Forex Daily Forecast, Analysis and Prediction

The WTI Crude Oil market rallied significantly during the trading session on Wednesday as we are now approaching the 200-Day EMA.

The US dollar has strengthened sharply in recent days and there are likely to be further gains if global stock markets decline further from recent highs, but this week's Jackson Hole Symposium will be the main domestic event for the US currency.

The price of gold maintained an advance as investors weighed on expectations for the path of the Federal Reserve's monetary policy tightening after new data indicated some weakness in the US economy.

The dollar held steady against the other major currencies on the back of safe-haven flows, while the euro hovered near a two-decade low as Europe grapples with energy supplies and broader concerns about economic growth.

Get today's recommendation on the lira against the dollar

My previous GBP/USD signal on 16th August could have produced a slightly profitable short trade from the bearish rejection of the resistance level which I had identified at $1.2100 if the trade had been closed out at the end of the day’s London session.

The US dollar's gains were temporarily halted against the other major currencies after data released yesterday showed that the slowdown in the US economy may have accelerated in August.

The Dow Jones industrial index continued to decline in its recent trades ,registering record losses for the third session in a row.

Spot natural gas prices (CFDS ON NATURAL GAS) stabilized at a decline in recent trading at intraday levels, to achieve slight daily gains until the moment of writing this report, by 0.96%.

The USD/CAD is producing a rather steady diet of fast paced value changes as it traverses within its upper range.

The GBP/USD has attempted to bounce during the trading session on Tuesday as the selling pressure seems to be letting up a bit.

The USD/BRL closed near the 5.1037 level yesterday and a low of nearly 5.0700 was achieved.

Gold markets rallied a bit during the trading session on Tuesday to show signs of life again as the market has threatened to break above the $1750 level.

The US dollar has fallen against the Japanese yen to kick off the trading session on Tuesday, but found enough support near the ¥136 level to turn around and form a hammer.

The BTC/USD has been very quiet during the trading session on Tuesday as we continue to hang around the $21,000 region.