Forex Daily Forecast, Analysis and Prediction

The West Texas Intermediate Crude Oil market initially dipped a bit on Wednesday but then turned around to rip into the $75 level.

The NASDAQ 100 rallied initially on Wednesday but gave back early gains as the support line seems to be holding so far.

The 0.7218/23 area is looking likely to be today’s pivotal zone.

The price is likely to fall today after yesterday’s strong fall with high volatility.

The Australian dollar initially tried to rally on Wednesday but gave back the gains in order to turn around and crash through the 0.72 handle.

The FTSE 100 rallied a bit on Wednesday to break above the 7000 handle.

The CAC Index gapped a bit higher to kick off the trading session on Wednesday but gave back those gains to turn around and form a shooting star.

The Bitcoin market rallied just a bit on Wednesday but gave back the gains to drift towards the $41,300 level again.

Gold markets initially rallied on Wednesday but gave back quite a bit of the gains and then started to fall apart from there.

The BTC/USD attempted to rebound in the evening session as investors focused on key macro issues affecting the world economy.

The GBP/USD pair crashed to the lowest level since December as risks of a UK economic stagflation rose.

Despite global concerns, which usually serve as a fertile environment for gold, a strong US dollar pushed gold to the $1728 support level, a 7-month low, before settling around $1740 as of this writing.

The US dollar is continuing to enjoy upward momentum amid expectations of raising US interest rates soon and investors abandoning the Japanese yen until the selection of the new Japanese prime minister.

The energy crisis in Britain has increased fears of an economic slowdown, putting pressure on the Bank of England's monetary policy because inflation may reach record levels.

Selloffs pushed the EUR/USD towards its lowest levels of 2021 as it moved to the 1.1668 support level and settled around the 1.1682 level as of this writing.