Forex Daily Forecast, Analysis and Prediction

Last week saw strong and dramatic moves in the market, primarily in the Forex market, with the Japanese Yen advancing by more than 5%, and the US Dollar tumbling after a dovish tilt from the Federal Reserve.

Get the weekly Forex forecast for major currency pairs for the week of August 05-10, 2024 here.

In my daily analysis of the EUR/GBP pair, I can see that this asset is in the midst of trying to form some type of basing pattern.

In my analysis of the US dollar against the Pakistani rupee, you can see that the central bank of Pakistan has kept a tight lid on this pair.

In my daily analysis of the Dow Jones 30, it’s obvious that the market is in an uptrend, but the trading session on Thursday has been quite brutal.

In my daily analysis of the DAX, the first thing I notice is that we are threatening a major trend line, and therefore we need to pay close attention to what happens next.

In my daily analysis of the CAC 40, the first thing I notice is that we are approaching a major support level.

In my daily analysis of the dollar against the Rand, the first thing I notice is that the 18.25 South African Rand level is an area that a lot of traders seem to be paying attention to.

In my daily analysis of the dollar against the Norwegian Krone, it's evident to me that the market is trying to turn things around and retain its overall uptrend.

In my daily analysis of the New Zealand dollar, it looked initially like we were going to continue taking off to the upside, but it's probably worth noting that we have shown signs of exhaustion.

In my daily natural gas market analysis, the first thing I notice is that we gave back gains rather rapidly to form an inverted hammer.

In my daily analysis of the British pound against the Japanese yen, I find the price action somewhat interesting.

The pound has weakened across the board as the odds of a Bank of England rate cut continue to rise steadily, with markets now pricing in a cut today.

The Japanese yen rose against the US dollar in the middle of the trading week after the Bank of Japan raised its benchmark interest rate by up to 25 basis points.

The euro hovered around $1.082, remaining below a four-month high of $1.094 touched on July 17, as traders digested key economic data and assessed the next move from the European Central Bank.