Forex Daily Forecast, Analysis and Prediction

The gold markets broke down significantly during the trading session on Tuesday, slicing through the 50 day EMA.

The tight range which has developed for the USD/ZAR in the month of October may be starting to make speculators nervous.

After hitting the 4.1350 support level a few days ago the USD/MYR has developed a slight reversal and is trading near the 4.1470 juncture early this morning

In the same EUR/USD performance during last week’s trading, the pair has continued to move up since the beginning of this week’s trading.

Gold prices settled higher at the beginning of this week’s trading, despite gains being modest, as optimism regarding the fiscal stimulus law limited the bullishness of the yellow metal.

Brexit optimism remains cautious and hence, GBP/USD gains stem primarily from the weakening of the US currency.

For more than two weeks in a row, the pair attempted to rebound higher, but gains did not cross the 106.10 resistance.

Hans Kluge, the Regional Director of the World Health Organisation (WHO) for Europe, warned against Covid-19 fatigue by the population, which according to the latest data, reached over 60%.

South Africa will report its 700,000th Covid-19 infection this week and has nearly 51,000 active cases.

AUD/USD: Weaker Australian Dollar

USD/JPY: Consolidation likely to persist

BTC/USD: $11,460 resistance breaks

The US dollar has initially gapped higher against the Japanese yen but then broke down towards the ¥105.25 level underneath.

The bitcoin market rallied significantly during the trading session on Monday to kick off the week, as we are well above the $11,000 level.

The Euro went back and forth during the trading session on Monday, initially gapping lower before going back and forth.