Forex Daily Forecast, Analysis and Prediction

The silver market has fallen again on Tuesday, as the markets continue to try and deal with the trauma that occurred just a few weeks ago.

The S&P 500 fell on Tuesday, as we continue to see a lot of noisy sideways action, and ultimately, we are in a bit of a holding pattern. It is worth noting that the floor continued to hold on Tuesday.

The GBP/USD pair retreated after the UK published a weak jobs report, which raised the possibility of more Bank of England interest rate cuts this year. It dropped to 1.3556, down substantially from the year-to-date high of 1.3870 as investors focus on the upcoming inflation report.

The FTSE 100 rallied again on Tuesday, as the markets are digesting, the employment numbers being worse than expected. As this could have the Bank of England could be forced to cut, stock traders are happy.

Bitcoin price was relatively unchanged on Wednesday morning, continuing a consolidation period that has been going on in the past few weeks. The BTC/USD pair was trading at 67,250, much lower than the all-time high of 126,400.

The AUD/USD pair was largely unchanged on Wednesday after Australia released a strong wage growth report. It was trading at 0.7075 on Wednesday, a few points below the year-to-date high of 0.7146.

The euro continues to drift a bit during the trading session on Tuesday, as the oversold condition in the US dollar is starting to get a bit overdone. At this point, the short interest in the USD is at 14-year highs, and could we be ready to see a reversal?

Bitcoin continues to see a lot of headwinds at the moment, as the risk appetite is horrible currently. Institutions are seeing massive outflows at the moment, and this continues to cause issues.

The Australian dollar drifted a bit lower on Tuesday, as traders are trying to find buyers at lower levels. Ultimately, this is a currency that will outperform many of the other G-10 currencies against the USD.

Silver continues to be very noisy as Monday is a holiday in the USA. The markets continue to see a lot of questions asked of it.

The gold market has been attracted to the $5,000 level for some time, and as we had a holiday on Monday, nothing seems to have changed.

The Euro is currently having issues trying to make a determined move, but seems to be a bit weak at the moment.

The light sweet crude oil market started out the day on the back foot, but at this point in time, it continues to see buyers fighting to keep the market elevated. Are we starting to form the summer range?

The USD/JPY pair continues to see a bit of support below, as we are trying to sort out whether or not the 152-yen level will continue to hold the market up.

The US dollar rallied slightly against the Loonie as we see a major bottom tested near the 1.35 level. At this point, the markets are trying to continue to hold onto the range that we have been in lately.