Forex Daily Forecast, Analysis and Prediction

The British pound has rallied a bit over the last 30 days as October was very kind to Sterling.

The US dollar has rallied during the month of October against the Japanese yen but started to stall once we got closer to the 61.8% Fibonacci retracement level at the ¥109.50 level.

The British pound has rallied significantly during the month of October as fears of a “no deal Brexit” are starting to subside a little bit.

Third-quarter earnings season has been solid, but the global economy continues to slow down with manufacturing in most regions already in a recession.

After the US Federal Reserve cut interest rates by 25 basis points in a move which was expected, it also announced that a pause may be warranted and another cut should not be taken for granted.

New Zealand economic data showed a recovery in consumer confidence for the month of October, and a China manufacturing PMI posted a surprise expansion against the backdrop of economists who called for a slowdown.

Economic data out of Australia showed that its manufacturing sector barely escaped contraction while inflation slowed down in the third-quarter.

The US dollar has pulled back rather significantly during the training session on Thursday, reaching down towards the ¥108 level.

The S&P 500 fell during the trading session on Thursday, enveloping the previous candlestick on the daily chart. That tells you just how all over the place this market is.

The NASDAQ 100 fell during the trading session on Thursday, giving back most of the gains during the previous session on Wednesday after the FOMC statement.

The Euro has initially tried to rally during the trading session on Thursday but has given back the gains to show signs of weakness again at the 1.12 level which is also near the 200 day EMA.

The British pound has rallied a bit during the trading session on Thursday, as we continue to reach towards the vital 1.30 level.

The Australian dollar has initially tried to rally during the trading session on Thursday but give back the gains at the 61.8% Fibonacci retracement level.

The West Texas Intermediate Crude Oil market pulled back a bit during the trading session on Thursday, as the market continues to undulate in general.

The natural gas markets initially tried to rally during the trading session on Thursday but failed to continue going higher as we then pulled back to form a bit of a shooting star.