Forex Daily Forecast, Analysis and Prediction

The German index continues to bounce around the 200 day EMA as we have seen a lot of consolidation in this general vicinity.

The S&P 500 has rallied significantly during the course of trading on Thursday to wipe out the losses from the Wednesday session.

The US dollar initially fell against the South African Rand on Thursday but has bounced quite significantly to break back towards the 16 Rand level.

The US dollar has gone back and forth during the trading session on Thursday as we hang around the ₹75 level.

The WTI Crude Oil plunged on Thursday, as OPEC announced that it was going to go ahead and continue the schedule of increase production.

Gold markets plunged during the trading session on Thursday, as we have broken through a significant uptrend line.

Silver finally stabilize as the markets finally slowed the massive selling pressure that had been so pervasive the last several sessions.

Amid a temporary halt in the gains of the US dollar, gold found the opportunity to achieve gains yesterday, but they did not exceed $1794, instead settling again around $1775 as of this writing.

The USD/JPY's attempts to recover were still weak yesterday.

Bearish momentum continues to dominate the GBP/USD amid a general risk aversion in global markets as investors balance the strength of the new COVID variant and its impact on the future of the global economic recovery.

Since the start of this week, the EUR/USD has been trying to recover from its recent collapse, but the rebound attempts did not pass the 1.1383 level.

The euro is holding up quite well in current fearful market environment.

After reaching a high of nearly 21.51000 in early trading yesterday, the USD/MXN has resumed its short-term momentum lower and is testing support.

The USD/ZAR has been choppy as financial institutions try to find equilibrium values, and this has created opportunities for short-term speculators.

The West Texas Intermediate Crude Oil market rallied a bit on Wednesday but gave back all of those gains as Jerome Powell did not walk back his inflation comments.