Forex Daily Forecast, Analysis and Prediction

New higher support at 1.2400 looks pivotal

In a positive development, the Cabinet Office is realistic about market developments.

Canada’s economy is faced with increasing pressures from the sell-off across the oil market.

EUR/USD: Long-term bearish drift

Upon the return of the Australian government on May 12th, an unprecedented statement will be made regarding the Covid-19 pandemic.

Ripple has lost its second executive this year.

Five stages of the South African nationwide lockdown protocol are implemented.

For two weeks in a row, the USD/JPY pair is moving in a limited range, amid a stable downward trend, below the 108.00 support, amid a balanced demand by investors for both safe haven currencies in this pair.

The historic collapse in crude oil futures below zero was a catalyst for the gold price to continue its gains as a preferred safe haven in times of uncertainty.

For three straight trading sessions, the GBP/USD pair is trying to counter the gains of the US dollar and prevent further collapse, especially with the support exceeding 1.2300 so as not to sell.

Throughout last week's trading, the EUR/USD was under downward pressure pushing it towards the 1.0726 support.

New higher support level at 0.6446

USD is weakening almost everywhere

According to the latest economic assessment by the EY ITEM Club, a UK-based economic forecasting club established in 1977 to provide independent research, the negative impact of the global Covid-19 pandemic will last three years.

Yet key resistance overhead beginning at $8,000