Forex Daily Forecast, Analysis and Prediction

USD/JPY: Pivotal Point at 107.53

BTC/USD: Pivotal point at $8,682

Following the breakdown in the ETH/USD below its ascending 61.8 Fibonacci Retracement Fan Resistance Level, the uptrend has ended.

GBP/USD: Pound Remains Weak

New Zealand reported its first case of Covid-19 and calls for the Reserve Bank of New Zealand to cut interest rates are on the rise

After the US Federal Reserve slashed its benchmark interest rate by 50 basis points to 1.00% yesterday, downside pressure on the US Dollar increased.

Fourth-quarter Australian GDP surprised to the upside, eliminating fears of a technical recession in the first quarter.

EUR/USD: Euro acting as safe haven

Get our trading strategies with our monthly & weekly forecasts of currency pairs worth watching using support & resistance for Tuesday, March 3, 2020 here.

The Euro has rallied yet again during the trading session on Monday, reaching towards the 1.1175 level,

The West Texas Intermediate Crude Oil market ended up forming a massive bullish engulfing candlestick on Monday to show a real turnaround when it comes to crude oil.

The S&P 500 has rallied significantly during the trading session on Monday, breaking above the 200 day EMA late in the session.

The natural gas markets have rallied significantly during the trading session on Monday as traders came back to work, as we reached as high as the $1.76 level.

The NASDAQ 100 has exploded to the upside during trading on Monday after initially dropping below the 200 day EMA and the E-mini contract.

The gold markets gapped higher to kick off the trading session during the day on Monday, broke above $1600, and then pulled back towards the 50 day EMA.