.9925 closing just below the Weekly S1 at 0.9942 and kissing the Weekly S2 with its long wick at 0.9868.

Based on DailyForex's analysis of the USD/CAD and EUR/USD traders profited on a binary options platform.

See how your favorite major pairs were doing so far this week and learn where they may be headed from this weekly Forex summary.