Forex Daily Forecast, Analysis and Prediction

Bearish retracement within a strong bullish trend.

The West Texas Intermediate Crude Oil market fell significantly to kick off Wednesday, as traders were looking to work off some of the massive gains.

The US dollar fell again against the Canadian dollar as the oil inventory numbers came out much more bullish than anticipated.

The CAC 40 Index pulled back ever so slightly on Wednesday, only to find buyers to push it back above the 6700 level.

The S&P 500 rallied ever so slightly on Wednesday, as we continue to reach towards the all-time highs.

The NASDAQ 100 struggled on Wednesday as we continue to see a bullish move, but are trying to digest the most recent gains.

Gold markets rallied a bit on Wednesday as we continue to see the markets reach towards the massive downtrend line as well as the 200-day EMA.

The Australian dollar rallied significantly on Wednesday again, breaking above the psychologically and structurally important 0.75 handle.

The Bitcoin market rallied significantly on Wednesday to reach above the $66,000 level.

The British pound pulled back a bit on Wednesday to show signs of weakness and find buyers.

The euro initially pulled back just a bit on Wednesday but then turned around to show signs of life again.

The price is in a symmetrical bullish ascending price channel.

The GBP/USD price jumped to the highest level since September 16 as investors focused on the relatively weak US dollar.

The BTC/USD pair maintained its bullish trend in the overnight session as investors cheered the rising inflows into the new futures ETF and the relatively weaker US dollar.

The USD/ZAR has continued to move in a downwards slope and has achieved one-month lows yesterday and early today.