Forex Daily Forecast, Analysis and Prediction

While venturing into the Pakistani Rupee may seem farfetched for some traders, a look at the currency within the scope of a 3-month chart and the ability to react short term could prove worthwhile, besides absolutely stimulating.

The IDR has actually moved back to a trading range which acted as its core value the past half-year, in fact, if you look at a year-long chart for the USD/IDR you will see that its current level looks positively normal.

The US dollar initially tried to rally against the Indian rupee during the trading session on Tuesday but has given back a bit of the gains.

Silver markets have pulled back just a bit during the trading session on Tuesday but found plenty of buyers underneath to turn around and form a bit of a hammer-like candlestick.

Mexico's Finance Minister Herrera announced the economy most likely plunged 17% in April and expects a marginally smaller drop for May.

While optimism across financial markets remains unrealistically elevated about the gradual reopening of economies, the reality is distinctly different.

South Africa asked assistance from the International Monetary Fund’s coronavirus relief facility.

Suddenly, USD/JPY gains evaporated to reach the 108.23 support and gains at the end of last week’s trading reached the 109.84 resistance, the highest level in two and a half months, and is now settling in the beginning of today’s trading around the 108.47 level.

With the beginning of this week’s trading, gold prices rose again to the level of $1700 psychological resistance after recording its lowest level in more than a month, at to the $1670 support, after the better than expected numbers of US jobs, which contributed to more investor risk appetite.

For the third consecutive day, the GBP/USD pair stabilized around and above the 1.2700 resistance.

The Polish Zloty is an interesting speculative currency for traders because it serves as a barometer for geo-political sentiment between Europe and Russia,

In the beginning of this week’s trading, the EUR/USD pair tried to compensate for its losses.

The US dollar has gone back and forth during the trading session on Monday, as we are sitting just above a potentially important support level.

The Brazilian Real gained additional value versus the US Dollar late last week and early this week.

Important support levels near 17.0000 have been broken and the level is now being used as a resistance juncture by many technical traders.