Forex Daily Forecast, Analysis and Prediction

In my daily DAX analysis, it's easy to see that the 50-day EMA continues to be very much in the minds of traders.

It's easy to see that the market is perhaps a bit oversold.

In my daily analysis of the Australian dollar, it's easy to see that we had initially pulled back but have found a significant amount of support near the 0.6575 level.

I recognize immediately that we had gotten oversold.

In my daily Bitcoin analysis, I have to admit that I am focusing on the $67,000 level, an area that's been important more than once.

It's easy to see that the market continues to see a significant amount of volatility.

A weakening US Dollar suggests that a bearish reversal is becoming increasingly likely, possibly after the price touches a key resistance level at 18.6617.

The GBP/USD pair wavered after the flash July PMI report revealed that the UK economy was doing well.

The EUR/USD exchange rate’s recent sell-off stalled on Wednesday after the relatively weak European and US economic data.

Bitcoin price faced strong resistance at $68,500 this week as investors focused on Mt.Gox account movements and US politics.

The Japanese yen continued its recovery against the US dollar as focus shifted to the upcoming interest rate decisions from the Bank of Japan (BoJ) and the US Federal Reserve next week.

For five consecutive trading sessions, the GBP/USD exchange rate has been under selling pressure.

EUR/USD is under selling pressure and is currently trading around 1.0842, ahead of the release of PMI readings for the manufacturing and services sectors of the eurozone and US economies.

Gold prices are in a rebound mode this week, gaining above the $2419 resistance level and recovering from last week's losses that took the price down to the $2384 support level.

Traders of the USD/RUB need to remain patient and wait for their wagers on the currency in a similar fashion that fishermen put their bait into the water and then let the day play out.