Forex Daily Forecast, Analysis and Prediction

The US dollar rose strongly in the Forex market after Joe Biden nominated Federal Reserve Chairman Jerome Powell for a second term.

The US dollar recovered after the re-appointment of Jerome Powell as chairman of the Federal Reserve, pushing the GBP/USD towards the 1.3342 support level before settling around the 1.3380 level as of this writing.

Today's trading session is an important one with the releases of significant US economic data, ahead of the Thanksgiving holiday that will affect liquidity in the markets.

There is room to fall below $1.3319.

The US dollar went back and forth on Tuesday against the South African rand, as we reached just below the 16 ZAR level during the day only to give up those gains.

The US dollar rallied significantly on Tuesday again as we have broken clearly above the 21 pesos level.

The Ethereum market rallied significantly on Tuesday as we have broken above the $4300 level.

The NASDAQ 100 fell a bit on Tuesday to test the top of the bullish flag that had sent us to this region.

The S&P 500 fell a bit on Tuesday to reach down towards the 4650 level, before we see buyers come back in and pick this market up.

The USD/TRY soared again in trading yesterday and new record highs were established when a rather intriguing speech by Turkish leader Erdogan was made public.

The gold markets broke down significantly on Tuesday as we have broken down below the 200-day EMA quite significantly.

The Australian dollar went back and forth on Tuesday as we continue to see this market as one that favors the downside, but we may be a little overdone in the short term.

Bitcoin markets rallied just a bit on Tuesday to show a continuation of the overall consolidation that we have been in over the last couple of days.

The euro initially tried to rally on Tuesday but gave back gains rather quickly.

The British pound fell again on Tuesday as we broke down significantly below the 1.34 handle.