Forex Daily Forecast, Analysis and Prediction

The British pound has rallied significantly during the trading session on Tuesday.

The S&P 500 did very little in the early hours on Tuesday, but quite frankly we are just in the midst of consolidation after a huge move higher.

The German DAX has initially tried to rally during the trading session on Tuesday but gave back gains rather quickly.

The Australian Dollar has a bullish long-term trend, being up over both 3 months and 6 months.

The Hong Kong 50 index initially rallied during the early hours on Tuesday but has given back the gains at the 19,000 Hong Kong dollars level.

The Norwegian krone has been strengthening for some time. It looks like we are digging into an area that has been somewhat supported.

The GBP/USD pair has been in a strong uptrend in the past few weeks.

The EUR/USD pair pulled back ahead of the upcoming German Consumer Price Index (CPI) data and the Federal Reserve’s Beige Book.

The AUD/USD exchange rate pulled back after the strong US consumer confidence report triggered a risk-off sentiment.

Support confluence around $67,500.

GBP/USD is expected to extend its journey towards the top end of its 2024 range in the coming days, but a strong US PCE inflation reading at the end of the week could turn the tide.

The EUR/USD rate rose to 1.0867 in the last week of May, approaching two-month highs seen earlier in the month as traders adjusted their bets on a rate cut.

At the start of trading this week, the USD/JPY exchange rate remained stable around the resistance level of 157.00.

For the third day in a row, the price of gold is trying to rebound higher, but its gains stopped at the resistance level of $2,358 per ounce, before settling around the level of $2,352 per ounce at the time of writing the analysis.

USD/BRL has held onto its higher values, but it is still below apex marks seen in April.