Forex Daily Forecast, Analysis and Prediction

For five trading sessions in a row, the EUR/USD pair has been trying to correct higher, and the retracement gains have stalled around the 1.1893 resistance level at the time of writing.

For seven trading sessions in a row, gold prices have been moving within very narrow ranges, at the support level between $1856 and $1900 an ounce and stabilizing around $1882 at the time of writing.

It seems clear that the pound has the necessary momentum to move towards higher levels against the rest of major currencies.

All the gains from the bullish rebound in the USD/JPY pair during the trading week are on the verge of collapsing as it moved towards the 103.85 support, at the time of writing.

With the second wave of the COVID-19 pandemic accelerating globally, President Cyril Ramaphosa calls on BRICS (Brazil, Russia, India, China, and South Africa) to strengthen trade and investment.

While Japan reports relatively acceptable new COVID-19 infections for its population size, it also carries out significantly fewer tests than its global counterparts in the developed world.

Weakly bullish within medium-term range.

The DAX Index has produced cautious values the past day, but importantly the German index has also maintained its loftier heights much like international counterparts.

Ethereum is near important highs last seen in September as it tests high water marks not sincerely traded since early July of 2018.

Speculators who enjoy short-term movements and following incremental technical trends may have found the past two days of trading within the USD/MXN worthwhile.

At some juncture, you may be inclined to suspect the USD/ARS is going to stop its bullish trend and some semblance of normality will occur for the Forex pair.

Record high price in view.

Weakly bullish outlook.

Strong resistance around 1.1900 / 1.2000.

Gold markets continue to grind sideways overall during the trading session on Tuesday, only to see a slight dip lower at the end of the day.