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Wednesday, 4 August 17:31 (GMT -05:00)



Foreign exchange market

Dollar Will Keep Going Down, NordFX Experts Say


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. The period is October 4th - 11th. So, this is what those predictions look like:
 
- EUR/USD. The new trading week promises to be interesting in terms of major economic releases allowing us to figure out the money-and-currency policies of Brussels and Washington for the near future. Backed by the D1 chart, around 60% of the experts have voted for a weaker euro, and they don't deny the likelihood of setting a new local low below 1.0880, which is the low set on October 1st. 
 
The remaining 40% of the experts anticipate the opposite scenario. Their opinion is backed by the situation on the H4 chart. To be more specific, they say that the common European currency still has some upward potential, which is why they expect the currency pair to continue rallying, probably up to 1.1100.
 
- GBP/USD. It's around 3 weeks left till the Brexit deadline. Very few representative of the international community belive that Boris Johnson will manage to agree with Brussels break up on some mutually beneficial terms over this period. With that being said, the chances of delaying the Brexit date or quitting without a major agreement keep on growing day by day.
 

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So, 65% of the experts participating in the consensus forecast assume the pound is very likely to continue its way down to new lows against the dollar. In particular, they don't deny a move below 1.1960, which is September's low. At this point, the key levels of support are located around 1.2200 and 1.2070. The remaning 35% are bullish on the pound against the dollar. They expect a move up to 1.2525.
 
- USD/JPY. Most expert predict a stronger yen, with USDJPY moving down to new local lows at least until the end of 2019. This scenario is backed by the trending indicators located on H4 and D1 as well as 75% of the signals coming from W1. The bears' targets are located at 106.50, 105.70, 105.00, and 104.45, while the bulls' ones are 107.55, 108.50, and 109.00. 
 
- Cryptocurrencies. As for the cryptocurrency market, enthusiasts keep on trying to persuade international investors that Bitcoin is about to get stronger based on the limited supply. Some of them are way too positive and saying that Bitcoin is going to reach 1 million dollars per coin in 2020. At the same time, the growing number of skeptics say that not only have digital currencies failed to become a commonly recognized means of payments, they keep on moving away from the original concept.
 
75% of the experts belive that Bitcoin and other altcoins are likely to stay flat in the coming days, with the bears slightly dominating the market, which may also trigger a move down to the 7500-7700 area. A rally above 8500-8600 is something that only 25% ofthe experts belive in at this point.
 

 

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