Forex Daily Forecast, Analysis and Prediction

Bitcoin: Bearish trend line, but higher lows show mixed picture

Natural gas markets initially tried to rally during the trading session on Wednesday.

Bitcoin initially tried to rally during the trading session on Wednesday but gave up gains again closer to the $8000 level.

GBPUSD: Long-term bullish breakout above 1.3000

EURUSD: Bullish consolidation above 1.1068

Economic data out of the US continues to disappoint and paints a weaker-than-priced-in economy.

As the Bank of Canada kept interest rates unchanged at 1.75%, in a move widely expected by markets, the Canadian Dollar rallied; according to the central bank, the global economic expansion remains intact.

Australian retail sales for October disappointed and exports for October unexpectedly plunged, confirmed that global trade remains weaker than what markets have priced in.

For three trading sessions in a row, the price of the EUR/USD stabilizes above the 1.1000 resistance, which keeps the pair stable from downward pressure.

Since the correlation between the US dollar and gold prices is inverse, it was normal with the dollar decline, and investors’ flight out of risk, that gains of gold prices increase, which reached the $1482 resistance of, the highest in a month, and is stable around that at the time of writing.

Optimism about the British election to be held in a few days, along with the losses of the US dollar against other major currencies, pushed the GBP/USD pair to make more gains and break the 1.3000 psychological resistance with gains reaching 1.3011, near a six-month high.

Risk aversion and increased pressure on the dollar after the disappointment of the US statements regarding the Phase 1 trade agreement with China,

AUDUSD: Less bullish on poor Australian GDP data

USDJPY: Bearish with a strong Yen

Following the advance in the EUR/USD into its short-term resistance zone, the upside momentum remains exhausted and a short-term corrective phase is anticipated.