Forex Daily Forecast, Analysis and Prediction

Gold markets have been sideways during most of the month of May, using the $1700 level as support.

The US dollar has risen most of the month of May against the Japanese yen, but as you can see on the weekly chart, we are still in a relatively tight range.

The British pound has been rather negative during the week heading into June, just as it has been for the entirety of the month of May.

The Australian dollar has gone straight up in the air again during the month of May, reaching towards the 0.6665 level as I write this article.

The USD/JPY losses increased in the last two trading sessions, as the pair moved towards the 107.37 support in the beginning of Wednesday’s trading.

The optimism that prevailed in the financial markets due to the successive announcements that reaching a vaccine to counter the deadly Coronavirus was close.

Abandoning the US dollar as a safe haven amid improved financial market gains and investor’s risk appetite brought the GBP/USD an opportunity to bounce back up to the 1.2362 resistance.

With gains of more than 100 points, the EUR/USD pair succeeded in correcting upwards with gains reaching the 1.0995 resistance.

AUD/USD: New 3-month high price

USD/JPY: Weakly bullish with low volatility

India faces a recession, like most other economies, due to nationwide lockdowns in response to the global Covid-19 pandemic.

BTC/USD: Strong resistance levels above price channel

GBP/USD: Watch for break above 1.2335

EUR/USD: Medium-term wide bullish price channel

The Euro has rallied rather significantly during the trading session on Tuesday, reaching towards the 1.10 level.