Forex Daily Forecast, Analysis and Prediction

Powerful Sudden Bursts Become Common Place for Traders

The USD/ZAR has provided speculators with a choppy trading range this week and this is likely to continue throughout the holiday season.

The USD/INR has maintained its bearish trend the past few days of trading and the Forex pair is now approaching important mid-term support.

I have said that during this last week of 2021, price movements will not be stable and may lack the strong movement required for trading.

The attempts of the bulls to control the USD/JPY culminated in a test of the 115.00 psychological resistance level, where it has settled as of this writing.

Amid continued attempts to rebound upwards, the GBP/USD currency pair moved towards the 1.3500 resistance level that supports the bulls.

Gold succeeded in launching towards the resistance level of $1820 this week, its highest in over a month, but the recovery of the US dollar yesterday caused rapid selling that pushed gold towards $1789 before settling around $1805 as of this writing.

The NASDAQ 100 fell initially on Wednesday but gained back the losses to form a relatively unchanged candlestick.

The West Texas Intermediate Crude Oil market went gone back and forth on Wednesday, as it looks like traders are trying to figure out how to end the year.

Natural gas markets rallied initially on Wednesday but failed at the 200-day EMA.

The New Zealand dollar rallied a bit on Wednesday to reach above the 0.68 handle.

The S&P 500 rallied just a bit on Wednesday, as we are hanging just below the 4800 level.

Gold markets gapped lower to kick off the Wednesday session, and then sliced through a ton of support.

Silver markets fell on Wednesday as the 50 day EMA has offered a significant amount of resistance.

The Bitcoin market did very little on Wednesday as we continue to hang about the 200 day EMA.