Forex Daily Forecast, Analysis and Prediction

The Australian dollar initially tried to rally during on Monday but seems to be struggling near the 50-day EMA.

The West Texas Intermediate Crude Oil market initially tried to rally on Monday but then gave back gains to drop towards the $79.85 level before stabilizing a bit.

The US dollar initially rose ever so slightly against the Canadian dollar before falling towards the 1.2520 level.

The New Zealand dollar initially rallied a bit on Monday in a very positive sign as we had bounced from the psychologically and structurally important 0.70 level on Friday.

The EUR/USD pair crashed to the lowest level since July 2020 ahead of the latest EU GDP data and US retail sales numbers.

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.”