Forex Daily Forecast, Analysis and Prediction

The EUR/USD exchange rate remained under pressure on Wednesday morning as traders waited for the upcoming European inflation data and ECB interest rates decision. It retreated to a low of 1.1812, down sharply from the year-to-date high of 1.2080.

Bitcoin price continued its recent downward trend, reaching its lowest level in over a year and erasing all the gains made during the Donald Trump administration. The BTC/USD pair crashed to 73,000, down sharply from the all-time high of 126,300.

The AUD/USD exchange rate jumped after the Reservation Bank of Australia (RBA) delivered its interest rate decision on Tuesday. It jumped to a high of 0.700, up sharply from this week's low of 0.6900

The British pound continues to see a lot of noise, as traders recognize that London is going to be hesitant in cutting rates rapidly, just as the Americans could do.

The US dollar continues to see a lot of noise, as traders have recently tried to push the Federal Reserve into perceived rate cuts coming quickly. This is something the trading community has been wrong about for some side.

The NASDAQ 100 continues to see a lot of noise, but at this point in time, the markets are consistently seeing NYC buying.

The gold market continues to be one that a lot of people will be watching closely. The brutal selloff on Friday caught a lot of people off guard, and now the entire world seems to be watching closely.

The euro did try to rally a little bit during the early hours here on Monday but simply cannot hang onto gains at the moment as the Federal Reserve Chairman nominee has the markets rethinking things.

The US dollar has rallied against the Canadian dollar again during the day on Monday as the widely reported death of the US dollar seems to be premature.

Silver continues to see a lot of noisy behavior as the market initially tried to recover on Monday after plunging right at the open. That being said, we have seen the sellers come back into the silver market and it now is simply hanging around the 50-day EMA.

The cryptocurrency market suffered a brutal selloff over the weekend, as Bitcoin and Ether prices plunged amid cascading liquidations and macro pressures.

The 0.60 level is being tested, and it is a large round psychologically significant figure that mattered quite a bit multiple times in the past. This is an area that we are going to have to pay closer attention to.

The German DAX had a strong session on Monday, gaining over 1%, despite the initial sell off. Once traders got over the idea of the metals sell off being so brutal, it looks like we started to focus on fundamentals again.

The Aussie dollar continues to be strong in general, despite the fact that the US dollar has taken the driver’s seat in general as far as the foreign exchange markets are concerned.