Forex Daily Forecast, Analysis and Prediction

The USD/ARS remains locked within a powerful bullish trend which has not shown any signs of creating a durable reversal lower.

The trend of the USD/ZAR continues to demonstrate an ability to add value in an incremental fashion, but yesterday’s trading did run into resistance.

Gold is still trying to remain stable above the resistance of $1700 to avoid more violent bearish pressure, which had plunged the price to $1683 earlier this week.

Expectations of an increase in US interest rates helped boost the US dollar against the rest of the other major currencies.

The GBP/USD is moving in a very narrow range in light of the pound's stubbornness in the face of the strength of the US dollar.

More bearish pressure pushed the EUR/USD to the support level of 1.1710, its lowest of 2021.

XRP/USD has correlated well with the broad cryptocurrency market and has seen its value spike higher in recent trading.

ADA/USD produced a surge yesterday as the cryptocurrency went from around 1.450000 to 1.740000 and mid-term highs are now being tested.

The euro continues to lose against the US dollar as the Tuesday session was a simple continuation of what we have seen over the last several days.

The British pound initially tried to rally during the trading session on Tuesday but gave up all of the gains at the 50-day EMA yet again.

The US dollar pulled back the last couple of days against the Indian rupee but has recovered those losses quite easily.

The Consumer Price Index is coming out on Wednesday, and it seems as if the markets are simply waiting to see whether or not we will see nasty inflation or some other type of disappointment.

The NASDAQ 100 pulled back a bit during the trading session on Tuesday as we wait for the CPI figures on Wednesday.

The US dollar drifted a little bit lower against the Canadian dollar on Tuesday to reach down towards the previous uptrend line, sitting just above the psychologically and structurally important 1.25 handle.

The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Tuesday as the uptrend line continues to make a bit of support for the market.