Forex Daily Forecast, Analysis and Prediction

The silver markets initially pulled back a bit during the trading session on Wednesday as we continue to see a lot of volatility in this market.

The US dollar rallied a bit during the trading session again on Wednesday as the “risk off trade” came back into play.

Gold markets initially broke down during the trading session on Wednesday, breaking well below the $1700 level.

Watch for bullish break above 1.2300 area.

Wide bullish price channel pushing price up

One of the most over-hyped events for Bitcoin was the third halving event, which concluded on May 11th, 2020.

Canada’s economy struggled before the Covid-19 outbreak, issues were intensified after oil prices collapsed, and the problems persist today.

Per Christine Lagarde, the President of the European Central Bank, the Eurozone economy is forecast to plunge 8% to 12% in 2020 due to the nationwide lockdowns implemented in response to the Covid-19 pandemic.

Business confidence in New Zealand recovered in May but remained deep in depressive conditions.

The US dollar has been grinding back and forth against the Indian rupee for the last couple of months, forming a bit of a massive symmetric triangle.

Gold markets have been sideways during most of the month of May, using the $1700 level as support.

The US dollar has risen most of the month of May against the Japanese yen, but as you can see on the weekly chart, we are still in a relatively tight range.

The British pound has been rather negative during the week heading into June, just as it has been for the entirety of the month of May.

The Australian dollar has gone straight up in the air again during the month of May, reaching towards the 0.6665 level as I write this article.

The USD/JPY losses increased in the last two trading sessions, as the pair moved towards the 107.37 support in the beginning of Wednesday’s trading.