Heroes of Ukraine

«Market Leader» - news and previews making you rich.

Monday, 19 October 18:51 (GMT -05:00)



Foreign exchange market

NordFX. Forex and Cryptocurrency Forecast. Early February 2019


NordFX is back with their weekly consensus forecast for the week. We must confess that the forecast based on a number of technical indicators and expert opinions have been really efficient in predicting future market behaviors. With that being said, this is an overview of the recent forecast made for the current trading week, which is February 4-8, 2019.
 

EURUSD

 
The market is hoping for a trade deal between the United States and China. On the last day of January, the two parties finished another round of talks. Analysts assume that achieving some progress in the talks required a lot of effort from both of them. The American side is reported to have shown the determination to reach success in the talks since Donald Trump needs positive news badly right now. On the other hand, the positive background was spoiled by the fact that the USA accused Huawei Technologies Co. if spying for China. Anyways, the next round of talks is scheduled for mid-February. It's to take place in Beijing, China. In the meantime, the U.S. Federal Reserve doubts the necessity to raise interest rates any further.
 
With that being said, while evaluating the mid-term prospects of EURUSD, 60% of the experts predict a stronger dollar. It's interesting to note that 70% of the experts bet on the common European currency a week ago.
So, they assume, backed by 80% of the oscillators and trending indicators on D1, that the currency pair is likely to try and test the upper border of the 1.1300-1.1500 sloping channel to consolidate somewhere in the 1.1500-1.1570 zone. If that's the case, the next target is 1.1625. 
 
30% of the experts believe in the opposite scenario. Their assumption is backed by 20% of the oscillators indicating an oversold currency pair. If that's the case, EURUSD is unlikely to break above 1.1500. So, the currency pair is expected to stay in the 1.1400-1.1500 range. If the news background is positive for the dollar, we will probably see a move down to 1.1300.
 

GBPUSD

 
On Tuesday, the Bank of England is to reveal its interest rate decision. Most likely, the rate will stay unchanged at 0,75%. Still, many more experts are worried about the situation around the Brexit, which is full of uncertainty. Every day, the situation keeps changing in favor of the scenario when the UK quits the EU without a major agreement. 
 
Given the uncertainty and growing risks, 65% of the analysts predict a GBPUSD drop, first down to 1.2930 and then 100 more points down. At the same time, 40% of the H4 indicators are green, 40% more are red and the remaining ones are neutral grey. As for D1, 60% - green, 30%  - red, 10% - grey. the closest level of resistance is 1.3215. If it's broken, 1.3250 and 1.3300 will be the next closest targets.
 

USDJPY

 
Eastern New Year is coming, which is why the USDJPY market may become unpredictable over the period. Yet, this is not just the time when many Asian companies close their fiscal year. This is the time when the Bank of Japan starts buying and selling huge amounts of various currencies. 

1549116689_USDJPY_04.02.2019.png

Such interventions by the Japanese financial regulator may result in a strong move worth hundreds of points. 70% of the experts anticipate a move down to 108.00-108.55, followed by a recovery up to 110.00. At the same time, according to 60% of the analysts, the exchange rate may reach 111,70 within the next couple of weeks. 
 

BTCUSD

 
The experts are split in 2 groups. Some of them think that the current situation is calm before the storm. The rest of them expect the market to be even calmer in the near future. The CEO of CoinList belongs to the latter. He assumes that all of the necessary instruments have already been created and the companies have been focused on innovating and improving products, which is why there's no reason to expect major market moves.
 
The mentioned forecast is backed by the recent research released by Circle Research. The report said that while the direct investments in cryptocurrencies shrank by 8,5 times last year, the investments in blockchain technologies increased by 3 times up to 5 billion dollars over the same period. With that being said, 70% of the experts still think Bitcoin will go down to last year's lows at 3,200-3,250 dollars per coin. The remaining 30% think the price will go up to 3,700-3,850 dollars per coin and then further up to 4,215 dollars per coin.
 

 

You are free to discuss this article here:   forum for traders and investors

 

Add to blog
Got a question? – Ask it here »
 

Tape Patterns Indicator

Traders often use various kinds of technical indicators these days. The list can be rather long, from popular ones like RIS, MACD etc. to less popular ones like Tape Patterns.
Publication date: 30 September 08:52 AM

Bitcoin's Getting Ready For a Strong Rally

While Bitcoin could have been more volatile over the recent weeks, the king of cryptocurrencies stoped in the range between 10K and 11K dollars per coin. Do BTC miners know in which way the coin is going in the near future?

Publication date: 30 September 04:07 AM

Bloomberg: Crypto Is Better Than Gold In 2020

According to the recent Bloomberg report, cryptocurrencies are way better than gold in terms of investments in 2020. Which is interesting, most cryptocurrencies have been growing much faster than gold this year. It's not a secret that gold is considered a safe-haven asset amid crises. Bloomberg Galaxy Crypto Index (BGCI) has gained 66% this year,while gold has gained only 20% over the same period.
Publication date: 29 September 01:07 PM

Gold Prices Drop Below $1860/oz, Seeing A Major Downtrend

On Thursday morning, the spot price of gold dropped roughly down to $1850/oz withing the scope of a strong downtrend started earlier this week, with a strong gap from the consolidation level. The key factors contributing to the price drop was the sudden strengthening of the U.S. Dollar.

Publication date: 25 September 07:39 AM

Texas Authorities Spot New Crypto Scams

The TSSB, which is the financial regulator of Texas, is reported to have revealed a couple of potential scams in the international market of cryptocurrencies. These are named Forex Birds and PEK Universe. From now on, both of these projects cannot work in Texas anymore. These projects were banned on September, 3rd.

Publication date: 18 September 01:07 PM

Cryptocurrencies On Sale: ChainLink and TRON Go Down, Bitcoin Is Stable

Wednesday's session is bringing a retracement in the market of digital assets, which is affecting the entire crypto market cap. Chainlink (LINK), TRON (TRX), and Tezos (XTZ) have been the biggest losers over the last 24 hours. They lost 9,7%, 8,7%, and 5,5% respectively. Bitcoins remains stable and one of the very few tokens among the top 20 that are still showing some gains, though modest ones.

Publication date: 16 September 12:04 PM

What's Next For Bitcoin?

Some analysts argue the future of Bitcoin, also known as the digital gold. Last week, the Winkelvoss brothers stated that the BTC price may skyrocket all the way up to 500.000 dollars per coin in the near future. This opinion is shared by Bloomberg analysts. But on the other hand, Bitcoin may see the opposite scenario, which is a major crash to make it as cheap as dirt.

Publication date: 10 September 03:00 AM

How To Get Ready For Bitcoin Boom 2020?

Cryptocurrencies keep on growing in value. If you are going to buy your first coins, this is what you should do first.
Publication date: 30 August 11:27 AM

U.S. Tech Companies Increase Stock Buyback

Publication date: 20 August 06:10 AM

Altcoin Mining Account For Over 30% Of Overall Crypto Mining Consumption

Scientists for the University of Munich urge the regulators to go beyond the BTC scope when it comes to crypto mining affecting the environment. They say that Bitcoin accounts for over 66% of the entire energy consumed by crypto mining, based on the basic algorithms, the current hashing speed, and the mining equipment used, while altcoins account for the rest of it. Consequently, altcoins add almost 50% on top of Bitcoin's energy demand, which in itself may result in considerable damage to the environment.

Publication date: 09 August 11:06 AM