Forex Daily Forecast, Analysis and Prediction

The West Texas Intermediate Crude Oil market has rallied during the day on Friday to test the $52.50 level, an area that I think is crucial.

Gold markets have rallied again during the day on Friday, showing signs of strength yet again.

Bitcoin markets have not pulled back significantly from the $10,000 level but instead did something that is even more interesting for those looking to go along, it has gone sideways.

Covid-19 continues to threaten the global supply chain, and as volatility in gold increased, a bullish bias emerged.

Economic data out of the UK has been stronger than markets anticipated, adding to upside momentum in the British Pound.

Preliminary fourth-quarter GDP data out of Japan showed a steeper contraction than expected, driven by a slump in business spending and private consumption.

Singapore’s fourth-quarter GDP surprised to the upside, followed by a dominant reading for January non-oil exports.

AUD/USD: Consolidating above 0.6706

USD/JPY: Long-term resistance 110.07/30

BTC/USD: More bearish below $10k

GBP/USD: Consolidation likely today

EUR/USD: New 2.5-year low price reached Friday

Get our trading strategies with our monthly & weekly forecasts of currency pairs worth watching using support & resistance for the week of February 17, 2020.

The difference between success and failure in Forex trading is very likely to depend upon which currency pairs you choose to trade each week.

Get the weekly Forex forecast for major currency pairs for the week of February 17, 2020 here.