Forex Daily Forecast, Analysis and Prediction

The GBP/USD pair was little changed in early trading as investors waited for the latest UK jobs and inflation data.

The BTC/USD is still hovering near its all-time high as investors reacted to the weekend’s taproot upgrade.

The Aussie weakened slightly from the dovish RBA minutes.

The USD/TRY has broken through the 10.00000 ratio and its path higher may not be complete quite yet.

The USD/ZAR has been able to sustain its bounce higher, which was achieved last week when support levels in the Forex pair proved durable.

Gold futures continued to rise, benefiting from a combination of a weak US dollar and rising inflation fears.

The recent record US inflation numbers have increased market expectations that the US Federal Reserve may surprise everyone by announcing an increase in US interest rates at any time, especially since it has already reduced its purchases of bonds.

The British pound could not withstand pressure for long, so the GBP/USD was subjected to sell-offs that pushed it towards the 1.3352 support level, its lowest of 2021.

The downward trajectory of the EUR/USD price is getting stronger due to long-term bearish pressure factors.

The FTSE 100 initially gapped higher to kick off the trading session on Friday, but then turned around immediately to crash into the lower part of the previous candlestick, forming what is known as a “piercing pattern.”

The CAC 40 Index rallied a bit on Friday, breaking above the tight consolidation range that we have been in all week.

Gold markets initially fell on Friday but found buyers underneath to turn things back around and look very strong.

The Australian dollar has been selling off for several days in a row, but Friday saw a bit of bullish pressure to break back above the 0.73 level.

The West Texas Intermediate Crude Oil market pulled back just a bit on Friday as we continue to build up a little bit of a base at this point.

The US dollar initially pulled back a bit against the Norwegian krone on Friday but found the 200-day EMA to be supportive enough to turn things around and go higher.