Forex Daily Forecast, Analysis and Prediction

West Texas Intermediate Crude Oil markets fell initially during the trading session on Friday but found support near the $52.50 level to bounce a bit.

USD/JPY: Bullish breakout collapsing

BTC/USD: Pivotal point remains at $9,518

The Australian dollar went back and forth during the trading session on Friday, initially dipping lower but turning around to form a bit of a hammer which is a slightly bullish sign.

The US dollar has pulled back a bit against the Japanese yen during the trading session on Friday, as we reached the ¥112.30 level.

The Euro has exploded to the upside during the trading session on Friday, as there has been a significant amount of short covering going into the weekend.

The British pound rallied a bit into the weekend, showing signs of resiliency.

The S&P 500 has pulled back a bit during the trading session on Friday, breaking below the bottom of the hammer candlestick that had formed on Thursday.

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.