Forex Daily Forecast, Analysis and Prediction

AUD/USD: Important bearish breakdown below 0.6450

Despite the massive stimulus plans announced by the British government and the Bank of England in a unified coordination between them yesterday, the price of the GBP/USD pair continued to drop to the threshold of the 1.2800 psychological support.

All eyes are watching carefully for the decisions that the European Central Bank will announce today to stimulate the European economy in the face of the Corona epidemic consequences in the E.U led by Italy.

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Despite the Bank of England’s 50 basis point interest rate cut to 0.25%, the British Pound held up well.

The US dollar has fallen during most of the trading session against the Japanese yen as traders out there try to figure out with going on next.

The S&P 500 has fallen a bit during the trading session on Wednesday, breaking down towards the 2700 level again before bouncing.

Australia announced its first stimulus package since the 2008 global financial crisis in response to economic disruptions related to Covid-19.

The NASDAQ 100 has broken down during the trading session on Wednesday again, as we continue to see a lot of choppiness and back-and-forth trading.

The Euro initially tried to rally during the trading session on Wednesday but gave back quite a bit of the gains in order to show signs of concern.

After the World Health Organization officially declared Covid-19 a global pandemic, demand for safe-haven assets accelerated.

The British pound initially tried to rally during the trading session on Wednesday but gave back the attempt at gaining above the 1.30 level.