Forex Daily Forecast, Analysis and Prediction

The EUR/USD exchange rate moved sideways for the second day on Tuesday after the strong economic data from Europe and the United States.

The BTC/USD price remained calm and collected below the year-to-date high of 25,250 as the focus remained on the upcoming Fed minutes.

The AUD/USD drifted downwards on Wednesday morning as the US dollar index maintained its comeback.

The US dollar has rallied during the trading session on Tuesday, as we continue to see it take off against most other currencies.

My previous GBP/USD signal on 16th February produced a profitable short trade from the bearish reversal at the resistance level which I had identified at $1.2171.

During Tuesday's trading session, the US dollar rallied and approached the ¥135 level, which has been both a support and resistance level in recent times.

The S&P 500 E-mini contract began the overnight trading session on Tuesday with negative momentum and has failed to show much positivity since then.

On Tuesday, the gold market fluctuated back and forth around the 38.2% Fibonacci level.

On Tuesday, the British pound fell initially, hitting the 1.20 region.

During Monday’s trading session, the S&P 500 index was closed, but the futures market experienced limited electronic trading for the day.

Amid a temporary halt to the gains of the US dollar, the gold (XAU/USD) price gained a positive momentum to rebound to the upside, stable around the level of $1847 an ounce.

For four consecutive trading sessions, the USD/JPY currency pair settled around the recent bullish rebound gains, which affected the 135.10 resistance level.

The silver market showed some signs of life during the trading session on Monday, despite the initial pullback.

The GBP/USD exchange rate revealed its New Year gains last week, and it will be fortunate if it is able to avoid a further breakout below the 1.20 psychological support in the coming days after an unfavorable expansion of the expected Fed interest rate differential.

The US dollar pulled back just a bit in relatively quiet trading on Monday as the 1.35 level continues to cause issues against the Canadian dollar.