Forex Daily Forecast, Analysis and Prediction

The Euro initially tried to rally during the trading session on Tuesday, reaching towards the 50 day EMA.

The Australian dollar tried to rally initially during the trading session on Tuesday, but then turned around to show signs of selling again.

Earlier in the week, the EUR/USD pair struggled to avoid falling to the 1.1000 psychological support, so as not to sell further.

With more than 100 pips rebounded, the GBP/USD pair rallied during Monday's trading session, starting from the 1.2773 support to the 1.2898 resistance before settling around 1.2860 at the time of writing

The yellow metal is still under downward pressure due to increased investors’ risk appetite and gains in global stock markets due to investors' optimism

For the second day in a row, USD/JPY is moving in a limited range between the 108.90 support and the 109.25 level awaiting any developments.

NZDUSD: More Bearish

AUDUSD: More bearish

USDJPY: More bullish above 109.10

As the Eurozone economy is poised for more weakness in the years ahead, analysts try to determine how low the EUR/USD may fall.

Global trade uncertainty, a potential Bank of Canada interest rate cut and mixed Japanese economic data has created a volatile trading environment for the CAD/JPY.

This week’s expected interest rate cut by the Reserve Bank of New Zealand is pressuring the New Zealand Dollar to the downside.

Australian economic released this morning showed an improvement in business conditions and confidence which halted the short-term correction in the AUD/USD.

Bitcoin: Bearish below $8,803

USDCAD: Bullish breakout from flag pattern continues