Forex Daily Forecast, Analysis and Prediction

Bitcoin price continued its downtrend on Thursday as demand remained weak. The BTC/USD pair dropped to 66,370, continuing a downward trend that has been going on Sunday this week.

The AUD/USD exchange rate remained under pressure this week as traders reflected on the latest Australian jobs data. It was trading at 0.7055, down from the year-to-date high of 0.7155.

The Brazilian markets are closed for the holidays today, and this effects the USD/BRL, which remains shuttered for closing until the Ash Wednesday observation is complete, the close of the currency pair near 5.2228 on Friday will need to be watched upon the start of trading.

The USD/SGD is near the 1.26440 ratio as of this writing, this as the currency pair remains within its long-term lower realms, but has taken on a precarious dance the past few days after challenging the 1.26040 vicinity on the 12th of February.

The US dollar continues to see a lot of noise near the 200 Day EMA, as we are trying to rally and turn things around.

The New Zealand dollar fell on Tuesday, only to turn back around and show signs of strength again.

The Nasdaq 100 has shown itself to be rather resilient recently, and Tuesday hasn’t been any different after the initial selling pressures.

The Euro has continued to slowly weaken against the US Dollar, but momentum is slowing and a bullish breakout above the resistance at $1.1856 might be on the cards.

Gold markets are trying to find buyers after what has been a brutal round of selling again on Tuesday. At this point, the markets are continuing to struggle overall.

The silver market has fallen again on Tuesday, as the markets continue to try and deal with the trauma that occurred just a few weeks ago.

The S&P 500 fell on Tuesday, as we continue to see a lot of noisy sideways action, and ultimately, we are in a bit of a holding pattern. It is worth noting that the floor continued to hold on Tuesday.

The GBP/USD pair retreated after the UK published a weak jobs report, which raised the possibility of more Bank of England interest rate cuts this year. It dropped to 1.3556, down substantially from the year-to-date high of 1.3870 as investors focus on the upcoming inflation report.

The FTSE 100 rallied again on Tuesday, as the markets are digesting, the employment numbers being worse than expected. As this could have the Bank of England could be forced to cut, stock traders are happy.

Bitcoin price was relatively unchanged on Wednesday morning, continuing a consolidation period that has been going on in the past few weeks. The BTC/USD pair was trading at 67,250, much lower than the all-time high of 126,400.

The AUD/USD pair was largely unchanged on Wednesday after Australia released a strong wage growth report. It was trading at 0.7075 on Wednesday, a few points below the year-to-date high of 0.7146.