Forex Daily Forecast, Analysis and Prediction

The market continues to be very noisy, as the British pound reached all the way towards the 200 day EMA before rolling over again.

Pakistan is under increasing pressures from the Covid-19 economic fallout.

Singapore will hold elections this Friday, where incumbent Prime Minister Lee Hsien Loong will face off against challenger Pritam Singh, where his re-election is widely anticipated.

South African Health Minister Zweli Mkhize warned that Covid-19 infections would continue to rise, as the nationwide economic lockdown is unsustainable and economic activities must resume.

Sweden is known for economic experiments but usually ranks in the Top 5 on a series of essential developments.

The US dollar has pulled back slightly to kick off the trading session on Tuesday against the Brazilian Real but has turned around at the 50 day EMA yet again to show signs of life.

Silver markets have initially pulled back during the trading session on Tuesday but found plenty of buyers underneath the turnaround and shows signs of life.

The South African Rand has gained value since the start of July, but before you join a parade it should be noted the range of the USD/ZAR has remained very steady.

After battling higher resistance the past week of trading, the USD/PKR has produced a rather weak reversal in early trading today showing the forex pair remains a speculative bet.

The US currency weakens temporarily, while the GBP/USD attempts upward correction, at a time when there still needs to be a positive development at the Brexit front, which has been the most influential factor on the Sterling in years.

The British pound rallied a bit during the trading session on Monday to kick off the week but gave back some of the gains to form a candlestick that is somewhat reminiscent of a hammer.

The first few trading days of July have produced a bullish trend for the USD/IDR and it has tested resistance not treaded since early June.

The USD/SGD has seen a bullish sentiment emerge short term for the currency pair as resistance levels are approached this morning.

According to the latest monthly poll conducted by the Banco Central de la República Argentina (BCRA), the country’s central bank, the economy will tank by 12%.

Brazilian Central Bank President Roberto Campos Neto reiterated his assessment that the economy is recovering quickly and that the base of the Covid-19 shock is formed.