Forex Daily Forecast, Analysis and Prediction

BTC/USD: Important breakdown below $7,700

GBP/USD: Key resistance at 1.2842

EUR/USD: Euro is not crashing

Despite the Bank of England’s 50 basis point interest rate cut to 0.25%, the British Pound held up well.

The US dollar has fallen during most of the trading session against the Japanese yen as traders out there try to figure out with going on next.

The S&P 500 has fallen a bit during the trading session on Wednesday, breaking down towards the 2700 level again before bouncing.

Australia announced its first stimulus package since the 2008 global financial crisis in response to economic disruptions related to Covid-19.

The NASDAQ 100 has broken down during the trading session on Wednesday again, as we continue to see a lot of choppiness and back-and-forth trading.

The Euro initially tried to rally during the trading session on Wednesday but gave back quite a bit of the gains in order to show signs of concern.

After the World Health Organization officially declared Covid-19 a global pandemic, demand for safe-haven assets accelerated.

The British pound initially tried to rally during the trading session on Wednesday but gave back the attempt at gaining above the 1.30 level.

The Australian dollar continues to go back and forth in general as we are hanging about the 0.65 handle.

The West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Wednesday but gave back gains just above the $35 level.

Silver markets initially tried to rally during the trading session on Wednesday, reaching towards the 200 day EMA which currently sits at the $17.09 level before pulling back and showing signs of weakness yet again.

The FTSE 100 initially tried to rally during the trading session on Wednesday but broke down below the 6000 level as the futures market simply cannot hang on to gains.