Forex Daily Forecast, Analysis and Prediction

USD/JPY fell to the support level of 134.11, after new data showed that inflation continued to slow in the world's largest economy.

High and strong March inflation data points to another 25bp rate hike from the Bank of England on Thursday, which means our bullish outlook for GBP/USD is unlikely to change much.

The pressure continued on the US dollar despite the high US inflation rates. Therefore the price of gold, XAU/USD, remained stable in the general bullish trend.

The Turkish lira fell against the dollar to record record levels of decline against the US dollar, the dollar recorded levels of 21 lira according to exchange rates in the country.

Turkey will conduct a parliamentary and leadership vote on the 14th of May and may face a second round of voting on the 28th of this month depending on this weekend’s results.

In the last week of March and first week of April, the USD/CAD was trading above the 1.36000 price tag with a rather sustained effort.

The US dollar has gained a bit of ground against the Japanese yen during Wednesday's trading session, and the market has surpassed the ¥135 level.

The GBP/USD has shown signs of hesitation during Wednesday's trading session after initially trying to rally.

The S&P 500 rallied during Wednesday's trading session, as the market attempted to breach the major resistance barrier at the 4200 level.

The silver market has shown resilience over the last couple of days, even as it drifted lower.

The GBP/JPY had a rocky start to the trading session on Wednesday, initially attempting to rally but giving back some of the gains.

My last signal on 2nd May was not triggered as there was no bullish price action when the price first reached the support level which I had identified at $0.6670.

The natural gas market has shown very little movement during Wednesday's trading session, with prices continuing to grind sideways.

Gold markets have been showing signs of life recently, with a "buy the dip" attitude prevailing amongst traders.

The EUR/USD was seen rallying a bit during the trading session on Wednesday before retreating quickly, indicating the continuation of the sideways trading range that has persisted for a few weeks now.