Forex Daily Forecast, Analysis and Prediction

USD/JPY: Narrow range between 107.36 and 107.58

The S&P 500 initially dipped during the trading session on Wednesday but found buyers underneath the turn things back around to break above the 3100 level.

BTC/USD: Awaiting breakout from $9,304 - $9,015 range

The British pound has rallied quite significantly yet again on Wednesday, as we have seen quite a bit of buying pressure to slice through the 50 day EMA.

Argentina’s economy collapsed 17.5% in April as compared to March, and 26.4% year-over-year.

GBP/USD: Bearish inflection point at 1.2537

EUR/USD: Medium-term consolidation pattern dominates

Brazil’s Ministry of Economy announced 331,901 formal job losses in May, adding to the devastating blow the Covid-19 pandemic has on the economy.

South Africa’s economy delivered the third consecutive quarterly contraction.

Bears are in control of the USD/INR, with this technical indicator contracting deeper into negative territory.

Silver markets initially tried to rally during the trading session on Wednesday as we reached towards the $19 level.

Bitcoin traders bond during the trading session on Wednesday as we continue to grind across the 50 day EMA and the uptrend line that makes of the larger ascending triangle.

The West Texas Intermediate Crude Oil market has gone back and forth during trading on Wednesday, in a relatively tight range.

Gold markets have initially tried to rally during the trading session on Wednesday, but they have pulled back a bit moving towards a major value level.

For the 5th consecutive day, the USD/JPY was moving in an upward correction range, but with very limited gains not exceeding the 108.00 level, where the pair is settled at the time of writing.