Forex Daily Forecast, Analysis and Prediction

SafeMoon continues to grab the attention of cryptocurrency speculators as concerns regarding the ‘safety’ of its wagering capabilities storms to new heights.

The AUD/USD price retreated after the US published weak consumer confidence data on Wednesday.

The EUR/USD declined in the overnight session after the relatively weak US consumer confidence data.

Nearby resistance levels look more likely to hold than support.

The USD/INR has seen a strong tidal wave of selling emerge the past few days and, as September gets set to begin, traders need to be careful.

The price of gold is still stable around three-week highs, reaching the level of $1819 as of this writing.

Even with a US dollar weakened by the Fed's comments at the Jackson Hole Symposium, the USD/JPY did not experience strong losses as did the other US dollar pairs.

In the wake of a weak US dollar, the GBP/USD was able to complete a correction upwards to the resistance level at 1.3800 as of this writing.

Risk appetite contributed to the EUR/USD pair's completion of the upward correction path, with gains that reached the resistance level of 1.1830 as of this writing.

Speculators wagering on SafeMoon should take an extra cautious approach with the cryptocurrency short term as reports and rumors regarding ‘problems’ unfurl.

Strong selling of the USD/CAD has been seen since Friday and the Forex pair is now hovering over important mid-term support levels.

The USD/ZAR moved lower again yesterday as it correlated to global Forex market conditions and weakness being demonstrated by the USD.

Ethereum has produced another solid short-term trading cycle, approaching highs yesterday while remaining in sight of important resistance.

The DAX Index gapped higher just a bit on Monday to show signs of strength, but at the end of the day we had to pull back and test the 15,800 level yet again.

The CAC did very little on Monday as the markets in general will be very quiet during the last week of August.