Forex Daily Forecast, Analysis and Prediction

Given the prevailing market sentiment, it appears likely that the Australian dollar will head towards the psychologically significant 0.65 level.

As I mentioned many times before, the discrepancy between the aggressive policy of the US Central Bank and the Bank of Japan, which has negative interest rates, will remain supportive of the upward trend of the USD/JPY currency pair.

The continued strength of the US dollar ahead of an important event this week increased the bearish pressure on the gold price.

The GBP/USD exchange rate has extended previous losses towards historic levels.

Since the start of this week's trading, the price of the EUR/USD currency pair continued its losses, which extended to the support level of 1.0952, before settling around 1.1000 at the time of writing.

The USD/BRL closed near the 4.7925 ratio yesterday, and this followed Monday’s session which ended around the 4.7225 mark.

The USD/TRY pair rose, recording new all-time highs, before returning and retreating within its normal movement average over the past two weeks.

Bullish speculators of the NZD/USD have likely run into difficult circumstances the past couple of days as the Forex market has turned in rather suspicious price action.

Strongly bullish rebound from 2-month low yesterday.

The GBP/USD exchange rate continued retreating after a series of mixed economic numbers from the US and the UK.

The EUR/USD pair retreated to an important support level as the US dollar strength continued.

The AUD/USD pair tumbled to the lowest level since July 6 as the market reflected on this month’s interest rate decision by the Reserve Bank of Australia (RBA).

During Tuesday's trading session, the euro experienced a slight decline, hovering just above the 50-Day Exponential Moving Average.

As the market progresses, pullbacks may present buying opportunities, with the 50-Day Exponential Moving Average acting as a potential support level around ¥140.50.

Market sentiment is expected to oscillate in the short term, as traders grapple with determining the currency's longer-term direction