Forex Daily Forecast, Analysis and Prediction

GBP/USD: Pound Remains Weak

The US dollar has gapped lower against the Japanese yen on Monday, only to turn around and rally above the 200 day EMA before pulling back yet again.

The Australian dollar has rallied a bit during the trading session on Monday after initially gapping lower.

Following the latest Bitcoin crash, eliminating hopes that this cryptocurrency possesses similar safe-haven attributes like gold, more downside cannot be ruled out

The British pound went back and forth during the trading session on Monday as we had initially gapped lower, but the market recovered during the day.

EUR/USD: Euro acting as safe haven

Pressures on the US Federal Reserve are rising to deliver a 50 basis point interest rate cut in response to Covid-19 as Chairman Powell opened the door

Singapore is expected to face a 0.6% contraction in the first quarter of 2020, the first one since the 2009 recession following the global financial crisis.

After the Reserve Bank of Australia opted to decrease its benchmark interest rate by 25 basis points to a historic low of 0.50%, the AUD/USD advanced.

Global financial markets have always waited for the reaction of the US central bank to the recent and successive collapse of US stock markets.

Gold prices plunged by $90 during last Friday's trading session, a collapse from the $1660 resistance, its highest in seven years, to the %1563 support, before closing around the $1585 level.

Undoubtedly, the month of February was painful to the performance of the Pound against majority of other major currencies.

In the flaming last week of February, the EUR/USD pair returned upward with gains to the 1.1053 resistance.

Covid-19 related panic selling last week swept across the entire global financial system, cryptocurrencies included.

AUD/USD: AUD remains in danger of more falls