Forex Daily Forecast, Analysis and Prediction

The US dollar initially tried to rally a bit during the course of the trading session on Thursday, but then gave back to show signs of weakness.

The West Texas Intermediate Crude Oil Market initially pulled back just a bit during the early hours on Thursday, only to turn around and show signs of life.

This is a trade or a market I should say that is very difficult to trade. This is because it is heavily influenced by the Pakistani central bank.

The S&P 500 was bullish during the early hours on Thursday, but we've seen this over the last couple of days where buyers come in and start buying stocks in the early part of the day, only to fade them later.

The British Pound initially fell against the US Dollar during early trading on Thursday but then found itself bouncing as the 200-day EMA caused people to look at this through the prism of perhaps trying to buy the dip.

Recently, the global risk-off sentiment has weighed on the British pound in global markets, with aggressive covering of short yen positions.

For the second consecutive day, the USD/JPY currency pair has attempted to rebound upward to recoup its recent sharp losses, which pushed it towards the 141.68 support level, its lowest since January 2024.

For the second consecutive day, the EUR/USD currency pair has been under selling pressure as profit-taking emerged following the pair's break above the 1.1000 psychological resistance level.

Gold prices gained momentum to trade above $2400 per ounce on Wednesday, paring the week's losses as investors assessed recession risks in the United States and weighed markets between gold and cash following broad-based selloffs in risky assets on Monday.

During the Wednesday session, we saw the US dollar drop somewhat significantly against the Loonie, reaching the 50-day EMA.

The DAX in Germany has rallied pretty significantly during the trading session on Wednesday as we are now threatening the 200 day EMA again.

The West Texas Intermediate Crude Oil Market, or US Oil, has rallied rather significantly during the trading session on Wednesday as we've seen more of a risk-on type of feel to the markets overall.

The US dollar has fallen pretty significantly during the early hours on Wednesday against the Mexican peso.

We broke above the inverted hammer from the previous session.

Gold was all over the place during the trading session on Wednesday as we are trying to sort out what to do next.