Forex Daily Forecast, Analysis and Prediction

XAU/USD rallied last week on expectations eurozone chiefs will finally reach an agreement on Greek aid. Stronger-than-expected business climate data from Germany was another supporting element for gold prices.

The EUR/USD moved higher last week from 1.2736 to 1.2989, just shy of the Weekly 62 EMA at 1.3005 and a descending trend line at the same level dating back to May of 2011 with a high then of 1.4940.

As the end of the month approaches, see what the recommendations are for some of the major pairs this week and plan your trading accordingly.

Gold continues to pressure the resistance area just above ¥14,000 as the Bank of Japan looks very likely to continue working against the value of its currency. With this being said, while gold should go up against most currencies, the best rate may actually be against the Yen as the currency is being devalued.

XAU/USD (gold vs. the greenback) closed higher than opening after PMI data from the China and Europe came out better than forecasts. However, the pair remained in range between 1732.40 and 1727.95 as the U.S. markets were closed for the Thanksgiving holiday.

The EUR/USD pair rose slightly during the session on Thursday as the Americans were away on holiday. More importantly though, it found the 1.28 level supportive for the second session a row, and I believe now we are reentering the previous consolidation area that runs all the way up to the 1.3150 level.

The GBP/JPY pair fell slightly during the Thursday session as the pair finally ran out of steam. This pair has shot straight up from the 1.2 5.50 region to present levels and slightly higher in a very short amount of time.

The AUD/USD pair had a fairly quiet session during the Thursday trading hours as the Americans celebrated Thanksgiving. Because of this, the liquidity would have been light during the North American trading session, and as a result we may have had a little bit of a misleading calmness in the marketplace.

According to the analysis of the GBP/USD and EUR/USD trader profited on a binary options platform.

Gold prices settled higher yesterday after IMF’s monthly statistics report showed central banks continue to purchase gold as a way of strengthening and diversifying their assets. Without a doubt, the general level of uncertainty in the global economy is contributing to higher gold prices.

The GBP/USD pair continued to bounce on Wednesday from the recent lows just above the 1.58 handle. Adding more credence to the support level is the fact that the 200 day simple moving average is just below, and the Wednesday candle formed a hammer.

The EUR/USD pair fell during most of the session on Wednesday, but did get a supportive bounce at the end in order to form a nice-looking hammer. This hammer was predicated upon a bounce from the 200 simple moving average on the daily chart, as well as the 1.27 to 1.28 support and resistance zone.

The NZD/USD pair fell during the session on Wednesday, but got a bit of a bounce from the 0.81 handle. You have to keep in mind that this pair is extremely risk sensitive, and as a result headlines can often have an inordinate effect on it.

According to the analysis of the GBP/USD and EUR/USD trader profited on a binary options platform.

XAU/USD closed lower than opening after a Hamas official said that both sides had agreed to a ceasefire, easing fears of a wider conflict stemming from Israel and Gaza. The American dollar was also supported by better-than-expected U.S. housing data.