Forex Daily Forecast, Analysis and Prediction

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Wednesday, as we simply cannot keep this market down.

Over the past 24 hours, new global Covid-19 infections recorded the highest single-day increase, per statistics presented by the World Health Organization.

New Zealand Prime Minister Ardern suggested a four-day workweek as part of a post-Covid-19 economic recovery plan.

Preliminary PMI reports out of Australia for May show the manufacturing sector contraction at a steeper rate than in April,

Abandoning safe havens amid markets’ optimism after recent positive comments by Federal Reserve Governor Jerome Powell and the sudden announcement of a successful first vaccine trials that might destroy the Coronavirus which paralyzed the global economy.

The profit-taking operations after the recent record gains for the gold pushed performance towards the $1725 support.

As expected a lot, Sterling gains will remain a selling target, and after two trading sessions in which the GBP/USD witnessed an upward correction that contributed to the pair's rebound towards the 1.2296 resistance.

EUR/USD gains for the 3 consecutive sessions culminated by testing the 1.0975 resistance, the highest level in 2 weeks.

The US dollar has rallied significantly during the trading session on Tuesday but found the ¥108 level to be a bit too resistive to continue going higher.

The British pound rallied significantly during the trading session on Tuesday, reaching towards 1.23 level, pulling back significantly during the day

The Euro has rallied a bit during the trading session on Tuesday to reach towards the 1.0950 level, and even poked above there at one point early in the session.

The S&P 500 has initially tried to rally during the trading session on Tuesday but gave back the gains to form a shooting star.

The NASDAQ 100 has rallied during the trading session again during the day on Tuesday but has not quite filled the gap yet.

The Australian dollar continues to ignore the US/China trade war which is almost certainly heating up at this point.

India, home to the world’s fifth-largest economy and Asia’s number three, attempts to use the Covid-19 crisis as an opportunity to charter a new course based on self-reliance.