Forex Daily Forecast, Analysis and Prediction

The WTI Crude Oil market gapped higher at the open on Tuesday, pulled back slightly to fill that gap, and then exploded to the upside to test the $60 level.

Gold had a better chance in achieving more gains, reaching to $1279 an ounce, the highest price for the metal in 3 weeks.

If it wasn’t for the passage of the US tax cut bill last week, the USD/JPY pair would have had a chance for more gains.

It seems clear on the GBP/JPY chart that the pair is moving in tight ranges with a slight bullish bias awaiting stronger catalysts.

The EUR/JPY gains halted around 134.88, the highest level for the pair since 2015.

For the fifth consecutive day, the GBP/USD is ranging between 1.3330 and the resistance at 1.3420.

In the start of this week’s trading, and after the holiday break, the EUR/USD advanced towards the resistance at 1.1873.

The EUR/USD pair initially fell during the trading session on Friday, but turned around to form a hammer.

The WTI Crude Oil market fell slightly during the session on Friday, but turned around to form a hammer yet again.

The US dollar initially tried to rally during the Friday session, but turned back around to form and exhaustive candle.

The S&P 500 did very little during the trading session on Friday, as we have gotten a bit overextended.

Gold prices settled at $1275.29 per ounce, rising nearly 1.6% over the course of the week, as renewed political unrest in Europe and weakness in the U.S. dollar boosted the precious metal’s safe-haven appeal.

he British pound has rallied against the Swiss franc for the last several months, but it looks as if we are running into serious trouble at the 1.35 handle above.

The US dollar has been reasonably positive against the Japanese yen over the last several months, and it looks likely that we will continue to see buyers underneath.

The New Zealand dollar has bounced recently from the vital 0.68 handle, and as I write this, testing the vital 0.70 level above.