Forex Daily Forecast, Analysis and Prediction

The US dollar rallied significantly during the course of the trading session on Wednesday.

The US dollar initially pulled back just a bit during the trading session on Wednesday, but it looks like we continue to find plenty of value hunting.

The GBP/USD exchange rate retreated sharply in the overnight session as US bond yields jumped after a weak auction.

The EUR/USD pair continued its recent pullback even after some worrying European inflation numbers.

Potential speculative long trade from $67,699.

The AUD/USD pair retreated sharply even after the odds of a Reserve Bank of Australia (RBA) rate hike increased.

The Euro has bounced slightly against the British pound during the trading session on Wednesday, as we continue to pay close attention to the 0.85 level.

In today's trading, the value of the yen fell to more than 157 yen per dollar, reaching its lowest level in four weeks and facing pressure from a strong dollar and Treasury yields.

GBP/USD is consolidating in a mid-uptrend this week, with gains extending to the 1.2800 resistance level, the highest in two months, before settling around 1.2760 at the time of writing.

In an attempt to further rebound the EUR/USD price, the pair rose towards the 1.0889 resistance level yesterday before stabilizing around the 1.0850 level at the time of writing the analysis.

Gold prices dipped on Wednesday from yesterday's highs near $2,365 an ounce.

The Euro broke higher during the course of the trading session on Tuesday, as we are now above the 170 Yen level.

The currency pair continues to create downwards momentum.

The decline in the NZD/USD likely was influenced by the better than expected Consumer Confidence reading from the U.S yesterday.

The Euro rallied slightly during the trading session on Tuesday as we continue to pay close attention to the 0.85 level.