Forex Daily Forecast, Analysis and Prediction

The British pound initially rallied during the trading session on Wednesday but gave back the gains sitting near the 1.39 level.

The West Texas Intermediate Crude Oil market fell significantly during the trading session on Wednesday as the $7500 level continues to offer significant resistance.

The S&P 500 initially tried to rally during the trading session on Wednesday but failed to continue going higher or, for that matter, even simply hang on to the gains in general.

The NASDAQ 100 rallied initially during the trading session on Tuesday to reach towards the 15,000 level.

The Australian dollar rallied a bit during the trading session on Wednesday to continue the overall consolidation that we have seen recently.

The DAX initially pulled back a bit during the trading session on Wednesday but then turned around to rally towards the highs yet again.

The FTSE 100 initially fell during the trading session on Wednesday to reach down towards the 50-day EMA.

The Bitcoin market initially fell during the trading session on Thursday to reach down towards the 31,500 level before bouncing and forming a hammer.

The gold markets rallied quite significantly on Wednesday to break above the 50-day EMA as Jerome Powell testified in front of Congress.

The GBP/USD retreated during the overnight session even after a relatively dovish Jerome Powell testimony.

The Bitcoin price is still in a consolidation mode even after the strong US inflation data.

The price has room to fall below 0.7420.

A strong rebound from a new low is discouraging bears.

Despite the European Union’s approval of more stimulus plans to counter the effects of the pandemic, the currency pair EUR/USD suddenly experienced selloffs that pushed it from the resistance level of 1.1875 to the support level of 1.1772, its lowest in three months.

Yesterday, the US dollar recovered against the rest of the major currencies in response to the stronger-than-expected rise in US inflation.