Forex Daily Forecast, Analysis and Prediction

The S&P 500 had a relatively flat day with a slightly negative close during Tuesday’s trading hours. The NASDAQ 100 reached towards the 5650 level but turned around during the day to form a bit of a shooting star.

The WTI Crude Oil market fell significantly during the session on Tuesday as we continue to see quite a bit of bearish pressure in this market. Natural gas markets initially tried to rally but found enough resistance above the $3.25 level.

Gold prices ended a choppy, two-sided trading session slightly higher yesterday. XAU/USD initially fell to its lowest level in three weeks but reversed losses and closed the day at $1256.74.

The EUR/USD is holding on to its gains above 1.09 with the USD continuing to be under pressure with the Federal Reserve starting the two days meeting on Tuesday.

The return of Hard BREXIT, due to the EU leaders’ endorsement of new separation terms towards the UK in the Brussels summit on Saturday led to increased fears the BREXIT will face difficulties as initially expected.

In light of strong gains for the Euro, supported by the safe outcome of the important French Elections, guarantees the continuity of the EU and the Euro with the expected loss of the far right candidate calling for the French Exit from the EU and abandoning the Euro.

The EUR/USD pair went back and forth on Monday, testing the 1.09 handle. The British pound fell a bit during the session on Monday, but again of course we have just had the May Day celebrations, which of course would naturally work with lesser volume.

The crude oil market fell during the session on Monday, as traders came back to work. Natural gas markets initially rallied on Monday, breaking well above the $3.25 level.

The USD/JPY pair rallied on Monday, testing the 112 level. The Australian dollar rallied during the day on Monday, jumping over the 0.75 level.

The S&P 500 rallied during the session on Monday, testing the 2400 level. The NASDAQ 100 broke out during the Monday session, clearing the 5600 level.

Gold prices ended Monday’s session down $12.08 as investors awaited a Federal Reserve meeting and US nonfarm payrolls report later in the week.

Gold markets gapped lower at the open of the week, and continued to go lower from there.

The GBP/USD pair has broken above the 1.2750 level, showing real strength as we have broken above the consolidation area that the market has been in since August 2016.

Without a doubt, one of the most interesting markets lately has been the WTI Crude Oil market, and the petroleum complex overall.

The NASDAQ 100 has been very strong over the last several weeks, after consolidating just above the 5300 level.