Forex Daily Forecast, Analysis and Prediction

The historic collapse in crude oil futures below zero was a catalyst for the gold price to continue its gains as a preferred safe haven in times of uncertainty.

For three straight trading sessions, the GBP/USD pair is trying to counter the gains of the US dollar and prevent further collapse, especially with the support exceeding 1.2300 so as not to sell.

Throughout last week's trading, the EUR/USD was under downward pressure pushing it towards the 1.0726 support.

New higher support level at 0.6446

USD is weakening almost everywhere

According to the latest economic assessment by the EY ITEM Club, a UK-based economic forecasting club established in 1977 to provide independent research, the negative impact of the global Covid-19 pandemic will last three years.

Yet key resistance overhead beginning at $8,000

GBP/USD: New higher support at 1.2400 round number

EUR/USD: Long-term bearish drift

The West Texas Intermediate Crude Oil market did extraordinarily little during the trading session on Friday to in the week, after gaining quite drastically for several sessions.

The S&P 500 initially fell during the trading session on Friday but then bounced as Europeans went home.

Silver markets went back and forth during the trading session on Thursday, as we continue to see a significant amount of volatility just above the $15.25 level.

The NASDAQ 100 has initially fallen during the trading session on Friday, but as everybody left with the exception of the Americans, the market shot higher as the Plunge Protection Team is in full effect heading into the weekend.

Gold markets went back and forth during the trading session on Friday but ultimately settled on a negative candlestick.

The US dollar initially tried to rally during the trading session on Friday but gave back quite a bit of the gains to form a bit of a shooting star.