Forex Daily Forecast, Analysis and Prediction

1-year high price in sight at 110.97.

The market is obviously seeing bullish pressure based upon the fact that a lot of short covering happened later in the day.

The euro got absolutely crushed during the trading session on Wednesday as the Federal Reserve came out and suggested that inflation was running a bit hotter than originally anticipated.

The British pound initially tried to rally during the trading session on Wednesday but then gave back the gains as people start to worry about the Federal Reserve and whether or not it is going to taper within the next couple of years.

Gold markets got hit during the trading session on Wednesday, breaking down below the crucial $1850 level as the statement coming out of the Federal Reserve suggests that perhaps they will be tightening rates sooner than originally thought.

It is only a matter of time before the buyers come back into the marketplace and try to pick up a little bit of value.

Support near 1.2000 breaks down.

Cardano is testing a very serious level that will determine where we go next.

The DAX Index was relatively quiet during the trading session on Wednesday as we continue to hang near the 15,700 level.

The FTSE 100 did rally during the trading session initially on Wednesday to reach above the 7200 level, an area that I talked about over the last couple of days.

The West Texas Intermediate Crude Oil market rallied again during the trading session on Wednesday but pulled back a bit from the $72.50 level.

Bitcoin pulled back from the $40,000 level again, which is a bit of a concern at this point because we have made several attempts to break above that level, but it looks as if we continue to struggle.

The BTC/USD retreated after the hawkish Federal Reserve interest rate decision.

The GBP/USD pair crashed after the latest Federal Reserve interest rate decision.

For the third consecutive day, the bulls are settling at the price of the USD/JPY currency pair above the 110.00 psychological resistance.