Forex Daily Forecast, Analysis and Prediction

Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of April 12, 2020 here.

Get the weekly Forex forecast for major currency pairs for the week of April 12, 2020 here.

Following the initial sell-off across global financial markets, in response to the Covid-19 pandemic, bear markets commenced across developed markets.

Nigeria is home to Africa’s most populous country, and the economy has overtaken South Africa as the biggest as measured by GDP.

South Africa entered the global Covid-19 pandemic with a battered economy troubled by blackouts due to the Eskom disaster.

According to the New Zealand Treasury, the forecast second-quarter GDP contraction is likely to be the most severe one on record.

The Euro has rallied during the trading session on Thursday, breaking above the 1.09 level above, and it does suggest that the market may go looking towards the 1.10 level given enough time.

The Australian dollar has rallied significantly during the trading session on Thursday, breaking above the 0.63 handle during the day.

The US dollar has initially tried to rally during the day on Thursday but gave back the gains as we continue to tread water around the 50 day EMA

The S&P 500 initially pulled back a bit during the trading session on Thursday but then Saul enough bullish pressure to reach towards the 50 day EMA

The NASDAQ 100 has gone back and forth during the trading session on Thursday, showing signs of exhaustion, as we have gone back and forth quite a bit during the trading session.

The British Pound has been rallying during the trading session on Thursday, reaching towards 1.25 level yet again.

The US dollar initially tried to rally during the trading session on Thursday, reaching all the way towards the ₹77 level again,

The gold market has rallied a bit during the session on Thursday to make a fresh, new high and has even broken above the $1750 level at one point in the forward contract.

Silver markets broke higher during the trading session on Thursday, breaking above the 50 day EMA during the session but pulling back a bit from the $16 level.