Forex Daily Forecast, Analysis and Prediction

The Bitcoin market rallied significantly during the trading session on Tuesday only to struggle at the $50,000 level again.

The gold markets initially fell during the course of the trading session on Tuesday to reach down towards the $1700 level.

The AUD/USD price rose in early trading as the market reacted to the latest Australian GDP and Service PMI data.

The EUR/USD price rose in the overnight session ahead of the important Service PMI numbers and the ADP non-farm payroll numbers.

The fall in value of the NZD/USD was swift late last week, and provides speculative opportunities and lessons for traders.

The USD/BRL experienced a strong bullish run late last week, but the move may not be correlated to the global Forex market entirely.

After last week’s surge higher for the USD/ZAR, traders have an opportunity to speculate and seek the Forex pair’s long-term trend.

The USD/INR saw a massive wave of volatility rip through the Forex pair late last week, which suspended its bearish trend temporarily.

Gold has so far been unable to compensate for its sharp losses during last week’s trading.

Risk appetite has calmed down and talk of exaggerated gains for the British pound in the Forex market recently started.

The USD/JPY pair has been moving in an upward correction range, ultimately testing the 106.89 resistance, its highest in six months, before stabilizing around 106.76 as of this writing.

The EUR/USD pair's performance this week continues to be bearish, with losses hitting the 1.2027 support level before stabilizing around 1.2050 as of this writing.

The Aussie has been hit hard.

It will be significant if the price gets established below the 1.1950 area.

The euro initially tried to rally to retake the 50-day EMA on Monday but gave back the gains to turn around and press towards the 1.20 level.