Forex Daily Forecast, Analysis and Prediction

The US dollar experienced a slight pullback during Wednesday's trading session but found support around the ¥142.50 level

Traders are closely monitoring the ¥180 level, a critical support area that has witnessed significant noise and activity in the past.

The NASDAQ 100 is likely to continue to be noisy, but keep in mind that it’s only a handful of stocks out there that will move things

In Wednesday's trading session, the euro experienced a slight decline, settling just above the critical 50-Day Exponential Moving Average.

During Wednesday's trading session, the natural gas markets experienced a slight decline, dipping below the 50-Day Exponential Moving Average.

The silver market is currently displaying some hesitancy, with prices consolidating above the 50-Day Exponential Moving Average.

During Wednesday's trading session, the gold markets exhibited a back-and-forth movement, displaying a lot of noisy behavior.

Given the prevailing market sentiment, it appears likely that the Australian dollar will head towards the psychologically significant 0.65 level.

As I mentioned many times before, the discrepancy between the aggressive policy of the US Central Bank and the Bank of Japan, which has negative interest rates, will remain supportive of the upward trend of the USD/JPY currency pair.

The continued strength of the US dollar ahead of an important event this week increased the bearish pressure on the gold price.

The GBP/USD exchange rate has extended previous losses towards historic levels.

Since the start of this week's trading, the price of the EUR/USD currency pair continued its losses, which extended to the support level of 1.0952, before settling around 1.1000 at the time of writing.

The USD/BRL closed near the 4.7925 ratio yesterday, and this followed Monday’s session which ended around the 4.7225 mark.

The USD/TRY pair rose, recording new all-time highs, before returning and retreating within its normal movement average over the past two weeks.

Bullish speculators of the NZD/USD have likely run into difficult circumstances the past couple of days as the Forex market has turned in rather suspicious price action.