Forex Daily Forecast, Analysis and Prediction

XAU/USD turned bullish after the bears failed to break the 1685 support. Although gold prices ended the week lower, the recent price action suggests that the bulls will not give up so easy.

The EUR/USD pair fell for the balance of the session on Friday as the nonfarm payroll numbers came out of the United States much stronger than anticipated.

The AUD/NOK pair had a fairly bullish session on Friday as you see the last couple of sessions have been quite strong for the Australian dollar. Essentially, this pair measures gold versus crude oil, and as such is a very interesting one to watch as it could show potential flow of commodity markets going forward.

The GBP/USD pair fell during most of the session on Friday, but ran into enough support in the 1.60 vicinity to see a bounce by the end of the trading day. This bounce produced a nice-looking hammer, and quite frankly at an area that I would've expected to see it happen.

The Kiwi is performing quite well compared to the weakness of the Sterling in the past week. As a result the GBP/NZD has broken out of a triangle formation that has held the pair in check since August with continually higher lows and especially, lower highs.

Begin your trading week with the Weekly Forex Forecast and see what the recommendations are for some of the major pairs.

XAU/USD halted its decline at the 1685 area after two consecutive days of losses. The pair turned north after European Central Bank President Mario Draghi said the ECB left the its monetary policy unchanged but Governing Council members had a wide discussion on interest rates, leaving the door open for an interest rate cut early in 2013.

With today being nonfarm payroll Friday, we can expect a lot of volatility in the currency markets for a brief time period as the Americans make their announcement. Leading up to this, it will more than likely be very quiet in many of the currency pairs that you watch.

The EUR/ USD pair fell rather precipitously during the trading session on Thursday as the ECB kicked off its press conference. This is mainly because the ECB Chairman Mario Draghi had suggested that there was a growing consensus on the board that rate cuts may be needed in the European Union sooner.

The GBP/USD pair fell during the session on Thursday as the "risk off" trade came back into play in various currency markets. However, we have the nonfarm payroll number coming out today and this will typically move this pair.

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XAU/USD continued to sink yesterday as strength in the American dollar helped sellers. Demand for the greenback increased after data on U.S. services, factory orders beat estimates and President Obama said “a fiscal deal is achievable in about a week if republicans acknowledge the need to raise taxes on the wealthy”.

The EUR/USD pair tried to rally during the Wednesday session, but we found too much resistance above the 1.31 handle for the second time in three months. The 1.3150 level looks to be overly resistive, and as such it is the top of the larger consolidation zone.

The GBP/USD pair initially rose during the session on Wednesday as we broke above the 1.61 handle for the second day in a row. However, just like the previous session we solve the market failed to hang onto gains above that level.