Forex Daily Forecast, Analysis and Prediction

The WTI Crude Oil markets had a very strong session on Thursday, as the markets closed that the $108 level.

The EUR/JPY pair had a very strong showing on Thursday, and in fact managed to breakout above the top of the shooting star from the Wednesday session, a candle that I thought would keep this market consolidated.

Going forward from there though, I would expect to see resistive action somewhere just above, and because of this I'm actually on the sideline right now looking for an opportunity to sell the New Zealand dollar yet again.

This market has formed several hammers over the last week, and because of this I think it's obvious that the market is going to attempt to go higher.

Last Friday the USD/JPY pair produced a bullish reversal bar which was broken to the upside the very next day. However just after that, last Tuesday produced a bearish reversal.

The XAU/USD pair fell to its lowest level in two days as the bulls continued to encounter heavy selling pressure at the 1300 level.

Resistance became support at 1.3050, however the price has been falling off since Tuesday night.

The Sterling gained some ground against the EURO yesterday after better than expected employment numbers

The WTI Crude Oil markets fell initially during the session on Wednesday, but as the Federal Reserve Chairman Mr. Bernanke testified in front of Congress that the Federal Reserve remain flexible with quantitative easing plans, this of course will work against the value of the Dollar, and as a result the oil markets got a bit of a boost during the session.

The USD/CAD pair went back and forth during the session on Wednesday again, hovering around the 1.04 level.

The 100 handle offered too much resistance though as usual, and as a result the market looks like it's ready to grind just below that all-important area.

The EUR/USD pair fell during the balance of the session on Wednesday, but bounced just enough to form a candle that looks a little bit like a hammer.

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For now, this pair stands too uncertainly to make any concrete predictions.