Forex Daily Forecast, Analysis and Prediction

The Euro broke lower in trading on Tuesday, as the war in Iran continues. The expansion of war is obviously a serious problem, and the Qatari ceasing of natural gas production will be a major issue for Europe.

The technical picture suggests a bullish break of a price channel and key horizontal resistance will occur if the price gets established above $1.3372.

The USD/SGD pair rebounded this week, reaching its highest level since January 23. It continued its uptrend as geopolitical risks continued rising, pushing investors to the safety of the US dollar.

The USD/BRL pair rebounded sharply, reaching its highest point since January 21. It soared to a high of 5.3423, much higher than this week’s low of 5.1155, as the US dollar rallied amid the ongoing war in the Middle East.

The EUR/USD exchange rate continued its strong downward trend this week, reaching its lowest since November last year as the crisis in the Middle East accelerated. It also dropped as President Donald Trump ordered an end of trade between the US and Spain.

Bitcoin price was stuck in a tight range today, March 4, continuing a consolidation phase that started last month. The BTC/USD pair was trading at 68,155, down substantially from the all-time high of 126,300.

The AUD/USD pair continued its recent downtrend even as Australia published strong macro data, raising the possibility of a more hawkish RBA. It was trading at the important support level at 0.7000, down from the year-to-date high of 0.7142.

Ether (ETH) is bullish on Tuesday in line with the wider cryptocurrency market, with its price rising to around $2,000, up 3% over the last 24 hours, amid escalating geopolitical tensions in the Middle East.

The $60,000 level in Bitcoin is crucial. At this point, it looks like it will hold.

The British pound gapped lower to kick off the trading session on Monday with the massive “risk off” trade in effect.

The Euro has fallen significantly on Monday, as the continent dealing with a lack of natural gas from Qatar and the general “risk off environment” is causing the common currency some problems.

Natural gas markets have jumped a bit in the early hours on Monday which should be no real surprise.

I think the fact that the S&P 500 didn’t fall with the outbreak of war suggests something that you should be paying close attention to.

The Australian dollar initially gapped lower on Monday, as the news was digested by the currency markets that a new war has broken out involving the Americans, Israelis, and Iranians.

The euro has gapped lower against the Franc, only to see a big turnaround after the initial shock.