Forex Daily Forecast, Analysis and Prediction

Gold continues to consolidate after recent gains, with key support at $2900 and $2850, while traders eye the $3000 level as a potential resistance point.

Bitcoin's price plunged on Wednesday, approaching the 200-day EMA, with concerns over risk appetite and economic slowdowns potentially driving it toward the $74,000 support level.

The British Pound is attempting to rally against the Swiss Franc, with support from the 50-day EMA, as traders watch the crucial 1.14 resistance for a potential breakout toward 1.16.

The NASDAQ 100 is holding support at 21,000, with traders eyeing a potential breakout above the 50-day EMA at 21,500, especially ahead of Nvidia’s earnings report.

Silver rallied on Wednesday, finding support at the 50-day EMA, with key resistance at $32.35 and a potential upside target of $35 if momentum builds.

Bitcoin dropped to a 3-month low near $81,756 but rebounded strongly, with key resistance levels at $87,972 and $91,250 likely to determine the next move.

The euro continues to seek direction against the Japanese yen, hovering near the key 155 support level.

GBP/USD has surged to its highest level since December but faces a potential bearish reversal due to a rising wedge pattern, with support at 1.2535 in focus.

The EUR/USD pair consolidates near resistance at 1.0506 as markets anticipate US GDP and PCE data, with a breakout to 1.0600 or a drop to 1.0400 in focus.

The NZD/USD has lost ground in early trading today as risk adverse conditions from afar seemingly hinder near-term behavioral sentiment for those seeking upwards movement.

We have frequently pointed out the possibility of profit-taking selloffs in gold prices after they tested their all-time highs, reaching the resistance level

The USD/RUB has continued to move lower as financial institutions clearly are weighing the prospects of Russia being allowed to reenter potentially unsanctioned trading avenues.

Since the start of this week's trading, the EUR/USD pair has been attempting to rebound upwards, with gains reaching the resistance level of 1.0528

As you can see, the Australian dollar has fallen a little bit during the trading session here on Tuesday as we continue to bounce around the crucial 0.6350 level. This is an area that I think has been important more than once, and therefore you need to watch it very closely. That being said, I also believe that this is a market that given enough time will have to make a bigger decision. After all, we have a scenario where traders are trying to sort out risk appetite, and of course, whatever's going on in the bond markets.

It's been quite a wild day during the trading session on Tuesday, as we have been all over the place going back and forth in the British pound against the Japanese yen as the market tries to determine risk on or risk off.