Forex Daily Forecast, Analysis and Prediction

Bitcoin trades near $113K as Ichimoku and a double-top pattern signal bearish momentum, with downside targeting $110K unless $118K resistance breaks.

GBP/USD remains under pressure amid risk-off sentiment, with a bearish setup targeting 1.3350 while 1.3585 stands as critical resistance.

EUR/USD is consolidating near 1.1670, with a bullish breakout setup targeting 1.1750 while 1.1550 remains the key bearish trigger level.

USD/CAD consolidates near the 200-Day EMA, with a bullish signal targeting 1.3990 while 1.38 serves as key support for risk control.

The New Zealand dollar slid against the US dollar after a rate cut, with NZD/USD breaking 0.5850 and testing 0.58 as sellers target 0.56.

The US dollar continues to grind against the rand, with 17.50 acting as strong support while EMAs signal resistance and traders await Powell’s Jackson Hole speech.

The British pound is testing the 50-Day EMA against the US dollar, with downside risks toward 1.3250 and upside potential if 1.36 breaks.

The US dollar is consolidating against the Mexican peso near the 50-Day EMA, with 19.00 as upside resistance while peso strength remains underpinned by higher rates.

Gold bounced off the 50-Day EMA, with bullish momentum aiming for $3,500 while $3,300 and $3,200 remain key downside supports.

The euro is holding above 1.16 support, with traders awaiting Powell’s Jackson Hole speech as EUR/USD remains range-bound between 1.14 and 1.18.

Silver bounced off the 50-Day EMA and reclaimed $37.50, setting up a potential rally toward $39 while $36.40 remains critical support.

Bitcoin holds support at $112K and could rally toward $120K, with $110K remaining the key downside level for traders to watch.

The NASDAQ 100 plunged Wednesday as AI-driven stocks like Palantir and Nvidia slumped, with traders cautious ahead of Jerome Powell’s Jackson Hole remarks.

The gold price index has fallen to a three-week low, with losses taking it to the $3311 support level. Before this decline, we had advised on the live trading recommendations page to close the buy recommendation for gold at the current profit to avoid further selling pressure. The recent drop was fueled by the potential for easing geopolitical tensions and a rising US dollar, both weighing on the yellow metal ahead of the Federal Reserve's Jackson Hole Symposium.

Amid strong selling pressure, the EUR/USD exchange rate has fallen to its lowest levels, near the 1.1630 support. The pair's losses came as the market's focus shifted to geopolitical developments and US-led efforts to mediate a deal in Ukraine.