Forex Daily Forecast, Analysis and Prediction

Gold markets have rallied again during the trading session on Wednesday as we continue to see bickering and hints about what may or may not happen with stimulus in the United States.

The Australian dollar has rallied significantly during the trading session on Wednesday, breaking above the 0.71 handle.

GBP/USD: Wide range up day

EUR/USD: Euro relatively strong against the U.S. dollar

The West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Wednesday but found resistance above the 200 day EMA as we awaited the inventory figures.

Silver markets have rallied again during the trading session on Wednesday, reaching towards the $25.50 level one point during the day.

The US dollar got hammered during the trading session on Wednesday, slicing through the ¥105 level like it was not even there.

For the third day in a row, the EUR/USD, is in an upward correctional range that has pushed the pair towards the 1.1850 resistance at the time of writing, which is the highest level in a month.

Since the beginning of this week’s trading, gold prices have been trying to rebound higher.

Despite the decline of the US currency, the GBP/USD is unable to fully benefit from the drop, as it remains stable below the 1.3000 psychological resistance.

The pressure on the US dollar has returned again, and therefore it has retreated against the rest of other major currencies.

The DAX Index has had a difficult month of trading in October.

The USD/MXN has demonstrated the capability of holding onto its bearish momentum and battle important support levels.

The 16.41000 price vicinity for the USD/ZAR is in focus and this level is important because it has proven to launch strong reversals higher before.

The USD/INR has traded within a tight range the past five days and speculators who are active within the forex pair have had an opportunity to take advantage of comfortable reversals.