Forex Daily Forecast, Analysis and Prediction

The British pound is testing the top of the major downtrend line and the top of a major down trending channel.

The Bitcoin market has reached towards the $43,000 level on Thursday, as we have broken down rather significantly.

The minutes of the last meeting of the US Federal Reserve reiterated that the timing of raising US interest rates has become closer than previously thought.

The recent gains of USD/JPY that pushed it towards its highest level in five years, to reach the resistance level of 116.35, may be followed by short deals to take profits.

The steadfastness of the pound in the face of the strength of the US dollar is still the strongest.

The price of gold gave up some of its gains after US Federal Reserve officials said that a strengthening economy and rising inflation could spur faster increases in US interest rates.

XRP/USD is traversing lower price values, after suffering a rather strong selling wave yesterday as speculative nervousness in the cryptocurrency markets heightens.

The AUD/JPY has experienced a sharp reversal lower after accomplishing a solid mid-term high yesterday, and speculators need to brace for more volatility.

The US dollar fell a bit on Wednesday against the Mexican peso but still remains well within the overall consolidation area.

The euro rallied significantly on Wednesday to reach towards the top of what has been a relatively well-defined trading range.

The FTSE 100 rallied again on Wednesday to reach towards the 7460 handle, an area that is at the top of the major channel that I have drawn on this chart.

The German DAX Index has rallied towards the €16,250 level, which ties in with the recent highs.

Gold markets rallied quite nicely on Wednesday, but as you can see, we saw the $1830 level hold yet again.

Silver markets went back and forth on Wednesday as we continue to hang about the 50-day EMA.

Ethereum markets dipped ever so slightly on Wednesday but continued to find buyers on dips.