Forex Daily Forecast, Analysis and Prediction

Price action is nearing the end of a strong rally, spanning a pivotal support zone and a substantial resistance zone.

After this currency pair recorded a higher high and pushed through its descending 50.0 Fibonacci Retracement Fan Resistance Level, a reversal emerged.

Following a sharp corrective phase, the NZD/SGD entered a sideways trend after moving into a substantial support zone.

AUD/USD: Very Bearish

USD/JPY: Consolidating between 108.62 and 109.18

As the new string of a deadly coronavirus spreads around the world, Asian economies are the most directly impacted ones.

Bitcoin: Bullish above $8,800

The US dollar has gapped lower to kick off the week as fears about the coronavirus in the Chinese mainland continue to have people running for cover.

The S&P 500 has gapped lower and broke down rather significantly during the trading session on Monday as traders continue to react to the negativity coming out of China.

GBP/USD: Strongly Bearish

The NASDAQ 100 has fallen rather hard during the trading session on Monday, as we continue to see a lot of concerned traders around the world.

The Euro initially tried to rally during the trading session on Monday, but then fell rather hard to reach towards the psychologically and structurally important 1.10 level.

GBP/USD Forecast: GBP tries to Rally but Looks Likely to Dipped Towards Trendline.

EUR/USD: Bearish

The Australian dollar has gapped lower to take off to the downside and reach towards the 0.6950 level.