Forex Daily Forecast, Analysis and Prediction

The past five days of trading within the USD/INR have been a solid reflection of the forex pair’s rather choppy trading cycle the past month.

The Australian dollar gapped lower during the trading session on Monday but then turned around to rally to test the highs of the Friday session.

The British pound continues to rally significantly during the trading session on Monday, as we continue towards the highs again.

GBP/USD: New stairstep support at 1.3008

EUR/USD: Medium-term upwards trend

With the decline of the US dollar in the last trading session last week, there was an opportunity for the GBP/USD pair to correct upward with gains that reached the 1.3048 resistance, its highest level in a month.

Most of last week’s transactions were positive for the USD/JPY, which moved towards the 106.10 resistance, its highest level in three weeks.

At the end of last week's trading, the EUR/USD, jumped to its highest level in two weeks, when it tested the 1.1830 resistance and closed trading near that level.

The decline of the US currency was a long-awaited catalyst, and therefore the opportunity was better for the yellow metal to rise.

With new Covid-19 infections on the rise, Brazil continues to face an uphill economic battle, on top of the healthcare crisis.

India became the second country behind the US to surpass 7,000,000 Covid-19 cases, with the US set to breach the 8,000,000 level today.

Gold markets have rallied significantly during the trading session on Friday, breaking above the 50 day EMA.

The S&P 500 has broken out during the trading session on Friday, as the stimulus has taken over the thought process of Wall Street.

The Bitcoin markets rallied a bit during the trading session on Friday, breaking above the 11,000 level.

Silver markets have broken to the upside during the trading session on Friday, clearing the 50 day EMA which is a strong technical signal.