Forex Daily Forecast, Analysis and Prediction

Gold markets rallied significantly heading into the weekend, as Friday had seen the market test the $1650 level.

While last week’s PMI data out of the Eurozone indicated a rebound, it came of depressed levels.

Fourth-quarter retail sales in New Zealand contracted more than predicted, but January credit card spending showed resilience.

GBP/USD: Ranging from 1.2870 to 1.3000

EUR/USD: More bearish below 1.0814

With Covid-19 cases spreading outside of China, South Korea and Italy have entered crisis mode, safe-haven demand for risk-averse assets

Get our trading strategies with our monthly & weekly forecasts of currency pairs worth watching using support & resistance for the week of February 24, 2020.

Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of February 24, 2020 here.

Get the weekly Forex forecast for major currency pairs for the week of February 24, 2020 here.

Moody’s Investors Service lowered its GDP forecast for South Africa, sparking fears that the March credit review will see the country’s credit rating downgraded to junk.

The Euro has gone back and forth during the trading session on Thursday, bouncing around the 1.08 level.

The US dollar has rallied a bit during the trading session yet again on Thursday against the Japanese yen.

The S&P 500 fell during the trading session on Thursday, showing signs of weakness yet again, but at the same region we continue to see buyers come back in and lift this market.

The Australian dollar traded between the 0.67 level and the 0.63 level during the financial crisis 12 years ago, and it now looks as if we are ready to go back into that area again.

The NASDAQ 100 has fallen a bit during the trading session on Thursday, as we continue to see a bit of cautious behavior coming out of the marketplace