Forex Daily Forecast, Analysis and Prediction

Yesterday’s PMI data out of the Eurozone showed the recession in the manufacturing as well as services sectors accelerated.

Upside potential in the NZD/JPY is exhausted, and this currency pair is now exposed to a corrective phase.

Dovish minutes released by the Reserve Bank of Australia highlighted concerns over weak wage growth and inflation targets.

Bitcoin: Bearish but pivotal point at $6,786

GBPUSD: Continuing to sell off from post-election high

EURUSD: Consolidation between 1.1110 and 1.1198

AUDUSD: Weakly bullish above 0.6862

USDJPY: Bullish above 109.50

In the beginning of this week’s trading, the Euro will react to the announcement of the purchasing managers' indicators for the industrial and services sectors, which are the most affected by the length of the global trade war.

The trade agreement between the two largest economies in the world and the end of the British elections in favor of the Conservative victory.

The gold markets rallied during the trading session after the Americans and the Chinese agreed in principle to the idea of a “phase 1 deal” but left a lot of confusion as to exactly what was agreed to.

The West Texas Intermediate Crude Oil market has rallied significantly during the trading session on Friday, reaching above the $60 level before pulling back just a bit.

Natural gas markets fell initially during the trading session on Friday, reaching down towards the $2.25 level before bouncing significantly.

At the end of last week’s trading, and with the announcement of a major victory for the Conservatives in the general elections that took place in the United Kingdom last Thursday, the best opportunity was for an upward price gap for the GBP/USD to start from 1.3160 ​​support to reach the 1.3514 resistance.

The S&P 500 stalled a bit during the trading session on Friday, as we continue to see a lot of back and forth in the stock markets.