Forex Daily Forecast, Analysis and Prediction

The West Texas Intermediate Crude Oil market continues to find buyers on dips, with the $35 level offering a significant amount of support.

The Federal Reserve stepped out and saved the market again that was selling off a little too hard in New York trading as they announced the buying of individual corporate bonds to form portfolios.

The S&P 500 has gone back and forth rather violently during the trading session on Monday, as we had initially fallen and broken below the 200 day EMA.

The Brazilian Real was able to test important support levels near the 4.9000 level last week but reversed and began to see a steady diet of resistance junctures targeted.

USD/JPY: No long-term trend

A wave of buying in the USD/ZAR brought the pair to a resistance level yesterday near 17.3000 and then a reversal lower.

The relatively narrow range of the USD/INR is beginning to look like an attractive avenue for speculators.

BTC/USD: $9,731 will be very pivotal

Russia’s economy is forecast to contract by as much as 6.0% in 2020 due to the global Covid-19 pandemic and subsequent nationwide lockdown.

China reported few new Covid-19 infections for several months before a new cluster appeared in Beijing.

GBP/USD: British Pound weaker than Euro

Mexico’s economy struggles under Covid-19 lockdown measures, facing identical challenges as most countries are balancing the healthcare system with job losses and economic activity.

EUR/USD: Break below support likely to trigger deeper retracement

Despite the surge in global Covid-19 infections, the Reserve Bank of Australia remains more upbeat than other central banks.

The Singapore Dollar like many currencies lost value to the US Dollar early yesterday as safe-haven trading escalated. However, in the past twelve hours, the USD/SGD has begun to see sellers emerge.