Forex Daily Forecast, Analysis and Prediction

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EUR/USD fell for the bulk of the Friday session amidst rumors of a potential French downgrade by S&P. The downgrade did in fact happen, but it was only after the bulk of traders went home for the weekend after 4 pm New York time.

EUR/AUD is an interesting cross at the moment. As many of you know, the Euro is in big trouble as the problems in the EU and its debt markets have the world on edge.

AUD/USD has been an interesting pair lately. While the Dollar has done quite well against most currencies, the Aussie continues to show a determination to grind higher.

Check out this pro trader's Forex forecast for the majors before making any trades this week!

The increased volatility in the Crude Oil markets pushed many investors away from the more risky assets into the more traditional safe havens such as the USD.

The NZD/USD is appears to be continuing its Bullish run on the charts, closing higher than open on the last trading day of last week after testing a Bullish trend line which started in mid December.

EUR/USD got a boost for the Thursday session as the ECB didn’t mention anything related to rates, and also talked about liquidity measures to shore up the banking system in that area. The Italians and Spanish also managed to attract some interest in buying their bonds as well, and this shows that perhaps the banks in Europe are starting to buy these bonds with the cheap money that the European Central Bank has given them.

AUD/USD caught a bit of a bid on Thursday as the trading community looked for reasons to sell the US dollar. The pair is a good barometer on global risk, and the commodity markets as a whole.

GBP/USD sank for the first part of the Thursday session, but found its footing later to bounce back in the end. The 1.53 level is massive support, and the fact that we formed a hammer at that level suggests that we are not quite ready to fall apart in this market yet.

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The AUD/USD hit a wall at 1.0380 today, the same zone that has stopped the bulls advance and held the Bears back on numerous occasions in 2011.

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EUR/USD fell again for the Wednesday session as the European issues seemingly are going to be with the market for quite some time. The bears can come up with a seemingly endless amount of reasons to sell this pair, and the headlines certainly seem to back them up in that line of thinking.

The GBP/USD pair fell on Wednesday as traders attempted to break down the pair. The Pound in general looked very weak, and was even beat up by the lowly Euro. The pair is a barometer of global risk quite often, and stocks did have a rough day on the whole, so this move wasn’t completely unexpected.