Forex Daily Forecast, Analysis and Prediction

The US dollar initially pulled back just a bit on Tuesday but ended up reversing 30 pips against the Indian rupee to close out the session just below ₹75.50.

The Bitcoin market rallied a bit on Tuesday but gave back the gains to form a bit of an inverted hammer.

The Ethereum market rallied significantly on Tuesday but gave back the gains to form a less-than-impressive candlestick.

The CAC 40 Index acted like it was shot out of a cannon on Tuesday, gapping higher and then closing at the very top of the range.

The DAX Index shot higher on Tuesday, breaking above the resistance barrier at €15,500, followed by a break of the 50-day EMA at the €16,680 level, and closing at the very top of the massive meltdown candlestick from last week.

The euro fell during the better part of Tuesday but continues to see buyers trying to pick up bits and pieces of value.

The NASDAQ 100 shot straight up in the air on Tuesday as fears of the omicron variant have abated.

The West Texas Intermediate Crude Oil market rallied rather significantly on Tuesday to reach towards the highs of the previous inverted hammer at $73.

The BTC/USD pair retreated slightly in the overnight session as the bullish momentum faded.

The EUR/USD pair tilted lower on Wednesday morning as investors reflected on the leadership change in Germany and the rising number of infections.

The AUD/USD continued its bullish rebound as investors reflected on the latest interest rate decision by the Reserve Bank of Australia (RBA).

The USD/CAD is challenging short-term lows in early trading this morning, having kept up the Forex pair’s bearish move which has developed since yesterday.

The NZD/USD is trading above important short- and long-term lows as the Forex pair continues to display a rather strong amount of selling pressure.

Gold futures are trading in a relatively stable performance with a bearish bias as gold moved towards the $1,776 support level before settling around $1,782 as of this writing.

For three trading sessions in a row, the USD/JPY has been trying to stop its losses, moving towards the 113.61 resistance amid a relative calm in the markets considering the Chinese crisis and the new COVID variant.