Forex Daily Forecast, Analysis and Prediction

The US dollar initially did rally a bit during the trading session on Friday but gave back gains as it looks like a significant amount of resistance is sitting just above.

The CAC Courant initially tried to rally during the trading session on Friday, but we've seen French equities give up some of the gains showing signs of hesitation.

The GBP/USD exchange rate rose for two consecutive days as traders waited for the key US and UK inflation and retail sales data.

It’s obvious that the AUD/USD pair is struggling with the 200-Day EMA, as we have pulled back just a bit.

The BTC/USD pair pulled back and moved below the key support at $60,00.

The AUD/USD pair waivered ahead of key economic data from Australia and the United States.

The first thing I notice is that bitcoin reached the 50-Day EMA but have since collapsed a bit to show signs of weakness.

Although the price is taking its time to move, the technical picture remains basically bullish until we see a deeper bearish retracement.

The first thing I see is that gold initially sold off at the open, but then had people jumping back into the market looking for safety.

The USD/JPY pair continues to fail to break above the previous trendline.

The German index has gone back and forth during the course of the trading session on Friday, as we continue to hang around the 200-Day EMA.

Last week saw strong and dramatic moves in both Forex and stock markets. The week started with a wild risk-off decline and ended with a massive recovery, which saw the week finish on a risk-on note.

The GBP/USD pair retreated for four consecutive weeks.

The EUR/USD exchange rate was stuck in a consolidation phase last week.

Get the weekly Forex forecast for major currency pairs for the week of August 12-17, 2024 here.