Forex Daily Forecast, Analysis and Prediction

The NASDAQ 100 has initially tried to break above the top of the channel that we have been in for some time but gave back the gains during the day on Monday.

The Euro rallied again during the trading session on Monday, breaking well above the 1.1350 level before giving up all of those gains in what has been a familiar pattern: The Euro rallying towards the 1.14 level and then pulling back.

The S&P 500 initially rallied during the trading session on Monday to kick off the week but as you can see has given up quite a bit of the gains above the 3200 level to crash into the 3150 level.

The gold market initially tried to rally during the trading session on Monday but found quite a bit of resistance above as we sold off late in the day.

The Australian dollar initially tried to rally during the trading session on Monday to kick off the week, but you can see that we are falling again from the 0.70 level.

The Brazilian Real continues to be very choppy and noisy against the US dollar as we try to figure out what the situation is in Latin America.

The West Texas Intermediate Crude Oil market had a choppy session again on Monday as traders came back to work.

The US dollar has rallied slightly during the trading session on Monday, as we continue to see the ¥107.50 level act as a bit of magnet for price.

Throughout last week’s trading, the EUR/USD pair attempted to exploit investors giving up the USD despite fears of new Coronavirus cases.

GBP/USD performance last week was remarkable, as the pair moved positively towards the level 1.2670 resistance despite the failure of the last round of negotiations between the two sides of Brexit, the European Union and Britain, and the pessimistic comments by the British Treasury Secretary after announcing the stimulus plans.

For two weeks in a row, the USD/JPY pair moved in a stable downward correction range below the 108.00 support, and last losses reached the 106.63 support, the lowest level in three weeks, before closing trading around the 106.92 level.

There has been much talk recently about the possibility of gold price reaching the $2000 level, especially with breaking through the $1,800 psychological resistance three trading sessions ago, during which the yellow metal succeeded in testing the $1818 resistance, its highest level for nine years, before it closed the week’s trading around the $1798 an ounce.

AUD/USD: Unlikely to break out of range today

The Brazilian Real has essentially traded in a range between 5.0000 and 5.5000 the past month with intermittent trends depending on global risk appetite and sentiment being generated domestically.

USD/JPY: Price returning to comfort zone as USD regains some ground