Forex Daily Forecast, Analysis and Prediction

The overall sentiment for oil appears bullish, with indications pointing towards further upside potential.

The British pound has displayed resilience, experiencing a modest rally in the face of cooler US jobs data

A potential breakout above the top of the candlestick could propel the British pound towards the ¥183.50 level.

As an expert in the financial trading space, I am observing the market for signs of exhaustion that could potentially trigger a bearish move in the AUD

Traders should be cautious, recognizing the inherent volatility of the USD/JPY currency pair.

In recent trading sessions, the EUR/USD has demonstrated resilience despite slightly weaker-than-expected jobs data in the United States.

The S&P 500's inherent tendency to rise over the long term has created a favorable environment for this type of trading strategy.

Gold markets experienced a slight downturn during Friday's trading session as they rebounded from the bottom of the bullish flag pattern that has been around for some time.

As the natural gas market experiences noisy fluctuations, investors are closely monitoring developments in the European Union.

The silver market experienced initial declines during Friday's trading session, briefly touching the 200-Day Exponential Moving Average before witnessing a surge in bullish pressure.

Markets became increasingly bearish this week after Fitch’s downgrade of its US rating, posting an “everything selloff” which saw almost every trend rally hit quite hard.

Day traders have continued to have their tolerance tested in the GBP/USD as another week of volatile results rocked the currency pair downwards.

After testing lower values late in the week that had not been seen since the first week of July, the EUR/USD recovered before going into the weekend.

This week I will begin with my monthly and weekly Forex forecast of the currency pairs worth watching.

Get the Forex Forecast using fundamentals, sentiment, and technical position analyses for major pairs for the week of August 6th, 2023 here.