Forex Daily Forecast, Analysis and Prediction

For the second day in a row, the EUR/USD continues the bullish correction with stronger gains that pushed it towards the 1.1030 resistance.

The greenback has gone back and forth against the Japanese yen during the trading session on Wednesday as we continue to see the 50 day EMA come into play and cause a lot of back and forth.

The S&P 500 initially broke down during the trading session on Wednesday but then turned around to rally significantly.

The NASDAQ 100 initially tried to rally during the training session on Wednesday before turning around to show signs of extreme weakness.

The Euro rallied significantly during the trading session on Wednesday, and even broke above the 200 day EMA at one point.

Retreat from 3-month high price.

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.