Forex Daily Forecast, Analysis and Prediction

Even though the ZEW numbers for the month were better than anticipated, the reality is that the DAX Index was somewhat choppy during the trading session on Tuesday.

The NASDAQ 100 rallied quite significantly during the trading session on Tuesday, bouncing from a significant support level in the form of a very obvious uptrend line.

The S&P 500 rallied during the trading session on Tuesday to reach towards the 3800 level, which is an area that the market has been dancing around for some time.

The US dollar initially nudged just a bit higher against the South African rand to kick off the trading session on Tuesday, but then fell towards the 15 level.

Slight bullish bias over the short-term.

The pair has made a bearish trend line breakout.

The GBP/USD is up for the second straight day ahead of important UK inflation data and the inauguration of Joe Biden.

The AUD/USD is rising today ahead of Australia’s December employment numbers and because of the overall weaker US dollar and higher commodity prices.

The Hang Sang Index technically has proven that an optimistic wave of speculative buyers remain active within the Hong Kong stock market.

After hitting long-term lows on the 14th of January, the USD/CAD has seen some bullish momentum develop technically.

The NZD/USD has been in a sustained bullish trend since the end of September, but the past week-and-a-half has seen a reversal lower.

The USD/SGD continues to trade within the upper realms of its value range and conditions have proven to be choppy for speculators.

The American holiday of Martin Luther King, Jr. Day on Monday weakened liquidity, and thus overall performance, in the Forex market.

Investors have regained an appetite for safe havens amid prolonged European lockdowns, especially in Britain.

The USD/JPY began the week on a bearish note as it plunged to the 103.63 support level, remaining near it at the beginning of today's trading.