Forex Daily Forecast, Analysis and Prediction

Concerns in Asia about the economic situation in China calmed a bit, leaving room for risk appetite.

Speculations that Britain would impose restrictions to contain the outbreak of the Omicron variant increased the suffering of the British pound against the other major currencies.

Amid the relatively calm state of risk aversion, the EUR/USD gained some momentum and moved to the 1.1340 level, after recent selloffs pushed the pair towards the 1.1227 support level this week.

The pair's direction is unclear ahead of tomorrow’s US inflation data release.

The NASDAQ 100 went back and forth on Wednesday as the 16,500 level continues to see a lot of resistance.

The S&P 500 rallied ever so slightly on Wednesday as we continue to see a little bit of noisy behavior right around the 4700 level.

The Australian dollar has recovered quite nicely over the last couple of days as we continue to see a massive bounce from the 0.70 level.

The West Texas Intermediate Crude Oil market rallied again on Wednesday to test the $73 level.

The British pound initially plunged lower on Wednesday to break down below the 1.32 handle.

The US dollar went back and forth on Wednesday as we are hanging around the 1.2650 handle.

The euro rallied quite significantly on Wednesday to test the 1.1350 level.

The Bitcoin market dipped ever so slightly on Wednesday but found support underneath to turn things back around.

Gold markets rallied initially on Wednesday but gave back the gains at the previous uptrend line.

The DAX Index rallied a bit to kick off the day on Wednesday but gave back gains rather quickly.

The GBP/USD pair crashed to the lowest level in more than a year as the number of Covid-19 rose in the UK and as investors braced for strong US inflation numbers.