Forex Daily Forecast, Analysis and Prediction

The US dollar is desperately trying to make up for its losses against most other major currencies.

Gold prices recorded their first weekly loss in more than two months, following the rise of the US dollar and the increase in US yields

Throughout last week’s trading, the GBP/USD was moving in a limited range between the 1.3005 support and the 1.3142 resistance and closed the week’s trading around 1.3090.

Prior to announcing a record and historical slowdown in the Japanese economy for the second quarter of 2020, the USD/JPY stabilized around the 106.50 support,

A bullish trend has emerged for the EUR/GBP the last week of trading.

Although the past few trading sessions for the DAX Index have been challenging for short term traders, the mid-term momentum of the equity index remains aggressively bullish.

The USD/SEK bearish trend is noteworthy for a variety of reasons.

The USD/SGD battled through a short term bullish trend which was experienced from the 5th of August until the 12th of August, yet bearish momentum has been reestablished the past three trading sessions.

AUD/USD: 0.7200 area looking pivotal

South Africa faces near-and-long-term challenges, as Africa’s most industrialized nation and second-largest measured by GDP, trailing Nigeria, is forced by the Covid-19 pandemic to address core issues plaguing the economy.

India has taken a leadership position in new daily confirmed Covid-19 infections, surpassing both the US and Brazil.

USD/JPY: Support at 106.43 looks pivotal

The US dollar initially tried to rally during the trading session on Friday but gave back the gains at the ¥107 level for the third day in a row, showing real weakness.

The British pound initially rallied during the trading session on Friday but has found a significant amount of resistance at the 1.3150 level again.

The S&P 500 pulled back a bit during the trading session on Friday, and at first looked a little bit limp.