Forex Daily Forecast, Analysis and Prediction

The steadiness of the GBP/USD on the daily chart warns that the pair might experience a price explosion determining the direction strongly.

The EUR/USD is still established around levels supporting upward directions.

Gold prices rose to the highest level in nearly four weeks on Tuesday as geopolitical risks and weakness in the greenback bolstered the precious metal’s appeal.

The EUR/USD pair fell during the trading session on Tuesday, but found enough support near the 1.1850 level to turn things around and form a hammer.

The S&P 500 barely moved during the trading session on Tuesday, which of course wasn’t overly surprising considering that the session was the first day after Christmas.

The US dollar fell slightly during the trading session on Tuesday, as traders came back from the holidays.

The WTI Crude Oil market gapped higher at the open on Tuesday, pulled back slightly to fill that gap, and then exploded to the upside to test the $60 level.

Gold had a better chance in achieving more gains, reaching to $1279 an ounce, the highest price for the metal in 3 weeks.

If it wasn’t for the passage of the US tax cut bill last week, the USD/JPY pair would have had a chance for more gains.

It seems clear on the GBP/JPY chart that the pair is moving in tight ranges with a slight bullish bias awaiting stronger catalysts.

The EUR/JPY gains halted around 134.88, the highest level for the pair since 2015.

For the fifth consecutive day, the GBP/USD is ranging between 1.3330 and the resistance at 1.3420.

In the start of this week’s trading, and after the holiday break, the EUR/USD advanced towards the resistance at 1.1873.

The EUR/USD pair initially fell during the trading session on Friday, but turned around to form a hammer.

The WTI Crude Oil market fell slightly during the session on Friday, but turned around to form a hammer yet again.