Forex Daily Forecast, Analysis and Prediction

For the second day in a row, the EUR/USD currency pair is witnessing profit-taking selling after a bullish jump at the beginning of the week’s trading.

The recent performance of the pound in the Forex market contributed to a strong upward momentum for the GBP/USD pair, which moved towards the 1.3313 resistance, its highest in over two months.

Stalled gains in the US dollar and global stock markets contributed to the rebound in gold price from its lowest levels in five weeks at $1851 an ounce to $1890 an ounce.

As expected, the USD/JPY performance is in a narrow range during the American holiday of Veteran's Day.

0.7248 holding gives some hope for bulls.

The DAX Index has a habit of causing bedlam in early trading.

Consolidating triangle breaks up

The USD/BRL has seen a fairly consolidated range emerge the past two days as its current price hovers over mid-term support levels which have proven difficult to puncture lower with sustained trading.

Pound retains long-term strength

In early trading this morning, the USD/TRY continues to sustain its price near an important support level which was last tested the third week of October.

When trades go wrong speculators will often search for explanations.

Mexico is on course to become the eleventh country to report over 1,000,000 COVID-19 infections, likely to be reached this Sunday or the following Monday.

New COVID-19 infections across South Africa started to increase, while Europe and the US experience the more violent second wave of the pandemic.

The West Texas Intermediate Crude Oil market rallied during the trading session on Wednesday, reaching towards the top of the range and the $43.50 level before pulling back.

The US dollar initially pulled back against the Japanese yen to reach down towards the ¥105 level.