Forex Daily Forecast, Analysis and Prediction

The euro broke down significantly on Wednesday to slice the 1.12 level, showing that we are going to continue to go much lower.

The British pound broke down significantly on Wednesday as traders are waiting for the FOMC meeting minutes to be released.

The US dollar rallied initially during the session on Wednesday, but also gave up gains near the 1.27 level as well.

The West Texas Intermediate Crude Oil market initially tried to rally on Wednesday but stalled just below the $80 level, and perhaps even more importantly, the 50-day EMA, as the indicator tends to attract a lot of attention.

The Bitcoin market fell a bit on Wednesday, but we continue to see the 50-day EMA offer a little bit of interest.

The GBP/USD price continued its freefall as investors reacted to the relatively strong economic data from the United States.

The AUD/USD pair dropped to the lowest level since September 30th mostly because of the stronger US dollar.

The BTC/USD price remained under pressure as investors reflected on news about India.

The USD/INR remains within a largely consistent price range and speculators may feel they have the ability to chase the Forex pair with limited risk.

For the third consecutive day, gold showed strong bearish momentum, which pushed it to the $1782 support level, a 3-week low, before settling around $1796 as of this writing.

The US dollar rose strongly in the Forex market after Joe Biden nominated Federal Reserve Chairman Jerome Powell for a second term.

The US dollar recovered after the re-appointment of Jerome Powell as chairman of the Federal Reserve, pushing the GBP/USD towards the 1.3342 support level before settling around the 1.3380 level as of this writing.

Today's trading session is an important one with the releases of significant US economic data, ahead of the Thanksgiving holiday that will affect liquidity in the markets.

There is room to fall below $1.3319.

The US dollar went back and forth on Tuesday against the South African rand, as we reached just below the 16 ZAR level during the day only to give up those gains.