Forex Daily Forecast, Analysis and Prediction

The S&P 500 initially fell during the day on Tuesday, but found enough support to turn around and form a hammer again.

Gold prices fell $10.22 an ounce on Tuesday, extending their losses to a second straight session, as strength in the U.S. dollar eroded the appeal of the precious metal.

The EUR/JPY retreated yesterday to the support level at 131.65 during yesterday’s trades, in light of the correction path going on for three sessions after a gain to the peak at 133.48 during last week's transactions.

Before the release of the inflation data- CPI of the Eurozone, the EUR/USD was under bearish pressures for corrections to the support level at 1.1774 at the beginning of Tuesday’s trades, and the pair is established around that level at the time of writing.

The GBP/JPY pair is still in a bearish area as long it’s moving below the psychological resistance level at 150.00 for 9 consecutive sessions.

The USD/JPY is trying to avoid settlement below 112 level not to increase the bearish pressures on the pair towards lower levels.

The GBP/USD retreated to the support at 1.3225 level after reaching to 1.3337 last week, as the USD regained strength.

The EUR/USD pair fell slightly during the Monday session, as we broke below the 1.18 level. The British pound fell during the session, breaking below the 1.3250 level.

The WTI Crude Oil market continues to show strength, and now that the Iraqi Army has entered Kurdistan, there are a lot of concerns when it comes to the disruption of oil around the world.

The US dollar fell against the Japanese yen initially at the open on Monday, but then found enough footing to break above the 112 level.

The S&P 500 rallied during the day after initially falling on Monday, showing signs of support at the 2550 level.

Gold prices moved lower on Monday as the dollar clawed back some of its recent losses.

Get the NZD/USD Forex signal for October 16, 2017 here.

Check out the AUD/USD Forex signal for October 16, 2017 here.

The EUR/USD pair tried to rally on Friday, but found enough trouble at the 1.19 level to turn around and form a shooting star like candle.