Forex Daily Forecast, Analysis and Prediction

The EUR/USD price is still unable to return to test the important 1.1200 resistance.

Following the landslide electoral victory by British Prime Minister Johnson, giving him an 80-seat majority in Parliament, the EUR/GBP spiked amid profit-taking in the British Pound.

Bearish momentum in the NZD/CAD is expected to pressure for more downside after price action completed a breakdown below its resistance zone.

Economic trade data out of Japan confirmed that the global economy continues to weaken, which ushered in the return of risk-off sentiment.

GBPUSD: Double bottom at 1.3081?

The West Texas Intermediate Crude Oil market has rallied again during the trading session on Tuesday, as we are above the $60 level.

The S&P 500 has gone back and forth during the trading session on Tuesday and relatively quiet trading.

Natural gas markets initially fell during the trading session on Tuesday but turned around to show signs of strength again.

The NASDAQ 100 did almost nothing during the trading session on Tuesday, as we continue to hang around the 8600 level.

Gold markets initially tried to rally during the trading session on Tuesday but continue to find plenty of sellers above.

The Euro initially tried to rally during the trading session again on Tuesday but as we have seen multiple times, the market cannot hang out above the 200 day EMA for very long.

The British pound broke down significantly during the trading session on Tuesday, reaching down towards the 1.31 handle. At this point, the market is looking at significant support underneath extending all the way down to the 1.30 level.

EURUSD: Consolidation between 1.1131 and 1.1198

The British pound has broken down rather significantly during the trading session on Tuesday, which is probably overdue after the knee-jerk reaction of the election.

The Australian dollar has fallen a bit during the trading session on Tuesday but has seen buyers come back to push it higher again.