Forex Daily Forecast, Analysis and Prediction

In the beginning of this week’s trading, the price of gold rose to the $1659 level, with a 1.8% increase.

In the beginning of this week’s trading, the GBP/USD pair dropped again.

For two trading sessions in a row, the EUR/USD price is trying to correct higher, but its gains did not exceed the 1.0872 resistance.

USD/JPY: Bullish breakout failed

BTC/USD: Support at $9,518 holds again

GBP/USD: Bullish above 1.3016

Ethereum failed to extend its advance, being rejected three times by its resistance zone.

Preliminary Eurozone PMI data for February indicated a mild recovery off of depressed levels, hardly sufficient to warrant a stronger Euro.

Despite the surge in Covid-19 cases outside of China, specifically South Korea, Iran, and Italy, safe-haven assets are in the midst of a corrective phase.

Consumer confidence contracted in Australia as Covid-19 cases outside of China increased. China relaxed restrictions, offering a much-needed improvement in the condition.

The US dollar initially gapped lower against the Japanese yen to kick off the week on Monday, as fears about the coronavirus continues to be a major driver of markets.

The S&P 500 gapped lower to kick off the trading session on Monday, showing quite a bit of downward pressure.

The NASDAQ 100 has broken down significantly during the trading session on Monday, gapping lower which of course is a very negative sign.

The Euro initially gapped lower to kick off the trading session on Monday, but then turned around to fill that gap.

EUR/USD: Pivotal point at 1.0842