Forex Daily Forecast, Analysis and Prediction

New daily Covid-19 cases in South Africa are on the rise, mirroring the second wave of infections across Europe and the US.

EUR/USD upward rebound attempts stopped the testing of the 1.1807 resistance during yesterday's trading, at its high levels in two weeks.

The US dollar recovered amid noticeable activity in the forex market after statements by the US President and Federal Reserve Governor Jerome Powell contributed to the decline in the gold prices towards the $1873 support.

We have always waited for the bulls to move the GBP/USD pair towards the 1.3000 resistance for the opportunity of a stronger upward correction.

The USD/JPY pair returned to the vicinity of last week’s trading, stabilizing around the 105.80 and stable near it at the time of writing.

The GBP/JPY saw a surge of risk-averse trading develop yesterday, and the forex pair which traded near a high of 137.350 two days ago now is testing important support levels.

The DAX Index opened with positive momentum this morning taking advantage of recent climbs that have brought the 13000.00 value target back into view for speculators.

The ability of the USD/MXN to trade lower and test support early yesterday was tested by two temporary reversals higher.

The USD/BRL remains within the higher plateaus of its mid-term range, but significantly the forex pair has shown the ability to incrementally lower resistance levels above via technical charts.

AUD/USD: relatively weak on lower rate outlook

USD/JPY: Finally trading above 106.00

Despite the out-of-control Covid-19 pandemic across India, which leads the world in new daily infections, economic indicators point towards an ongoing post-lockdown recovery.

With new Covid-19 infections trending higher globally, Singapore maintains control over the pandemic, for now.

The US dollar has struggled with the 50 day EMA against the Japanese yen for some time, and the Tuesday session was no different.

The NASDAQ 100 has fallen a bit during the trading session on Tuesday, mainly due to the fact that the president of the United States tweeted that he was telling negotiators to step away from negotiating stimulus.