Forex Daily Forecast, Analysis and Prediction

In early trading this morning, the USD/TRY continues to sustain its price near an important support level which was last tested the third week of October.

When trades go wrong speculators will often search for explanations.

Mexico is on course to become the eleventh country to report over 1,000,000 COVID-19 infections, likely to be reached this Sunday or the following Monday.

New COVID-19 infections across South Africa started to increase, while Europe and the US experience the more violent second wave of the pandemic.

The West Texas Intermediate Crude Oil market rallied during the trading session on Wednesday, reaching towards the top of the range and the $43.50 level before pulling back.

The US dollar initially pulled back against the Japanese yen to reach down towards the ¥105 level.

The Australian dollar initially rallied during the trading session on Wednesday, but gave back the gains in order to form a shooting star again.

The NASDAQ 100 rallied during the trading session on Wednesday, as the 50-day EMA looks supportive.

The S&P 500 rallied during the trading session on Wednesday, but we are still below the 3600 level, an area that has been a significant structural and psychological barrier.

Head & shoulders pattern breaks down

The gold markets have dropped a bit during the trading session on Wednesday, testing the $1850 level yet again.

The silver markets are still fluctuating during the trading session on Wednesday, just as we saw the markets calm down after the massive selloff on Monday.

The Bitcoin market has shot higher again during the trading session on Wednesday, reaching towards the $16,000 level.

The British pound initially tried to rally during the trading session on Wednesday, but then turned around to fall from the 1.33 level.

The euro initially tried to rally during the trading session on Wednesday but gave back the gains to turn around and fall towards the 50-day EMA.