Forex Daily Forecast, Analysis and Prediction

The GBP/USD exchange rate climbed to new highs during last week's trading, overcoming several key levels along the way, refocusing on the longer-term recovery trend on the charts.

During last week's trading, the USD/JPY currency pair attempted to rally but its gains did not exceed the resistance level of 149.38 before closing the week around the 147.60 level.

At the end of last week’s trading, the price of gold hit a new record high. The yellow metal was in a state of euphoria and settled above the historical psychological resistance of $2,500 per ounce to trade at an all-time high, supported by geopolitical tensions, global central bank demand, a weaker US dollar, and lower Treasury yields.

The USD/MXN early last week fought off reversals higher which pushed the currency pair back above the 19.00000 level.

The South African Rand has produced a robust bearish trajectory via the USD/ZAR pairing.

n the last trading session of last week, the EUR/USD currency pair rebounded strongly with gains extending to the resistance level of 1.1029, its highest in seven months, recovering from Thursday's losses which reached 1.0949.

The US dollar has fallen a bit during the trading session on Friday as we continue to see a lot of volatility in the Forex markets overall, the US dollar and the Swiss Franc, both are considered to be safety currency.

The Nikkei 225 initially tried to take off to the upside during the early hours on Friday, but it looks like the 37,750 yen level is going to continue to cause a significant amount of resistance.

The euro has fallen rather significantly during the trading session on Friday to plunge towards the 1.82 New Zealand dollar level.

This is one of my favorite pairs to trade because it is almost solely driven by risk appetite.

During the trading session on Friday, we have seen the Australian dollar pullback have been against the Japanese yen to reach towards the 98 yen level before bouncing later in the day.

The US dollar initially tried to rally against the Norwegian krone on Friday, only to turn around and show signs of weakness.

The GBP/USD pair continued rising as the US dollar index retreat accelerated.

We are now below the 200-Day EMA, and therefore it’s likely that we will continue to see a little bit of negativity.

The EUR/USD pair continued its uptrend even after strong US retail sales and initial jobless claims numbers.