Forex Daily Forecast, Analysis and Prediction

The Australian dollar initially did pull back a bit against the Canadian dollar, only to turn around and show signs of life.

As expected, spot gold prices have moved towards the psychological resistance level, reaching $2,702 per ounce today, the highest price in a month

For the second consecutive day, the USD/JPY currency pair has been subject to selling pressure, pushing it towards the support level of 155.21,

Bulls haven't enjoyed the recent rebound gains for long in the GBP/USD pair, which reached the resistance level of 1.2305.

The EUR/USD currency pair's recent attempts to rebound have failed, with gains not exceeding the resistance level of 1.0354. Following the release of US

My previous signal last Thursday was not triggered as there was no bearish price action when the resistance level at $0.6192 was first reached.

In my analysis of the commodity markets, I am drawn to the copper chart, mainly because we have been in the area of “fair value” for the last seven or eight months.

Despite the fact that the day started out rather positively for the euro, the reality is that it simply cannot hang on to gains. The Consumer Price Index had a chance of helping the euro, as it came in at 0.23% instead of 0.3%. The market is likely to look at this, at the very least, as a good sign or a potential cooling off of the US dollar. However, we have a keep in mind that the Federal Reserve still has a long way to go before they start loosening monetary policy, while the European Central Bank looks absolutely feckless at this point in time, and there’s almost no chance they would tighten monetary policy.

During the Wednesday session, we saw the S&P 500 rally rather significantly, as market participants continue to pay close attention to the inflationary issues in the United States.

In my daily analysis of exotic currency pairs, the USD/PHP market has captured my attention, as we are hanging around just above the 50 Day EMA. The 50 Day EMA of course is an indicator that a lot of people pay close attention to, so that might have caused a little bit of technical support. However, there’s also another thing that needs to be considered, and that is that the US dollar has recovered quite nicely. It’s not only against the Philippine peso that you can see this, but against pretty much anything in Asia.

During the trading session on Wednesday, we saw the US dollar drop fairly significantly against the Japanese yen, pressuring the pair to drop just below the ¥156 level

The USD/RUB has come off early 2025 highs and is now trading within sight of potentially important psychological support as it traverses near 102.4800 as of this writing.

The Nasdaq 100 exploded to the upside during the trading session on Wednesday, mainly due to its oversold nature

Bitcoin rallied pretty significantly during the trading session on Wednesday, gaining 3% as we started to close out the New York session. We are approaching the $100,000 level and therefore I think we've got a couple of things to pay attention to. Could we get a pullback from here? It's very possible, but I think that just ends up attracting more buyers

During the trading session on Wednesday, we saw quite a bit of volatility in this pair with the US dollar plunging after the CPI came in cooler than anticipated, with a core CPI reading of 0.23% month over month instead of the expected 0.3%. However, the fundamentals in this pair have not changed. This is still a holding pattern between now and the Trump administration taking over in about five days