Forex Daily Forecast, Analysis and Prediction

The Overall Gold Trend: Neutral with a bearish bias.

Overall Trend: Bullish, but vulnerable to a technical correction.

As the deadline for the expiry of the Iran / USA ceasefire approaches within the next day, markets are becoming more nervous which will tend to depress the price of this currency pair.

The GBP/USD pair rose above the important support level at 1.3500 as investors waited for the end of the UE-Iran ceasefire and the upcoming macro data from the United States and the UK. It was trading at 1.3540, a few points above this week’s low of 1.3475.

The EUR/USD exchange rate wavered on Tuesday as traders waited for the upcoming US retail sales and pending home sales data.

Bitcoin price was largely unchanged at a crucial resistance level as traders reflected on the recent market events, including the rising ETF inflows and market manipulation in the industry.

The Euro has been noisy on Monday against almost everything else. This is a pair that I am watching very closely at the moment.

Initially we saw a bit of selling in the gold market, but since have seen a bit of a recovery as rates cooled off slightly.

We continue to see the USD/MXN pair act as a large barometer for risk appetite, and the carry trade overall.

The Nasdaq 100 fell to open the week, as the risk appetite of traders was crushed by the headlines coming out of the Middle East.

The silver market has seen a lot of noisy trading on Monday, as the headlines continue to move markets, via the interest rate markets in the US and beyond.

The resilience in Bitcoin has been something I have been watching for a while, and I have to admit – it looks like the market simply doesn’t want to fall apart.

The US dollar initially tried to gain on the Loonie, but failed to hang onto gains, as the world continue to move on the latest headlines coming out of the Middle East.

The FX markets continue to see a lot of back and forth trading, and the EUR/GBP pair won’t be any different.

The US dollar has seen a lot of back-and-forth action on Monday, and the USD/JPY will have been no different. At this point, the pair continues to show a “buy on the dip” quality.