Forex Daily Forecast, Analysis and Prediction

The Nasdaq 100 rallied on Wednesday so show signs of life going forward. At this point, the markets are still in a range, but it looks as if we are trying to reach the top of the range.

The technical picture looks short-term bearish as the price falls below key support levels with bearish momentum.

The New Zealand dollar has jumped enough to reach the 0.60 level on Wednesday, as it takes advantage of US dollar weakness.

The USD/ILS exchange rate continued its strong downward trend, and is hovering near its lowest level in years, even as geopolitical risks in the Middle East have risen. The pair was trading at 3.0864 on Thursday, down sharply from 4.0858, its highest level since October 2023.

The NZD/USD exchange rate held steady this week as market participants focused on the potential divergence between the Reserve Bank of New Zealand (RBNZ) and the Federal Reserve. It rose to the key resistance level at 0.600, up from this month's low of 0.5935.

The EUR/USD exchange rate held steady after Europe published an encouraging consumer inflation report. It was trading at 1.1815 on Thursday, a few points above this week's low of 1.1742.

Bitcoin price resumed its strong rebound as market participants embraced a risk-on sentiment and as investors bought the dip.

The AUD/USD exchange rate jumped and neared its highest level this year after a report showed that Australia's consumer inflation rose in January this year. It was trading at 0.7120, much higher than the year-to-date low of 0.6420.

The cryptocurrency market is now deep in the throes of a crypto winter, with prices collapsing as evidenced by the more than $2 trillion decline in total market cap since late October.

The price action is choppy and stuck within a quite narrow range, with an eventual bullish breakout looking a little more likely than a bearish breakdown.

The British pound rebounded after falling in early trading for Tuesday, for the third day in a row. At this point, the markets are trying to turn things around, and the daily close will be crucial.

Amazon has come under pressure following a $200 billion capital expenditure announcement during the recent earnings call, as traders chose to punish the cash burn. However, things seem to be changing.

I like gold at the moment, but we need to see if the previous resistance is going to be held as support. This might be what Tuesday was all about.

The Parisian CAC continues to be a big winner on Tuesday, as we are rotating out of luxury in Paris, into the technology sector. As the world waits for Nvidia earnings, French traders may be “front running” the potential move.

The NASDAQ 100 was positive again on Tuesday, as we continue to see a lot of back-and-forth trading in earnings season. Nvidia will be the next one to watch.