Forex Daily Forecast, Analysis and Prediction

Gold markets rallied a bit during the trading session on Thursday, breaking above the highs on Wednesday which of course is a very bullish sign.

The US dollar has pulled back slightly during the trading session on Thursday but has found enough support to continue going higher.

The S&P 500 has initially tried to rally during the trading session on Thursday but gave back the gains to turn around and form a shooting star.

The Euro market has initially tried to rally during the trading session on Thursday, but found the area above the 1.10 level to be a bit too much to hang onto,

The British pound has broken down a bit during the trading session on Thursday, slicing through the 1.2950 level, an area that has been supportive of the last couple of weeks.

The West Texas Intermediate Crude Oil market went back and forth during the trading session on Thursday as competing headlines continue to throw the market around.

The FTSE 100 has rallied slightly during the trading session on Thursday, breaking above the 50 day EMA but did give back enough of the gains to show signs of hesitation at a previous gap.

Natural gas markets initially fell during the trading session on Thursday but have found a bit of a boost after the inventory figure came out a bit better than others.

While Eurozone PMI data surprised with upward revisions, disappointing German factory orders and trade data prevented a rally in the Euro.

Australian data this morning showed the services sector contracted further in January, adding to selling pressure in its currency.

Inflation expectations increased slightly but remained below the Reserve Bank of New Zealand’s annualized target.

Yesterday’s surprise PMI revisions to the upside out of the Eurozone elevated the Euro, but this is short-term event is close to the end.

The USD/JPY price got an upward momentum that pushed it towards the 109.85 resistance, the highest level in two weeks, and the support of the pair came from the growing optimism that China can reach a treatment for the deadly Corona virus.

Oil prices remain depressed, and OPEC+ may not rush in to attempt to stabilize the sell-off just yet.

After gold prices to the $1547 support in the beginning of yesterday's trading, it rose again to the $1562 resistance, and then stabilized around $1556 at the beginning of Thursday’s trading.