Forex Daily Forecast, Analysis and Prediction

Due to the US holiday and the lack of sufficient liquidity to support price movements, the gold price index stabilized at the beginning of the week's trading

Recently, the EUR/USD pair has seen a significant rise from its recent lows, trading above a clearly defined uptrend line and moving towards critical Fibonacci

The GBP/USD exchang rate surged to the highest level since February 2022 as signs showed that the British economy was doing better than expected

The EUR/USD exchange rate continued rising this week after Donald Trump announced an extension to his tariffs from January 1 to July 9 as the two regions

Bitcoin price resumed its uptrend as demand for the coin continued rising. The BTC/USD pair rose to 110,000 from this week’s low of 106,610, with bulls targetin

During the trading session on Monday, we have seen a significant move higher by the Canadian dollar against the Japanese yen, which should not be a huge surprise considering that the last couple of candlesticks were both hammers, so that does lead to the idea that there are plenty of buyers underneath.

During the trading session on Monday, we saw the USD/CAD pair drop, but it has bounced enough to form a bit of a hammer. However, keep in mind that it was Memorial Day in the United States, so at least New York wasn’t involved at this point in time. The Canadian market itself isn’t big enough to really move things, so that explains why we had a fairly tight range for the session. The 1.37 level seems to be an area that is pushing back against some of the selling pressure.

On Monday, we have seen the New Zealand dollar rally quite nicely against the US dollar, as we have broken above the 0.60 level. The 0.60 level is the beginning of massive resistance, and I think at this point in time we should be watching for either more momentum to the upside, or signs of exhaustion that we can start shorting. Quite frankly, when I look around the forex world, I can see that a lot of pairs look like this at the moment, that the US dollar may get eviscerated, or its oversold and it’s going to turn things around.

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing

The gold market pulled back just a bit during the trading session on Monday, but you should keep in mind that the futures market was somewhat limited as it was Memorial Day in the United States, so it closed early, and of course a lot of volume was missing as major institutional investors in the United States weren’t bothered. That being said, this is a market that has been very noisy over the last couple of weeks, but it does look like it is a situation every time we pull back significantly, buyers are willing to come in and pick up value.

On Monday, the euro rallied rather significantly right off the bat but then turned around to show signs of negativity. At the end of the session, it looks like we will end up forming a shooting star, which of course is a very negative sign. Quite frankly, when you look at the chart, you can see that there is a massive amount of resistance between here and the 1.15 level, as markets are struggling to figure out which direction to run.

Natural gas initially gapped higher to kick off the trading session on Monday but then ran into a buzzsaw of resistance. Now, keep in mind Monday was Memorial Day in the United States, so liquidity may have been a bit of an issue, but in overnight extended hours

From Daily Forex, this is Chris taking a look at the silver market. Silver initially did try to rally during the trading session on Monday, but keep in mind it was Memorial Day in the United States. So, there was a serious lack of liquidity as volume was a little weaker than usual. It's not a huge surprise to see that we are still very much in the same range that we have been in for the last month, month and a half.

The British pound has rallied a bit against the US dollar during the trading session on Monday as we continue to see the uptrend play out

Bitcoin has rallied a bit during the trading session on Monday in what was Memorial Day in the United States. So, there might have been a little bit of liquidity missing, but really at the end of the day, I think what we're doing is trying to grind to the upside and take out this candlestick from last week on Friday that was so negative.