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Thursday, 22 October 12:57 (GMT -05:00)

Foreign exchange market

NordFX: Forex And Cryptocurrency Market Review. August 2019

Right before the start of the last last trading  of this summer, NordFX experts came up with another set of market predictions for the forex and cryptocurrency markets. Their predictions are based on the consensus forecast compiled from various market forecasts made by various market experts as well as the result of technical analysis. So, this is what those predictions look like:
- EUR/USD. International investors are worried about the euro interest rate cuts by the ECB coupled with another round of quantitative easing. Also, it's unclear when the Fed is going to implement its interest rate cut. After Friday's speech by the Fed's Chairman, the currency pair made a sharp move in the upward direction. By, the way, this is where most technical indicators are looking right now. 70% of D1 indicators have turned green.
The oscillators are mostly red and gray. Only 10% of them are indicating an overbought market. Most (65%) experts a stronger dollar, with EUR/USD getting back to the 1.1025-1.1050 area, August's lows. The rest of the experts assume that the currency pair may well reach 1.1200-1.1250 and even an area 100 above it
- GBP/USD. According to international experts, the G7 summit is unlikely to reduce the likelihood of the hard Brexit scenario. Given this assumption, most fo the experts participating in the consensus forecast anticipate a further downtrend, with a move down to 1.2015, the lowest level since August, 12th. This scenario is backed by H4 and D1 indicators. The closest level of resistance is located around the 1.2280-1.2320 area, while the closest level of support is located around the 1.2180-1.2200 and 1.2075-1.2100 areas.
30% of the experts are still bullish on the currency pair. The thing is that they are anticipating good news related to the Brexit, which will eventually sent the currency pair higher, probably up to 1.2415-1.2520.
- USD/JPY. At the same time, 70% of the experts anticipate a stronger dollar against the yen. As you probably know, the Japanese Yen remains a popular safe-haven asset. However, some big-scale investors are currently closing their short trades and moving away from the yen to gold. The thing is that the Bank of Japan is planning to cut the key interest rate in the near future to make it drop form -0,1% to an even more negative value.
With that being said, the closest target is considered to  be the 106.20-106.70 area, with a further break and consolidation above 107.00. The remaining 30% of the experts are bearish on the currency pair, and their stand point is backed by 90% of the trending indicators located on D1. They assume that the the currency pair will probably try and hit the bottom at 105.00 and break below it to head for 104.60, which is the low of March 2018.
- Cryptocurrencies. The cryptomarket is still  being influenced by the same positive news background. In various countries all around the world, digital currencies are getting more and more popular. Various enthusiasts are predicting a strong rally for Bitcoin and some other altcoins, however they don't specify the exact time scope at this point.
Still, 70% of the experts are looking south at this point. They anticipate a move down to the $9000-$9500 area. However, they don't deny the opportunity that the price may rebound form this level and head for 12-20K per coin, if there are clear signals for that.


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