Forex Daily Forecast, Analysis and Prediction

Gold markets initially tried to rally during the trading session on Thursday but gave back the gains to form a rather ugly candlestick

Silver markets did very little during the trading session here on Thursday, as the market continues to dance around the 50 day EMA.

The West Texas Intermediate Crude Oil market has rallied significantly during the trading session on Thursday, as traders are rolling over

The bearish momentum for the USD/JPY still stands and is increasing with the investor’s rush again towards safe heavens amid increasing bleak expectations for the global economy with the ongoing world seafaring from the coronavirus.

The resumed strength of the US dollar contributed to the suspension of gold price gains, which reached the $1747 resistance, the highest level in eight years.

Despite the decline in the GBP/USD pair to the 1.2436 support with the return of the USD strength and after gains extended to the 1.2647 resistance, its highest level in more than a month, the general trend is still receiving support for the upward correction.

The US dollar has returned to assert that it is the strongest.

AUD/USD: Support 0.6250/68 looks pivotal

USD/JPY: No long-term trend

BTC/USD: Support at $6,576 was strong

US economic data continues to clock in well below economists predictions, suggesting financial markets are mispriced,

Global Covid-19 cases surpassed two million, and the US the epicenter of the virus, accounting for roughly one-third of all infections.

Oil prices may have reached a bottom after OPEC+ announced an unprecedented supply cut of 9.7 million barrels per day,

After a series of failed meetings between Eurozone finance ministers, highlighting deep divisions, and lack of unity within the currency union,

GBP/USD: Bulls have possible small edge