Forex Daily Forecast, Analysis and Prediction

Bitcoin initially plunged during the trading session on Friday, breaking well below the $56,500 level, which was where we had the significant pullback to.

Gold rallied rather significantly during the trading session on Friday again, as it looks like we are trying to get to the $2,400 level.

The USD/ZAR briefly touched the 18.11475 vicinity early today this after opening following the weekend break, but then reversed higher quickly.

The pair rose to a high of 1.2818, its highest point since June 12th.

The British pound has tested the 1.28 level during the day, which of course is a large, round, psychologically significant figure.

Bitcoin price stabilized during the weekend as the strong sell-off experienced on Friday last week.

It’s hard not to notice the fact that the 1.36 level is a major support level, with the 200-Day EMA backing it up.

The confluence of previous support and the round number at $1.0800 plus the ascending price channel suggests the best opportunity today might be a long trade following a bullish bounce in that area.

I recognize that the EUR/USD currency pair is reaching a significant resistance barrier that we could have a lot of trouble to get above.

Although we had seen a lot of bullish pressure early during the trading session in the German index, we gave up all of the gains to show signs of exhaustion.

I see that the USD/JPY currency pair has found quite a few buyers on a pullback.

The Australian dollar continued its relentless bull run.

Comments from Fed Chair Jerome Powell and lower than expected global inflation data releases boosted risk-on sentiment, sending the US Dollar lower and riskier assets like equity indices to new record highs.

Friday’s trading in the GBP/USD produced solid gains early and managed to go into the weekend extending the climb.

Speculators should brace for a test of WTI Crude Oil prices early this week as full trading volumes return to the commodity.