Forex Daily Forecast, Analysis and Prediction

The S&P 500 bounced a bit from the 50-day EMA during a very volatile session on Tuesday.

The NASDAQ 100 pulled back a bit on Tuesday as Jerome Powell has done everything he can to wreck the markets.

The Ethereum market initially pulled back a bit on Tuesday but then broke above the $4500 level to go as high as $4750 level during the day, only to pull back towards the $4600 level.

The West Texas Intermediate Crude Oil market fell rather hard on Tuesday as the US dollar shot much higher.

Gold markets rallied initially to break above the $1800 level but gave back the gains and now looks absolutely anemic after Jerome Powell suggested during his congressional testimony on Tuesday that “transitory” is not a word he would use to describe inflation anymore.

Silver markets initially tried to rally on Tuesday but got absolutely slammed after Jerome Powell suggested that inflation is no longer considered to be “transitory.”

The Bitcoin market went back and forth on Tuesday as the US dollar shot straight up in the air.

The EUR/USD declined sharply during the American session after a hawkish statement by Jerome Powell.

The GBP/USD pair was under pressure during the American and Asian sessions as concerns about the new Omicron variant rose.

The BTC/USD pair was in a tight range during the overnight session even after a relatively hawkish Federal Reserve chair.

WTI Crude Oil has delivered a punch to speculative positions the past handful of days as the commodity reacts to nervous global trading conditions.

Gold clearly demonstrated a rather turbulent month of results in November and traders should prepare for the potential of additional amusement park-like thrills.

For the third day in a row, the USD/JPY is settling below the 113.00 support level after strong selloffs which the pair recently witnessed as it collapsed from its highest level in six years, when it tested the 115.52 resistance level last week.

For two trading sessions in a row, the EUR/USD tried to stop its losses which extended to the 1.1186 support level, the lowest in 16 months, but the rebound gains did not exceed the 1.1330 level, instead settling around the 1.1270 level today.

The price of gold has been trying to recover to stabilize above the psychological resistance of $1800, which may give the yellow metal the impetus to move higher to avoid selloffs.