Forex Daily Forecast, Analysis and Prediction

Bulls may face resistance at $1.1056.

The USD/JPY’s recent price action against the Japanese yen has been characterized by back-and-forth movements within a relatively subdued trading session on Tuesday.

The crude oil market staged a remarkable rally during Tuesday's trading session.

The AUD/USD embarked on a nuanced journey during Tuesday's trading session, initially retracing slightly before making a spirited comeback.

The GBP/USD exchange rate was flat on Wednesday in a market characterized by low volume and no major news.

The BTC/USD pair retreated as the recent bull run lost momentum.

The AUD/USD exchange rate held steady at its highest point since July 2023 as hopes of a Fed and RBA divergence continued.

The euro has a chance to end 2023 above the $1.10 level, which seemed completely off the table just a few weeks ago when the dollar was regaining strength and bets on European Central Bank rate cuts were rising sharply.

The recent improvement in morale that the US Central Bank will stop tightening its policy during the year 2024 weakened the price of the dollar and gave the price of the pound against the US dollar GBP/USD positive momentum to move higher with recent gains that reached the resistance level of 1.2795.

The long-awaited shift in policy direction by the Bank of Japan (BoJ) towards tightening has helped the Japanese yen to achieve strong gains against other major currencies, especially the dollar.

The weakness of the US dollar continues to support the strong upward rebound of the gold price XAU/USD, with it holding on to the psychological resistance level of $2,000 per ounce.

The USD/ZAR has drifted higher in Forex since Thursday of last week, but this has happened as trading volumes have dropped significantly and market action is light.

The USD/MXN has tracked lower and is near important mid-term support ratios which will get speculative attention, but trading today will be light and perhaps dangerous.

The USD/TRY rose during early trading on Tuesday, as the pair reached its highest level ever.

The AUD/USD experienced an initial pullback during Friday's session but then quickly reversed course, displaying signs of vitality.