Forex Daily Forecast, Analysis and Prediction

In my analysis last week of AUD/USD on Wednesday 17th July, I declined to make concrete predictions due to the uncertain technical behaviour of this pair.

As there is quite strong bullish momentum, I would be nervous to take any shorts off of the zone around 1.3250 unless the bullish trend really slows down first for a few days and we get some consolidation instead.

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Gold prices continued to advance on expectations the Federal Reserve will maintain its monetary stimulus at its next meeting which will be held on July 30-31.

The candle suggests that we are going to see a bit of buying pressure in this general vicinity, and as a result I feel that this market will more than likely make a serious attempt to reach the $110 level in the short term.

The USD/CAD pair fell during the session on Tuesday, breaking well below the 1.03 handle.

The GBP/USD pair went back and forth during the session on Tuesday, forming a hammer for the day.

It is possible that we will close above that weekly downtrend line, and at that point time I would give up any thoughts about shorting the Euro.

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Trade Recommendation for long-term profit. See details here.

Trade Recommendation for long-term profit. See details here.

The AUD/JPY pair has been trapped in a range for the past 2 weeks between 93.60 and 89.60 and this week that range is even narrower.

The XAU/USD pair produced a nice bullish candle after it pulled itself out of the bears' grip and broke above the 1300 level which has been a cap on prices for the last seven trading days.

The WTI Crude Oil markets fell during the session on Monday, confirming the shooting star that we had seen printed on Friday.