Forex Daily Forecast, Analysis and Prediction

Bullish price channel fails to hold.

Despite the second wave of the COVID-19 pandemic pushing new daily infections in the US close to 200,000, the Dow Jones Industrial Average (DJIA) recorded an all-time high above 30,000.

More COVID-19 infections are on the rise in South Africa, as are inflationary pressures.

The USD/MXN has shown the ability to puncture through important psychological support as the 20.00000 level has proven vulnerable.

The AUD/JPY has again seen bullish activity the past few days as the Forex pair knocks on the door of important resistance levels not genuinely traded since September.

The past day of trading for the USD/SGD has not only reconfirmed the bearish trend of the Forex pair, but the momentum has now punctured long-term support ratios.

Bulls are eating into strong resistance below 1.2000.

The S&P 500 rallied a bit during the trading session on Wednesday but gave back the gains to turn around and form a shooting star.

The NASDAQ 100 gapped higher to kick off the trading session on Monday and then continued to go higher yet.

The euro was choppy initially during the trading session on Wednesday, but we eventually broke above the 1.19 level and even closed above there.

The West Texas Intermediate Crude Oil market rallied again during the trading session on Wednesday as traders started to focus on the holiday.

The British pound pulled back initially during the trading session on Wednesday but continues to see a lot of buying pressure as we see hope of a Brexit deal creeping back into the market.

Gold markets initially tried to rally during the trading session on Wednesday but gave back the gains.

Silver markets did very little during the trading session on Wednesday, as one would expect the day before Thanksgiving in the United States.

The US dollar initially tried to rally during the trading session on Wednesday, but found enough resistance at the 50-day EMA to pull back.