Forex Daily Forecast, Analysis and Prediction

A recent rally in GBP/USD has once again stalled after hitting a well-known technical barrier and Jerome Powell's sober assessment of the likelihood of rate cuts.

The yen has fallen to around 161.75 per dollar, just below its 38-year low, as the dollar strengthens.

Gold futures were little changed ahead of two crucial inflation reports later this week.

The USD/ILS has seen a bearish trend emerge since the 3rd of July when the currency pair was touching the 3.77700 vicinity.

The rate is certainly within the middle ground of its known path over the past month.

It’s easy to see that the US dollar continues to rally quite significantly against the Japanese yen.

It’s easy to see that the NASDAQ 100 continues to want to go higher, and any time we get a little bit of a pullback, it seems like it is a nice buying opportunity.

It’s obvious that the EUR/USD currency pair has no idea what to do with itself.

I can see that the DAX continues to be very noisy, but it is well supported.

It’s hard not to notice the fact that Bitcoin made a major attempt to break out to the upside in the early hours on Wednesday.

A weaker US Dollar and generally bullish risk-on conditions in stock markets is boosting the price of this currency pair as a key risk barometer. Higher prices are likely today if the price holds up above $0.6755.

The GBP/USD pair made a bullish breakout as traders started to pare back their Bank of England (BoE) interest rate cut expectations.

The EUR/USD pair remained in a consolidation phase on Thursday morning as the focus shifted to the upcoming German and US inflation data.

Bitcoin price continued wavering as traders focused on the ongoing transactions by the German government and Mt.Gox and the next Federal Reserve actions.

In my daily analysis of the Italian MIB 40, I can see that we still have plenty of upward momentum, and it looks like we are ready to perhaps continue to go higher.