Forex Daily Forecast, Analysis and Prediction

The German index rallied again during the trading session on Wednesday to make fresh, new highs in the futures market as well as the cash market.

The West Texas Intermediate Crude Oil market has rallied significantly during the trading session on Wednesday, as we continue to see a lot of noise in general.

Gold markets have pulled back a bit during the trading session on Wednesday but turned around to show signs of life again in order to form a hammer shaped candlestick.

AUD/USD: Consolidating above 0.6700

USD/JPY: Long-term resistance 110.07/30

BTC/USD: Still bullish above $10,000

This week’s economic data out of South Africa provided clear evidence of how the Eskom crisis damaged the economy.

Following the Reserve Bank of New Zealand’s decision to keep interest rates unchanged at 1.00% yesterday, together with the assessment of the economic impact of the coronavirus,

A surge in new cases of Covid-19 over the past twelve hours reminded financial markets that the threat to the fragile global economy is persistent.

As risk-off sentiment returned on the back of a surge in confirmed Covid-19 cases in China, the Swiss Franc is attracting bids.

GBP/USD: Consolidation between 1.2950 and 1.3000 likely

EUR/USD: New 2.5-year low price hit

Following the breakdown in this currency pair below its resistance zone, the uptrend in the USD/CAD has ended.

Powell's statements contributed to a downward correction of the USD/JPY pair towards the 109.72 support.

China's continued losses from the Coronavirus, along with increasing concerns of monetary policy makers of global central banks.