Forex Daily Forecast, Analysis and Prediction

The Australian dollar bounced a bit during the trading session on Wednesday, in what would have been somewhat light volume.

The West Texas Intermediate Crude Oil market had a strong session during the day on Wednesday, in what would have been very thin trading.

The euro rallied significantly during the trading session on Wednesday, reaching towards the 1.22 level before pulling back a bit.

For three trading sessions in a row, the EUR/USD pair has been moving in a downward correction range.

A Brexit deal would mean a good year for sterling in 2021, which is what Forex investors are hoping for, as global financial markets are no longer able to withstand more shocks in the coming year.

Selling operations by investors to close 2020 contracts contributed to stopping gold gains that pushed it at the beginning of this week’s trading to the resistance level at $1907 an ounce.

Clearly, the USD/JPY performance is determined to end the 2020 trading year on a bearish note.

BTC/USD has taken on the look of an equity index as it produces massive moves which have its believers singing its praises and speculators contemplating if they can still join the party.

The USD/ARS continues to produce a solemn and disastrous one-way direction in which the Argentine peso bleeds value.

The AUD/USD rose within the general bullish trend, but the pair's rise was weak with the slowdown of the bullish momentum.

On early Monday, the USD/MXN produced a fear-induced spike higher as developing news regarding coronavirus caused momentary bedlam for many Forex pairs.

The USD/ZAR has consolidated the past day after seeing a spike higher two days ago.

Support at $23,255 looks pivotal.

The pair is showing short-term bullish price action.

The Brazilian real lost strength during the trading session on Tuesday as the US dollar got a boost against most currencies.