Forex Daily Forecast, Analysis and Prediction

Gold markets have rallied a bit during the trading session in the end, but it was a difficult day all around.

The bitcoin markets fell slightly during the trading session on Wednesday, losing about $100.

GBP/USD: Pound relatively weak

EUR/USD: Support at 1.1371 looks very pivotal

For the four trading sessions in a row, the EUR/USD is in the range of an upward correction that pushed towards the 1.1423 resistance in early trading today.

Renewed global geopolitical and trade tensions, along with continued concern about the renewed outbreak of the COVID-19 pandemic, were important factors in the return of gold price stability around and above $1,800 an ounce, which is an important resistance level.

After a recent positive move for the GBP/USD path pushed it towards the 1.2670 resistance, the pair failed for three consecutive trading sessions to overcome that resistance, which is technically an obstacle for the pound in completing the correction pace.

The continued monitoring of increasing numbers of new infections with the Coronavirus in the United States, along with the renewed tensions between the two largest economies in the world, are the most important factors that explain the continued downward pressure on the USD/JPY, which is struggling to return to stability above the 108.00 resistance to exit the bearish channel that is in control since the beginning of the current month’s trading.

Speculators who like short quick dashes of volatility need to consider the USD/MXN within their trading menu, this for a potential worthwhile endeavor.

AUD/USD: Improving risk sentiment boosts Aussie

The Brazilian Real remains a technical battleground for speculators using charts and searching for short term trading possibilities.

USD/JPY: USD weakness

BTC/USD: Slight bullish bias

The USD/ZAR continues to press up against important support levels which look more vulnerable as the short term trend of the South African Rand seemingly gains incremental momentum.

The USD/PKR is still hovering near values of 166.5500 in early trading this morning.