Forex Daily Forecast, Analysis and Prediction

EUR/USD: Price likely to rise when risk sentiment recovers

The silver markets rallied a bit during the trading session on Wednesday, breaking above the crucial $18 level again as the US dollar has weakened.

The Bitcoin market continues to rally rather significantly during the trading session on Wednesday to show more strength in a market that quite frankly looks as if it is trying to build up the necessary pressure to break out.

Gold markets have rallied a bit during the trading session again on Wednesday as the Federal Reserve sounds dovish yet again.

The crude oil markets initially dipped slightly during the trading session on Wednesday, reaching lows of the previous session before turning around and showing life again.

Low water marks of 3.2500 were tested in April as traders sought the relative safety of the JPY, but as the markets resume a more confident nature the Thai Baht has begun to pick up strength against the JPY.

For 4 consecutive sessions, the GBP/USD is trying to maintain recent risk on gains, which pushed it towards the 1.2755 resistance, the highest level in 3 months, but the Brexit file continues to be a pressure factor on any Pound gains.

The Euro initially dipped during the trading session on Tuesday but found buyers near the 1.1240 level to turn around a break back above the 1.13 handle.

The US dollar has fallen pretty significantly during the trading session again on Tuesday, as we reached towards the ¥107.50 level.

The Australian dollar has fell during most of the session on Tuesday but then saw buyers come into the market late.

While some traders may correlate the decline in value for the NGN as part of a reaction to the Coronavirus pandemic, the African currency has not rebounded and remains within a stubborn weak trading range against the US Dollar likely due to the collapse of trading in the world’s Crude Oil industries.

We may have found some exhaustion in a market that has been overdone.

For the third straight day, the USD/JPY continues its bearish correction.

For three trading sessions in a row, the gold price is back to correct upwards and compensate for its recent losses, which extended to the $1671 support at the end of trading last week.

AUD/USD: Aussie has great residual strength