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Sunday, 25 October 05:03 (GMT -05:00)

Foreign exchange market

NordFX releases forex and cryptocurrency forecasts for early August 2019

The NordFX expert team has recently come up with another set of weekly forecasts covering forecast and cryptocurrencies. The current period is August 5th - 9th, 2019. The consensus forecast is based on a number of different methods an approaches to analysing financial markets.
- EUR/USD. The currency pair has come close to the pivot point of 2015-2016. At this point, 90% of the trending indicators and oscillators are indicating a further downtrend. This scenario is also backed by 65% of the experts participating in the consensus forecast. The closest target is 1.0950. The next one is the level located 100 points below this one.
The bulls are supported  by 35% of the experts. Taking into account the forthcoming quantitative easing planned by the Federal Reserve, in the mid-term perspective, the bulls take the lead with 55%. The H4 graphical analysis indicates a move within the range between 1.1070 and 1.1165. After this, they expect a rally up to 1.1225 and maybe even 1.1285.
- GBP/USD. When it comes to the British Pound, 75% of the experts anticipate a move towards the 1.2200 area with a changes of going another 100-150 points down. This supposition is backed by 95% of the trending indicators and 90% of the oscillators on D1. At the same time, 10% of the oscillators indicate an oversold market.
At the same time, 25% of the experts anticipate a flat market in the near future, which is backed by 25% of the oscillators. The expect the currency pair to move up and down within the scope of the 1.2100-1.2250 range. If the Brexit news background is positive, we may see a rally up to 1.2375, and even 1,2800 in the mid-term perspective, especially if the Bank of England toughens their monetary policy.
- USD/JPY. The Japanese Yen is getting more attractive amid the escalating trade conflict between the United States and China and the Fed's resent interest rate cut. 60% of the experts anticipate a move down to January's low at 105.00 (which means a stronger yen), while all of the trending indicators and most oscillators are looking south. The minority anticipates a move up to 107,80, 109.00, and even 110.00.
- Cryptocurrencies. Bitcoin holders are busy actively looking for something to justify the BTC rally. International media sources are now resuming their brave predictions - 20K and even 55K dollars per coin in a matter of several months. As for the experts, they share the opinion that we can confirm a confident bull cycle in the BTC market only after the exchange rate consolidates above 11K dollars per coin.


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