Forex Daily Forecast, Analysis and Prediction

The US dollar has fluctuated during the trading session on Tuesday as we continue to see a lot of back and forth against the Japanese yen.

Long-term bullish trend holding.

Lopsided consolidating triangle pattern.

Pound is relatively strong.

Support at 1.1767 looks pivotal today.

At the beginning of this week's trading, the EUR/USD pair continued the upward correction path, as was the case last week.

Despite the return of the US dollar's strength against other major currencies, the price of GBP/USD remained unchanged at the beginning of this week’s trading.

During yesterday's trading, gold prices fell sharply and recorded their biggest drop in more than seven years.

I have mentioned a lot in recent USD/JPY technical analyses that moving in narrow ranges for a long time heralds a strong price explosion in one of two directions.

With seemingly no more than a push of a few buttons, the DAX Index has made swift gains the past week and is challenging high water marks.

The USD/BRL has quickly re-established its long-term range as risk appetite delivered a strong dose of bearish momentum for the forex pair yesterday.

The AUD/JPY saw an abrupt spike higher yesterday in early forex action as financial houses responded to US election clarity and became optimistic.

While South Africa has not witnessed the second COVID-19 wave of infections, the lack of adequate testing could be partially responsible for the lack of official detection.

Mexico continues to struggle with the COVID-19 pandemic, where a lack of testing shows Latin America’s second-largest economy sliding down the ranks of most-infected countries.

Bearish sentiment appears to be the majority feeling within the USD/INR, but as speculators know, ‘feelings’ do not guarantee profits when placing positions.