Forex Daily Forecast, Analysis and Prediction

The downward trend for the GBP/USD pair remained the strongest and its recent losses may continue to reach the support level of 1.2944, the lowest level for the currency pair in more than two months.

Despite the strong gains of the US dollar, the price of gold rose to around $2753 per ounce, trading at record levels, the highest in the history of the gold market.

Reducing expectations for further US rate cuts continues to drag on EUR/USD, with losses extending below the psychological support level of 1.0800 to the support level of 1.0792.

The Japanese Yen depreciated to 152.25 yen against the US dollar on Wednesday, reaching its lowest level in nearly three months and breaching the psychological barrier of 150 yen against the US dollar.

The USD/INR is trading above the 84.0000 level in a rather sustained manner since the 11th of October as a weaker Indian Rupee has seemingly been agreed upon by the Reserve Bank of India.

Day traders continue to be offered an opportunity in the NZD/USD via technical perceptions, but cautious trading has kept the currency pair within lows and choppy trading is still ahead.

The GBP/USD pair dropped to 1.2940 as the US dollar index jumped to $104.05, its highest level since August 2. It has dropped by 3.27% from its highest level in September.

The EUR/USD sell-off continued as US bond yields soared to the highest point in months as doubts about the next actions by the Federal Reserve rose.

The AUD/USD pair slipped to the lowest level in over a month after the International Monetary Fund (IMF) warned about the Australian economy. It fell to a low of 0.6653, much lower than the year-to-date high of 0.6942.

Bitcoin price has remained in a tight range this week as investors waited for the next catalyst. The BTC/USD pair has remained at around 67,500, where it has been in the past few days.

The Australian index fell rather hard during the early hours on Tuesday, but it does look like we are trying to hang around the 8200 Australian dollars level.

The Canadian dollar has rallied a bit against the Japanese yen during the trading session on Tuesday.

The New Zealand dollar has rallied a bit during the trading session on Tuesday, as it looks like we might possibly be trying to form a little bit of a falling wedge.

In my daily analysis of the gold market, it’s quite easy to say that we are in a bullish trend, and I think that will continue to be the case.

During my daily analysis of the GBP/USD pair, the first thing I understood by looking at the chart is just how hesitant we are to make a bigger move.