Forex Daily Forecast, Analysis and Prediction

I can see that we are consolidating yet again, and we have been compressing for some time.

The euro has pulled back just a bit during the early hours on Wednesday against the Canadian dollar.

The S&P 500 does look a little bit stretched on the Wednesday session. And even further, when you look at the stochastic oscillator which is crossing at almost the 100 level.

Looking at the gold market, my daily analysis suggests that gold will eventually go higher as we have gone back and forth over the last couple of days.

I can see that this index is trying to do everything it can to rally.

The US dollar has rallied a bit during the course of the trading session on Wednesday against the Mexican peso.

The GBP/USD pair relentless rally gained steam.

The EUR/USD surge accelerated after the latest Federal Reserve minutes pointed to a potential interest rate cut in September.

Bitcoin joined American stocks in bouncing back after the Fed published dovish minutes of the last meeting.

The AUD/USD exchange rate continued its bullish trend after the Federal Reserve minutes on Wednesday.

The Japanese yen stabilized around 145.00 yen per dollar at the start of trading on Wednesday after hitting a two-week high in the previous session, supported by strong expectations that the Federal Reserve will soon begin cutting US interest rates.

Ahead of the release of the minutes from the Federal Reserve's latest meeting, the EUR/USD currency pair is holding onto its recent gains, hovering around the resistance level of 1.1130, the highest level for the currency pair in 2024.

As of this writing the USD/RUB is near the 91.73800 mark with fluctuations being displayed at a rapid pace.

In the middle of July the USD/MYR currency pair was trading near the 4.6935 mark as it began to show signs of selling pressure build.

The British Pound has reached a significant level against the US Dollar amid improving global investor sentiment.