Forex Daily Forecast, Analysis and Prediction

During last month's trading, and in October’s first trading session, the USD/JPY failed to breach the 108.50 resistance level

Economic data out of New Zealand showed that its service sector continued to expand in September, but at a slightly slower pace.

After the US and China announced that the details of a partial trade deal will be worked out and new tariffs delayed, risk-on sentiment overtook the markets and traders fled safe-haven assets.

With another interest rate cut looming by the US Fed this month, the US Dollar is under bearish pressures.

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday, as word got out that the Iranian tanker had been hit by a couple of missiles in the Red Sea.

The US dollar has had a very strong trading session on Friday, reaching towards the 200 day EMA at the ¥108.50 level.

The S&P 500 has rallied a bit during the trading session on Friday, breaking above the 50 day EMA based upon the hope that the Americans and the Chinese could get some type of deal done.

Natural gas markets initially tried to rally during the trading session on Friday but gave back quite a bit of the gains to turn around and form an inverted hammer again just as we had on Thursday.

The NASDAQ 100 has rallied quite nicely during the trading session on Friday, reaching towards the 7900 level. This is a market that has been bullish for quite some time, and obviously there’s a lot of hope out there that the US and China can get something going as far as trade is concerned.

Gold markets have been all over the place during the previous day, as Friday was the amalgamation of the US/China trade talks.

The Euro rallied again during the trading session on Friday, breaking above the 50 day EMA. By doing so, this is a very bullish sign and it could lead to bigger moves.

The British pound has formed another extraordinarily bullish candle stick during the trading session on Friday, as headlines and the rumors continue to come out on Twitter to move the market into believing that Brexit is close to becoming a reality.

The Bitcoin market try to rally during the trading session on Friday but gave up the gains and rollover back towards the 200 day EMA yet again.

The Australian dollar has had a strong move during the trading session on Friday as traders anticipate some type of deal between the Americans and the Chinese.

Get our trading strategies with our monthly & weekly forecasts of currency pairs worth watching using support & resistance for the week of October 24, 2019.