Forex Daily Forecast, Analysis and Prediction

GBP/USD: More bearish below 1.2975

This currency pair is exposed to central banks on a mission to devalue their respective currencies.

EUR/USD: Support level at 1.0993 looks pivotal

Safe-haven demand, due to the widening crisis posed by the deadly coronavirus.

With the coronavirus causing more deaths, and disruptions to the supply chain, the global economy is expected to feel a considerable impact.

Today, US dollar pairs will interact strongly with the announcement of monetary policy decisions from the US Federal Reserve Bank.

Gold prices returned to decline to the $1563 level after recent gains, which reached the $1588 resistance as a result of strong investor appetite for the yellow metal as a safe haven.

Ahead of the three most important events for this week, the GBP/USD price fell to the 1.2975 support.

The frequency of losses for the EUR/USD stopped at the 1.1000 psychological support and did not exceed 1.0997.

The US dollar has rallied a bit during the trading session on Tuesday, reaching towards the 50 day EMA during the end of the session.

The S&P 500 has rallied quite nicely during the trading session on Tuesday.

The NASDAQ 100 rallied significantly during the trading session on Tuesday, and even went as high as to fill the gap from the Monday open.

The Euro has initially fallen during the trading session on Tuesday, crashing into the 1.10 level yet again which has been reliable support for some time.

The British pound broke down significantly during the trading session initially on Tuesday, slicing through the 1.30 level.

The Australian dollar has fallen quite a bit during the trading session on Tuesday but has also found buyers underneath the turn around and form a hammer.