Forex Daily Forecast, Analysis and Prediction

Looking at the US dollar, you can see that we were rather bullish to kick off the trading session on Tuesday but haven’t ran into a significant amount of resistance above the ¥108 level.

USDCAD: Major bullish reversal shaping up

USDCHF Analysis: Bulls held at 0.9950

GBPUSD: Very bearish below 1.2500

EURUSD: Bearish move halted by 1.1200?

Gold markets continue to grind and go nowhere ahead of the Humphrey Hawkins testimony scheduled for Wednesday and Thursday in the United States.

EURUSD: Bearish move halted by 1.1206

NZDUSD: Ranging between 0.6600 and 0.6730

AUDUSD: Short-term bearish momentum

USDJPY: Bullish above 108.63

Bitcoin: Bullish breakout from consolidating triangle

There will be important comments today by Federal Reserve Governor, Jerome Powell, ahead of his important testimony before the US Congress and the Senate on tomorrow and Thursday, respectively.

Although GBP/USD has reached oversold areas, it was staple for several sessions around its six-month low by testing the 1.2480 support level before settling around 1.2510 at the time of writing.

The latest selling of the yellow metal pushed the price of gold towards 1390 dollars an ounce in morning trades on Tuesday.

For three straight trading sessions, the USD/JPY pair is in upward correction pushing it to the resistance level at 108.89 at the time of writing, which is the highest in a month.