Forex Daily Forecast, Analysis and Prediction

Firm support likely in $0.6590 area.

The GBP/USD exchange rate moved sideways on a quiet day on Monday since the UK’s market was closed for a bank holiday.

The EUR/USD exchange rate held steady on Monday and Tuesday morning as focus remained on the recent weak US economic numbers and their impact on the Federal Reserve.

Bitcoin price rose to a two-week high of $65,525 on Monday and then quickly erased some of those gains to trade at $63,225 on Tuesday morning.

The Japanese yen was in the spotlight last week as concerns about its future continued.

Trading of the US dollar against the Turkish lira has stabilized for the third consecutive week.

The Bank of England may this week provide a clearer signal on whether it plans to cut interest rates this summer, just as investors bet on delayed easing expectations.

The EUR/USD currency pair extended gains to the resistance level 1.0812 on the back of weaker-than-expected US jobs data and settled around 1.0760 at the start of trading this week

Gold futures remained flat at the end of the trading week and settled above the $2,300 level per ounce.

The move lower in the USD/ZAR which started with a solid dose of price velocity on the 25th of April has continued into early trading this morning.

The USD/MXN touched a low around 16.83000 on Friday in the midst of strong selling momentum.

The Japanese Yen is now being sold despite its firm rise last week after two cases of suspected Bank of Japan intervention.

The Aussie dollar rallied during the early hours on Friday to show signs of strength as we reached the 0.6650 level.

The US dollar has fallen rather significantly during the course of the trading session on Friday as we continue to see a massive correction.

At this point in time, it looks like Bitcoin is trying to come back and break higher as the overall uptrend looks to be reasserting itself.