Forex Daily Forecast, Analysis and Prediction

The West Texas Intermediate Crude Oil market has broken higher during the trading session on Friday, reaching above the $62.50 level.

In the first trading sessions for the new year 2020, the GBP/USD price returned to decline again.

The EUR/USD price did not enjoy its recent gains, which reached the 1.1240 resistance, the highest level in nearly five months, before falling back to the 1.1125 level during the last Friday session.

Bitcoin has rallied significantly during the trading session on Friday after the Americans killed an Iranian general, sparking a major “risk off” type of rally.

AUDUSD: Weakly bullish from 0.6930

Gold markets rallied rather significantly during the trading session on Friday, cranking above the $1550 level before stalling out at the end of the day.

USDJPY: Bearish on risk-off sentiment

Bitcoin: Bullish above $7,477

Safe-haven assets are being led higher by gold after the US stirred up tensions in the Middle East to start the new decade.

Tensions in the Middle East are likely to intensify after the US killed a top Iranian general in Iraq.

After this currency pair was able to eclipse its support zone, bullish momentum faded as a result of the US killing attack on Iraqi soil to kill a top Iranian general.

Hong Kong protests continue, but fatigue has set in. The harm to the local economy appears to be easing, as evident by the latest PMI reports.

GBPUSD: Ranging between 1.3057 and 1.3110

EURUSD: Ranging between 1.1123 and 1.1183

Get our trading strategies with our monthly & weekly forecasts of currency pairs worth watching using support & resistance for the week of January 6, 2019.