Forex Daily Forecast, Analysis and Prediction

For the second day in a row, USD/JPY is moving in a limited range between the 108.90 support and the 109.25 level awaiting any developments.

NZDUSD: More Bearish

AUDUSD: More bearish

USDJPY: More bullish above 109.10

As the Eurozone economy is poised for more weakness in the years ahead, analysts try to determine how low the EUR/USD may fall.

Global trade uncertainty, a potential Bank of Canada interest rate cut and mixed Japanese economic data has created a volatile trading environment for the CAD/JPY.

This week’s expected interest rate cut by the Reserve Bank of New Zealand is pressuring the New Zealand Dollar to the downside.

Australian economic released this morning showed an improvement in business conditions and confidence which halted the short-term correction in the AUD/USD.

Bitcoin: Bearish below $8,803

USDCAD: Bullish breakout from flag pattern continues

USDCHF Analysis: Less bullish

GBPUSD: Today’s pivotal point likely at 1.2833

EURUSD: Bearish over the medium term

The US dollar will continue to struggle against the Japanese yen going into the next several days, as the 61.8% Fibonacci retracement level has obviously been very resistive.

The S&P 500 continues to struggle at the 3100 level, as it is a large, round, psychologically significant figure that has been defended by those in the options market, as they will often go into the futures market to manipulate prices away from barriers that they are trying to defend.