Forex Daily Forecast, Analysis and Prediction

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.

The British pound initially tried to rally during the trading session on Monday but found the 11 level to be resistive enough to turn things around and show signs of negativity.

The FTSE 100 gapped a bit higher during the trading session on Monday to kick off the week, perhaps sending the market towards the 6600 level above.

The S&P 500 rallied quite significantly during the trading session on Monday to reach just above the 3900 level.

The NASDAQ 100 rallied significantly during the trading session on Monday to gain 2.75%.

Gold markets initially tried to rally during the trading session on Monday to kick off the week but continues to see resistance above the $1450 level.