Forex Daily Forecast, Analysis and Prediction

Silver markets rallied a bit during the trading session on Monday to kick off the week, reaching towards the $17.95 level.

The USD/INR has been able to sustain a solid value but has shown the ability to trend towards important support.

GBP/USD: Pound relatively strong and supported at 1.2624

EUR/USD: Bears pushing price below 1.1270

Gold markets have bounced a bit during the trading session on Monday to kick off yet another week of choppy sideways trading.

The British pound initially gapped higher to kick off the week, but then pulled back towards the 1.2635 level, and the 200 day EMA to find enough buyers there

Turkish President Erdogan canceled proposed lockdown measures for fifteen municipalities, which were supposed to take effect over the past weekend.

The Australian dollar has rallied on Monday, to test the top of the shooting star from Friday.

Singapore initiated the first phase of easing lockdown restrictions due to the Covid-19 pandemic.

Russian President Putin ordered his government to implement a swift economic recovery plan, which includes RUB5 trillion in emergency spending until the end of 2021.

The risk appetite and the positive US job numbers were a catalyst for the USD/JPY in correcting upwards to the 109.85 resistance, the highest level of for the pair in more than two months, before it closed last week’s trading around the 109.58 level.

The weakening of the US dollar and risk appetite contribute to stronger gains for the GBP/USD pair, pushing it to the 1.2730 resistance.

Throughout the week's trading, the price of gold was in a downward correction range amid continuing gains in global stock markets and growing investor confidence that the reopening of global economies may offset some of the catastrophic shocks caused by the Coronavirus.

The EUR/USD price fell from the 1.1383 resistance, its highest level in three months, and closed the week's trading around the 1.1278 level.

AUD/USD: Breakout imminent?