Forex Daily Forecast, Analysis and Prediction

The gold markets rallied a bit on Wednesday after the CPI numbers came out as expected.

The Consumer Price Index in the United States came out as expected on Wednesday, showing that although there is inflation, it is not accelerating.

Bitcoin is a market that is starting to run away with the bullish momentum, but at this point it is only a matter of waiting for an opportunity to get long.

The euro rallied a bit during the trading session on Wednesday as the world awaited the Consumer Price Index figures from the United States.

The British pound initially pulled back on Wednesday but then turned around to show signs of strength again as the CPI figures in America came out as expected.

The GBP/USD price rebounded on Wednesday after the relatively mild US inflation data.

The EUR/USD price bounced back on Wednesday after the US published the July inflation numbers.

The AUD/USD remained in a tight range in the overnight session as Canberra state moved into lockdown after a positive COVID case.

The BTC/USD price held steady close to its highest level since May 17 as demand for cryptocurrencies rose.

The USD/ARS remains locked within a powerful bullish trend which has not shown any signs of creating a durable reversal lower.

The trend of the USD/ZAR continues to demonstrate an ability to add value in an incremental fashion, but yesterday’s trading did run into resistance.

Gold is still trying to remain stable above the resistance of $1700 to avoid more violent bearish pressure, which had plunged the price to $1683 earlier this week.

Expectations of an increase in US interest rates helped boost the US dollar against the rest of the other major currencies.

The GBP/USD is moving in a very narrow range in light of the pound's stubbornness in the face of the strength of the US dollar.

More bearish pressure pushed the EUR/USD to the support level of 1.1710, its lowest of 2021.