Forex Daily Forecast, Analysis and Prediction

Gold markets have rallied slightly during the trading session on Wednesday, as we are testing the 50 day EMA.

The WTI Crude Oil market rallied slightly during the trading session on Wednesday as we continue to see significant amounts of support underneath,

Bitcoin has finally broken through the uptrend line and rolled over through the 200 day EMA.

The natural gas markets have rallied significantly during the trading session on Wednesday to reach the $2.40 level again, only to turn around and form a bit of a shooting star.

Today is the start of the much anticipated two-day EU Summit where Brexit will remain the dominant topic.

Following the release of the Australian employment report, which came in roughly in line with expectations, the Australian Dollar drifted to the downside.

The rising risk appetite is undoubtedly hurting the price of gold as an ideal safe haven and has pushed it to the $1477 support level during Tuesday's trading session before settling around $1483 at the time of writing.

Investors' risk appetite increased as financial markets were optimistic about the US-China trade agreement that helped to extend the USD/JPY gains, which successfully breached the important 108.50 resistance and completed the rise to 108.90 before settling around 108.65 at the time of writing.

Continued optimism about the possibility of an agreement between the parties of the Brexit helped the GBP/USD pair to complete strong gains, which led the during Tuesday's session to test the 1.2798 resistance, a five-months high, before settling around 1.2746 at the time of writing.

Ahead of the release of important inflation figures from the Eurozone, the price of the EUR/USD has been moving in a limited range since the beginning of this week between 1.0991 tested yesterday and 1.1046, as the euro lacks the momentum and incentives to achieve further gains as expectations continue that the Eurozone economy will continue to suffer as global trade wars continue.

Overall bearishness remains across the cryptocurrency sector with Bitcoin leading the drift lower.

Singapore has avoided a technical recession as the preliminary third-quarter GDP expanded, but annualized growth barely avoided a standstill.

Optimism about a Brexit deal by the end of this week’s EU summit, which will start tomorrow and conclude on Friday, have pushed the British Pound to a multi-month high.

Optimism about a real US-China trade deal is fading quickly, especially after the US House of Representatives passed the “Hong Kong Human Rights And Democracy Act” which supports anti-government protesters.

NZDUSD: More bearish below 0.6250