Forex Daily Forecast, Analysis and Prediction

The Australian dollar rallied a bit during the trading session on Wednesday to continue the overall consolidation that we have seen recently.

The DAX initially pulled back a bit during the trading session on Wednesday but then turned around to rally towards the highs yet again.

The FTSE 100 initially fell during the trading session on Wednesday to reach down towards the 50-day EMA.

The Bitcoin market initially fell during the trading session on Thursday to reach down towards the 31,500 level before bouncing and forming a hammer.

The gold markets rallied quite significantly on Wednesday to break above the 50-day EMA as Jerome Powell testified in front of Congress.

The GBP/USD retreated during the overnight session even after a relatively dovish Jerome Powell testimony.

The Bitcoin price is still in a consolidation mode even after the strong US inflation data.

The price has room to fall below 0.7420.

A strong rebound from a new low is discouraging bears.

Despite the European Union’s approval of more stimulus plans to counter the effects of the pandemic, the currency pair EUR/USD suddenly experienced selloffs that pushed it from the resistance level of 1.1875 to the support level of 1.1772, its lowest in three months.

Yesterday, the US dollar recovered against the rest of the major currencies in response to the stronger-than-expected rise in US inflation.

After the announcement of stronger than expected results of US inflation figures, the price of an ounce of gold fell to the level of 1798 dollars.

After the announcement of US inflation figures, the US dollar will be closely watched today due to the testimony of US Central Bank Governor Jerome Powell before the US Congress.

The USD/ZAR has surged higher in the past few days as widespread chaos has hit many of the streets in South African communities.

The USD/INR has bounced higher this morning after the Forex pair finished yesterday’s trading near short-term lows.