Forex Daily Forecast, Analysis and Prediction

Weakly bullish with low volatility

The British pound pulled back a bit from the 50 day EMA during the trading session on Wednesday as we continue to see the US dollar strength in overall.

The Australian dollar has gone back and forth during the trading session on Wednesday, reaching towards the 0.6665 level before pulling back.

Strong resistance levels above price channel

The West Texas Intermediate Crude market has pulled back just a bit from the gap above, as word got out that there were people in Russia suggesting that production cuts should be rolled back in late June.

The silver markets initially pulled back a bit during the trading session on Wednesday as we continue to see a lot of volatility in this market.

The US dollar rallied a bit during the trading session again on Wednesday as the “risk off trade” came back into play.

Gold markets initially broke down during the trading session on Wednesday, breaking well below the $1700 level.

Watch for bullish break above 1.2300 area.

Wide bullish price channel pushing price up

One of the most over-hyped events for Bitcoin was the third halving event, which concluded on May 11th, 2020.

Canada’s economy struggled before the Covid-19 outbreak, issues were intensified after oil prices collapsed, and the problems persist today.

Per Christine Lagarde, the President of the European Central Bank, the Eurozone economy is forecast to plunge 8% to 12% in 2020 due to the nationwide lockdowns implemented in response to the Covid-19 pandemic.

Business confidence in New Zealand recovered in May but remained deep in depressive conditions.

The US dollar has been grinding back and forth against the Indian rupee for the last couple of months, forming a bit of a massive symmetric triangle.