Forex Daily Forecast, Analysis and Prediction

The US dollar has rallied during the trading session on Wednesday, taking back the losses from the Tuesday session.

The Euro tried to rally during the trading session on Wednesday but failed at the 1.1350 level yet again.

The Indonesian Rupiah finds itself near important resistance levels short term, but the two last weeks of trading have produced a rather tight range.

The NASDAQ 100 formed a negative candlestick during the day, piercing the 10,000 level but did break back above it.

The past five days of trading have continued to see the USD/INR be sold by speculators as they take advantage of the Indian Rupee’s stronger trend.

Resistance levels have become vulnerable as the USD/BRL has found a wave of buyers in the short term.

AUD/USD: Bulls and bears evenly matched

USD/JPY: Long-term low prices rejected

While the UK economy is predicted to contract by 10.2% in 2020, matching the Eurozone, it is above forecasts for France, Italy, and Spain, and expected to drop by 12.5%, 12.8%, and 12.8%, respectively.

Preliminary June PMI data out of the Eurozone releases on Tuesday surprised to the upside but did little to rally the Euro.

South Africa’s economy is predicted to contract by 7.2% in 2020, as outlined during a budget adjustment delivered by Finance Minister Tito Mboweni.

Mexican President López Obrador acknowledged 85,000 formal job losses related to the Covid-19 pandemic, adding that the number is forecast to increase to 130,000 by the end of June, and 1,000,000 in total.

BTC/USD: Bulls just cannot break above $10,000

Even as global equity markets roiled late yesterday and early today the USD/MYR has been able to hold onto its known value range.

After steady gains against the US Dollar during most of June, sudden fear in the forex market sparked by renewed worries about Coronavirus has caused a selloff of the Euro against the US Dollar.