Forex Daily Forecast, Analysis and Prediction

The Australian Dollar has been under pressure from two fundamental factors which led to a breakdown in the AUD/NZD below its resistance zone and a rise in bearish momentum.

Today at 1030 local time, the UK Supreme Court will hand down its judgement if Prime Minister Boris Johnson’s prorogation of Parliament was lawful or not.

Following disappointing PMI data out of the Eurozone which was published yesterday, the Euro came under selling pressure.

Volatility in cryptocurrencies has increased once again.

USDCAD: Choppy consolidation from 1.3236 and 1.3308

USDCHF Analysis: Consolidating between 0.9942 and 0.9889

GBPUSD: More bearish below 1.2445

EURUSD: Bearish breakdown below 1.1000

After a bearish correction during last week's trading, Gold prices dropped to the $1483 support level.

By the end of last week's trading, the GBP / USD fell from the 1.2581 resistance, a two-and-a-half month high, to the 1.2460 support, and stabilized earlier this week around 1.2485 at the time of writing.

At the beginning of this week, the USD / JPY is expected to be relatively quiet with no drivers.

At the beginning of a new week, the EUR / USD is attempting to maintain a stable move above the 1.1000 psychological level to avoid further downside pressure.

NZDUSD: Major support level at 0.6250

AUDUSD: Bearish, but pivotal point at 0.6753

USDJPY: Bears looking to test key 107.46 pivotal point