Forex Daily Forecast, Analysis and Prediction

The euro and the US dollar have moved sideways as investors reflect on the latest Fed speak and the US debt crisis.

The bears succeeded in dragging the price of the EUR/USD currency pair below the psychological support level of 1.0800, with losses towards the support level of 1.0760.

In conjunction with the recent strong gains of the US dollar, the sterling pound tried to be less reactive, taking advantage of the gains of the global financial markets and the relatively positive sentiments of investors.

XAU/USD gold price completed on Friday an upward breach, after falling to the support level at $1952 an ounce, its lowest in six weeks.

By the end of last week's trading, the Japanese yen was trading relatively flat against some of the major currencies.

The TRY/USD continued its losses against the dollar, as it opened the weekly trading with new declines in the price of the lira against the dollar, recording a new low before the country entered the run-off of the presidential elections.

The USD/ MXN currently is around the 17.77750 realm as of this writing after starting last week’s trading near the 17.40600 ratio, and will get the attention of speculators.

The USD/ZAR is near 19.42800 as of this writing with a flourish of fast trading taking place early this morning.

My previous EUR/USD signal on 9th May was not triggered, as none of the key levels which I had identified were reached during that day’s London session.

The GBP/JPY exhibited resilience during Friday's trading session, recovering from an initial pullback as buyers reentered the market.

The GBP/USD experienced a rally from the 50-day Exponential Moving Average during Friday's trading session, highlighting the market's volatile nature.

The USD/JPY has shown strength against the Japanese yen in recent trading sessions, with the market poised to continue its upward trajectory.

Gold markets displayed an initial rally during Friday's trading session; however, hesitation emerged as the 50-day Exponential Moving Average (EMA) continued to exert its influence.

The West Texas Intermediate (WTI) Crude Oil market experienced an initial rally during Friday's trading session but quickly relinquished its gains.

Silver has continued its back-and-forth trading pattern, displaying similar choppy behavior witnessed in the preceding days.