Forex Daily Forecast, Analysis and Prediction

The AUD/USD exchange rate soared to the highest level since February 2023 as the US Dollar Index retreat gained steam.

Near a mark of 6,979.50 at the moment in futures trading, the S&P 500 is flirting with its highest level, this as financial institutions and large players both continue to stress nervousness although it appears they are buying.

The S&P 500 initially pulled back on Monday, but we continue to see the markets attempt to break above the 7,000 level. This is a market that eventually goes higher from what I can see.

The silver market has jumped above the 50-day EMA on Monday, as traders continue to look at this market overall. That being said, this is a market that is also trying to heal from a horrific selloff.

Gold continues to show signs of strength on Monday with the US dollar falling, and the overall outlook for central bank rate cuts, especially in the USA.

The Euro rallied a bit during the early hours on Monday as the markets continue to bet on rates dropping in the USA.

The light sweet crude oil market has been bullish again on Monday, as the markets continue to see an attempt to break higher overall.

The NASDAQ 100 continues to see somewhat bullish behavior, but we also are seeing a bit of a struggle, as if we are “walking uphill” at the moment. Sluggish, yet bullish I believe is the best description of things.

US dollar plunged against the Canadian dollar again on Monday as we continue to see traders betting on the Federal Reserve being dovish, and oil perks up slightly.

The US dollar plunged against the Japanese yen during the trading session on Monday, and it looks like we will be trying to find value on a dip yet again.

The Australian dollar has rallied rather significantly on Monday, as we continue to see a lot of buying pressure. That being said, this is a market that has opposing central banks as far as rate outlooks, so this makes sense.

Futures trading via the Nasdaq 100 this morning has the index around the 25,280.00 vicinity, this as semi-calm conditions are prevailing for the moment, but speculators should continue to brace for potential fast moves.

The price briefly breaks to a new 3-year high before making a normal retracement, suggesting the outlook remains basically bullish.

The GBP/USD pair rose for two consecutive days after hitting the 50-day Exponential Moving Average as the US dollar slipped. It rose to a high of 1.3695, up sharply from this month's low of 1.3510.

The EUR/USD exchange rate rebounded and reached its highest level since January 30th. It rose to a high of 1.1915, up sharply from last week’s low of 1.1767 as focus shifts to key macro data from the United States, including retail sales, non-farm payrolls, and inflation.