Forex Daily Forecast, Analysis and Prediction

After producing a reasonable bearish trend since the middle of July, the USD/INR has seen a change in momentum the past week of trading as support levels have become more resolute.

Risk appetite has remained strong for the USD/MXN and the forex pair did break vulnerable short term support levels again yesterday.

An important aspect of successful trading is based on patience.

EUR/USD: Bullish trend remains strong above 1.1685

The US dollar has initially tried to rally against the Brazilian real during the trading session on Tuesday but gave back the gains near the 5.20 real level, an area that has both support and resistance on shorter time frames.

The silver markets have been all over the place during the trading session on Tuesday, as we broke above the $26 level during the Asian session, only to turn around a break down below the $23 level.

The gold markets have gone back and forth during the course of the day on Tuesday, initially breaking above the $1960 level in the front month of the futures contract, and even touched the $2000 level in the spot market.

The West Texas Intermediate Crude Oil market dropped a bit during the trading session on Tuesday, as the $41 level has offered a bit of resistance, and the 20 day EMA underneath continues to offer support.

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West Texas Intermediate Crude Oil has enjoyed a solid stretch of trading and has stopped turning the hair of traders prematurely grey.

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