Forex Daily Forecast, Analysis and Prediction

The Euro has been all over the place on Wednesday, as traders are looking to determine where risk is going now that a ceasefire has been declared in the Middle East.

The Euro rallied quite significantly during the trading session on Wednesday, breaking above the crucial 1.16 level and by extension the 50-day EMA. Keep in mind that it would only take a negative headline to turn things around.

The dollar has fallen against the Japanese yen as rates drop. The interest rates in the US falling would take one of the reasons for the rise of the USD out of the equation. That being said, the Japanese yen has its own issues.

The S&P 500 jumped with the announcement of the ceasefire between the United States and Iran. However, there are a lot of nerves out there, and volatility probably hasn’t disappeared quite yet.

Bitcoin markets continue to see a lot of resistance just above current levels, although it must be said that the buyers are persistent. The Bitcoin market continues to build a larger base from what I can see.

The DAX jumped early on Wednesday, as the ceasefire pushed money back into risk assets around the world.

The Euro rallied against the Japanese yen early on Wednesday, as we celebrated the two-week ceasefire, as risk appetite returned to the markets.

The US dollar plunged against the Mexican peso on Wednesday, as the ceasefire was announced. With this, the rates in the USA dropped precipitously.

The US dollar plunged at the open on Wednesday, as the ceasefire in the Middle East caused interest rates in the US to drop rapidly.

The GBP/USD exchange rate rose for the third consecutive day as market participants cheered the new ceasefire between the United States and Iran. It also rose after the Federal Reserve released minutes of the last monetary policy meeting.

The EUR/USD pair bounced back as the US dollar and crude oil prices retreated following Donald Trump’s war against Iran. It rose to 1.1720, up substantially from a low of 1.1412, its lowest level in March.

Bitcoin price pulled back to $70,000 on Thursday from this week's high of $72,550. The BTC/USD pair has dropped sharply from its all-time high of 126,200. It has formed a bearish flag pattern, pointing to more downside in the near term.

Today's Gold Support Points: $4760 – $4710 – $4630 per ounce.

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