Forex Daily Forecast, Analysis and Prediction

For quite some time, the USD/JPY has been trying to break through the 110.00 resistance level, which is crucial for a bullish performance and to avoid a crash.

At the beginning of this week's trading, the US dollar gained some momentum against the other major currencies.

This week opened like last week closed, as the EUR/USD continued to correct lower towards the 1.1770 support level, the lowest in more than two weeks.

The 0.7350 area may be pivotal today.

The GBP/USD price was little changed in early trading ahead of the important UK jobs and US Consumer Price Index (CPI) data.

The BTC/USD price remained under pressure as demand for the cryptocurrency waned.

The DAX Index rallied on Monday but struggled to stay above the 50-day EMA by the time we closed.

The US dollar has been going sideways against the Norwegian krone over the last couple of weeks.

The West Texas Intermediate Crude Oil market rallied a bit on Monday to kick off the week on the right foot.

The S&P 500 gave up early gains to show signs of weakness yet again by forming a bit of an inverted hammer.

The NASDAQ 100 rallied significantly on Monday, but as you can see, gave up early gains to form yet another ugly candlestick.

The medium-term trend is downwards.

Gold fluctuated on Monday as it stays within the same consolidation area it has been in over the last four days.

The Australian dollar fluctuated on Monday as we are still looking for some type of clarity.

The Bitcoin market initially rallied on Monday but gave back a lot of the gains to form an inverted hammer, which is a potentially negative sign.