Forex Daily Forecast, Analysis and Prediction

Over the past two weeks, the US saw initial jobless claims surge by roughly ten million due to the global Covid-19 pandemic.

Australian construction and service sector data showed deep recessionary readings, but retail sales for February came in better than expected.

New Zealand’s Finance Minister Robertson warned the economic fallout from Covid-19 will by far surpass that of the 2008 global financial crisis.

The S&P 500 had a wild session during the day on Thursday, as it initially looked like we were going to fall apart after the initial jobless claims

The British pound has rallied a bit during the trading session on Friday to show signs of strength before turning around to form a shooting star like candlestick.

The Australian dollar has gone back and forth during the trading session on Thursday and what could best be described as choppy and pointless trading.

The Euro broke down rather significantly during the trading session on Thursday, reaching towards the 1.08 level, an area that I had suggested that could be targeted.

The US dollar has rallied against the Japanese yen during the trading session on Thursday, breaking much higher after getting horrific initial jobless claims.

The FTSE 100 initially tried to rally during the trading session in the futures market on Thursday but as you can see the 5500 level has caused enough resistance

The USD/INR currency pair is one that does tend to trend for very long moves. We have recently seen the US dollar rally significantly towards the ₹77 level,

Silver markets rallied a bit during the trading session on Thursday as initial jobless claims in the United States came out extraordinarily negative.

Gold markets rallied significantly during the trading session on Thursday, breaking the top of the neutral candlestick from the Wednesday session after the horrific initial jobs claims

The Pound proved to be the most powerful currency against the return of the US dollar gains vs most major currencies.

For three consecutive trading sessions, the EUR/USD pair is under selling pressure pushing it towards the 1.0902 support before returning to stability around the 1.0965 level of in the beginning of Thursday’s trading.

During yesterday's trading, gold prices retreated to the $1570 support and then returned to stability around the $1594 level in the beginning of trading on Thursday, with the return of pressure on the US dollar after another round of US manufacturing data.