Forex Daily Forecast, Analysis and Prediction

The AUD/USD exchange rate bull run gained steam this week as the US dollar sell-off gained steam.

With a partial return of price movements, the euro/dollar exchange rate “EUR/USD” continued its upward rebound with gains that reached the 1.1045 resistance level, the highest for the pair in four months.

It is natural that movements remain very quiet for the performance of the USD/JPY amid the holiday season, which affects liquidity and risk sentiment for investors.

As trading begins in the final week of 2023, the price of gold XAU/USD is on the rise as traders look to potential US interest rate cuts from the Federal Reserve in 2024, which has weakened the US dollar.

The pound sterling (GBP) against the US dollar (USD) fluctuated last week amid growing bets of rate cuts from both central banks.

The USD/BRL is near August mid-term support levels as the currency pair has correlated to the broad Forex market remarkably well.

The USD/SGD has moved to lows which are hovering over important mid-term support the past couple of days, however holiday trading volumes are in effect.

The USD/TRY rose during early trading on Wednesday, as the pair reached its highest level ever to continue recording its successive losses against the dollar.

Bitcoin faced a notable decline in its trading session on Tuesday, with prices reaching the 20-Day Exponential Moving Average indicator.

Ethereum experienced a downturn in the early hours of Tuesday, further underscoring the prevailing volatility in this market.

The EUR/USD displayed a notable rally during the early hours of Tuesday, reflecting the prevailing upward momentum in the market.

The gold market experienced a modest rally during Tuesday's trading session, underscoring the persistent bullish sentiment.

Silver exhibited a modest uptick during Tuesday's trading session, hinting at the prevailing external bullish pressures.

The S&P 500 commenced the trading week with a noticeable upward gap, signaling its intent to forge ahead and potentially breach the formidable 4800 level.

The German DAX initially pulled back a bit during the trading session on Friday, but it does look as if there are buyers underneath, especially near the €16,600 level.