Forex Daily Forecast, Analysis and Prediction

Bitcoin is bearish like almost all commodities in the current market environment.

The GBP/USD pair dipped sharply amid a broader US dollar rebound.

The EUR/USD exchange rate dived sharply after mixed European and American economic numbers.

The euro has rallied a little bit against the British pound as we have tested a major area of support right around the 0.8525 level.

The Australian dollar suffered a harsh reversal after the relatively weak Australian retail sales and US consumer confidence report.

The US dollar has rallied a bit during the early hours on Tuesday as we continue to see a lot of noisy behavior.

Bitcoin initially did try to rally a bit during the trading session on Tuesday, but since then has plunged lower.

The gold market has shown itself to be rather negative during the day. But I think at this point you have to look at it through the prism of a market that is now testing major support.

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Wide Price Range Could Become Calmer Moving Ahead

During recent Forex trading, the GBP/USD exchange rate recovered last week but was unable to maintain the 1.25 level.

Currency traders are warning that the Japanese government may need to repeatedly act to support the beleaguered yen as economic forces are likely to continue to weigh on its value.

EUR/USD is at risk of further weakness over the next five days, especially if eurozone inflation data comes in below expectations.

The West Texas Intermediate Crude Oil market has been very noisy during the month of April as we continue to see a lot of tension in the Middle East.