Forex Daily Forecast, Analysis and Prediction

After proving that bullish momentum can be produced within the USD/MXN the past week, the Forex pair has seen bears emerge again and show that they still can dominate the trading landscape.

The Forex pair has reestablished is bearish trend and is hovering above key support levels.

Traders who have not looked at their screens yet today may be surprised to see that the USD/SGD has reversed lower since late yesterday, and has essentially wiped out a lot of the short-term bullish momentum that sprung forward last week.

The West Texas Intermediate crude oil market rallied a bit during the trading session on Tuesday as we continue to see the “reflation trade” come into play.

The DAX Index initially fell during trading on Tuesday as we crashed into the 13,825 level.

Bitcoin fluctuated during the session on Tuesday as we continue to dance around the $35,000 level.

The NASDAQ 100 pulled back during the trading session on Tuesday to reach down towards the 12,750 level before turning around to show signs of life again.

The S&P 500 fluctuated during the trading session on Tuesday, just as we saw during the previous two sessions.

Price likely to rise to 1.2277.

The British pound broke higher during the trading session on Tuesday to slice through the 1.36 handle.

The euro bounced quite a bit during the trading session on Tuesday, as the 1.2150 level underneath has offered a bit of support before.

The US dollar initially tried to rally on Tuesday to break above the 15.50 rand level again, but just as we had seen on Monday, there was more than enough selling pressure above to keep the attempt under wraps.

The Australian dollar rallied a bit during the trading session on Tuesday as we continue the overall uptrend.

Gold markets fluctuated during the trading session on Tuesday as we mimick what happened on Monday.

The GBP/USD bounced back in the overnight session as traders reacted to the relatively hawkish statement by Andrew Bailey.