Forex Daily Forecast, Analysis and Prediction

During the early hours on Friday, we initially saw the market try to rally only to turn around and fall rather significantly in Paris.

The US dollar has rallied again against the Mexican peso, breaking above the 20 pesos level for the third time now.

The Canadian dollar has been very volatile against the Swiss franc, and I think that will continue to be something that you need to pay attention to.

I can see that this index is falling rather rapidly due to the week jobs numbers coming out of the United States.

The first thing I see is that we have broken through a major support level, which is not a huge surprise considering that the US jobs report was pretty bleak.

We have seen a lot of volatility in this market.

We initially tried to rally but after the jobs report became such a mess in the United States, we have seen a complete turnaround and the market falling apart.

The EUR/USD exchange rate retreated after the US published mixed jobs numbers ahead of the upcoming European Central Bank (ECB) decision.

Bitcoin price continued falling as investors rotated from risky assets.

The AUD/USD pair retreated sharply as the US dollar bounced back after last Friday’s non-farm payrolls (NFP) data.

Last week, increasingly dovish expectations emerged in markets of the US Federal Reserve after relatively weak non-farm payroll data was released on Friday. Fears of a hard landing for the US economy built all week, generating stronger risk-off sentiment.

The EUR/USD exchange rate started last week’s trading rather comfortably near the 1.10400 to 1.10500 ratios, but by Tuesday nervous conditions globally certainly started to be seen as financial institutions began to question existing outlooks.

Traders were treated to a full week of price velocity within WTI Crude Oil as behavioral sentiment shifts in global financial markets clearly started to express nervousness.

Get the weekly Forex forecast for major currency pairs for the week of September 09-14, 2024 here.

In my daily analysis of minor forex pairs, the AUD/NZD the pair looks very interesting, because we have seen the Australian dollar try to rally a bit during the early hours on Thursday but gave back gains as we approached the 200-Day EMA.