Forex Daily Forecast, Analysis and Prediction

The gold market continues to see a lot of buyers on each dip.

The British pound has fallen on Wednesday, as we continue to see pressures on this currency.

A firmer US Dollar and a bearish breakdown suggest more downside, especially if the price remains below $1.1805 today.

The NZD/USD remains within its near-term lows around the 0.59850 mark, but the currency pair did explore even lower terrain early this morning when it touched the 0.59575 ratio.

The US dollar rallied a bit against the Canadian dollar on Wednesday as traders are buying back their short positions, despite oil strength.

The S&P 500 was a bit noisy on Wednesday, as traders continue to think about the earnings season, geopolitical issues, and a whole host of other things – all in a longer-term uptrend.

The Euro fell during trading on Wednesday, as we continue to ask questions about the overall strength or weakness of the US dollar.

Bitcoin continues to be quiet and somewhat lost at the moment, as traders will need to see it stabilize for any real shot at higher levels.

The GBP/USD exchange rate pulled back to its lowest level since January 23rd after the UK published an encouraging inflation report on Wednesday. It dropped to a low of 1.3482, down by 2.7% from its highest level this year.

Bitcoin price continued its downtrend on Thursday as demand remained weak. The BTC/USD pair dropped to 66,370, continuing a downward trend that has been going on Sunday this week.

The AUD/USD exchange rate remained under pressure this week as traders reflected on the latest Australian jobs data. It was trading at 0.7055, down from the year-to-date high of 0.7155.

The Brazilian markets are closed for the holidays today, and this effects the USD/BRL, which remains shuttered for closing until the Ash Wednesday observation is complete, the close of the currency pair near 5.2228 on Friday will need to be watched upon the start of trading.

The USD/SGD is near the 1.26440 ratio as of this writing, this as the currency pair remains within its long-term lower realms, but has taken on a precarious dance the past few days after challenging the 1.26040 vicinity on the 12th of February.

The US dollar continues to see a lot of noise near the 200 Day EMA, as we are trying to rally and turn things around.

The New Zealand dollar fell on Tuesday, only to turn back around and show signs of strength again.