Forex Daily Forecast, Analysis and Prediction

Gold prices closed slightly higher after a four-session decline, despite the rise of the US dollar and a group of US economic reports that were mostly positive.

Investors weighed expectations about the future of monetary policy tightening by the Bank of England and the US Federal Reserve, which favor the US dollar.

The positive results of US economic data balanced out expectations of raising interest rates.

Undoubtedly, expectations of raising US interest rates helped US dollar pairs achieve strong and sharp gains.

The price has reached new 1-year lows below $1.1200.

The FTSE 100 fell after initially gapping higher on Wednesday but then fell almost immediately.

The DAX fell rather significantly on Wednesday, reaching down below the 50-day EMA.

Gold markets went back and forth on Wednesday as we have finally seen stabilization in a market that has been absolutely crushed over the last couple of sessions.

The S&P 500 fell a bit on Wednesday but has recovered quite nicely to form a bit of a hammer.

The NASDAQ 100 fell initially on Wednesday again, as it looks like the buyers are willing to come in and jump towards this market as it gives value every time it pulls back.

The euro broke down significantly on Wednesday to slice the 1.12 level, showing that we are going to continue to go much lower.

The British pound broke down significantly on Wednesday as traders are waiting for the FOMC meeting minutes to be released.

The US dollar rallied initially during the session on Wednesday, but also gave up gains near the 1.27 level as well.

The West Texas Intermediate Crude Oil market initially tried to rally on Wednesday but stalled just below the $80 level, and perhaps even more importantly, the 50-day EMA, as the indicator tends to attract a lot of attention.

The Bitcoin market fell a bit on Wednesday, but we continue to see the 50-day EMA offer a little bit of interest.