Forex Daily Forecast, Analysis and Prediction

Gold markets went back and forth during the trading session with a positive tone on Monday, as the $1700 level offers psychological importance.

The West Texas Intermediate Crude Oil market has been very negative to say the least, with the May contract going negative.

The attempts to bounce higher for the USD/JPY pair did not exceed the 108.08 level, and for both sessions.

Gold prices did not celebrate much for its gains, which reached the $1747 resistance, its highest level in nearly eight years, and closed the week's transactions around the $1686 level.

What was notable during last week's trading was a conflict occurred between the return of the US dollar strength.

After the unsuccessful attempt of the EUR/USD pair during last week's trading to move towards the 1.1000 psychological resistance to get the momentum needed to break out of the bearish bog.

AUD/USD: Weakly bullish

USD/JPY: No long-term trend

Some European countries are partially reopening their economies with restrictions in place.

Oil prices tanked to start the new trading week after a report labeled the US oil sector dire. It confirmed that OPEC+ has no control of the market.

Andrew Bailey, the Bank of England Governor, acknowledged the second-quarter GDP contraction of 35% outlined by the Office of Budget Responsibility (OBR) was within reason.

Australian Prime Minister Morrison and his government is exploring options to pay for the massive stimulus announced in response to the global Covid-19 pandemic.

BTC/USD: Support near $7,000 looks strong

GBP/USD: Support at 1.2411 still looks strong

EUR/USD: Supportive area near 1.0820