Forex Daily Forecast, Analysis and Prediction

The weakness of the US dollar strongly contributed to the increase in the price of gold, reaching the resistance level of $1827 as of this writing.

As I predicted, the USD/JPY is ripe for profit-taking, which is what happened over the last three trading sessions and is settling around 112.72 as of this writing.

With the gains in the US dollar stalled, the GBP/USD found the opportunity to capture some of the gains, which reached 1.3582 as of this writing.

For the second day in a row, the bulls are trying to bring the EUR/USD out of its bearish channel as the pair settled around 1.1606 and the bears moved the price to the 1.1513 support area, the lowest in more than 15 months.

The USD/ZAR has continued to see its short -bearish trend pick up momentum as crucial support is approached, and speculators need to decipher direction.

ETH/USD has extended its bullish momentum, and in early trading this morning is positioned near record heights as speculators dream big.

The Aussie is showing relative weakness.

The FTSE 100 tried to rally just a bit on Monday, but as you can see, we still have some work to do to the upside.

The West Texas Intermediate Crude Oil market rallied initially on Monday but gave back the gains as we continue to languish aside this bullish flag.

The US dollar went back and forth on Monday against the Canadian dollar, as we are sitting just below the 50-day EMA.

The British pound rallied rather significantly on Monday to turn around and bounce above the 1.3550 level.

The euro had a very interesting day on Friday, turning around to form a hammer.

Gold markets gapped higher to kick off the trading session on Monday, only to pull back to fill that very same gap.

The Australian dollar rallied to break above the top of the hammer from the Friday session on Monday, showing signs of continued strength.

Bitcoin initially pulled back just a bit on Monday but found $60,000 to be supportive.