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Thursday, 22 October 12:09 (GMT -05:00)



Foreign exchange market

EUR/USD Waiting For Events


The year of 2019 is almost over. So, what are the expert predictions for the forthcoming trading week? NordFX has come up with another set of market forecasts for December 16th-20th. So, without further ado, let's go ahead and take a closer look at them.
 
EUR/USD. The market is still waiting for a range of events. However, they are unlikely to trigger major market changes. The Brexit is unlikely to influence the market greatly in the coming weeks since the market seems to have already digested the results of the recent parliamentary elections in the UK. With that being said, some experts assume that the currency pair is now influenced by the results of the trade talks between the United States and China.
 
85% of the oscillators are painted green. The same amount of the experts share the same picture - slight growth. In the meantime, the currency pair, is trying to break above the resistance level located at 1.1200 to move further up to 1.1225-1.1235. They say that if that's the case, the currency pair is likely to move down to 1.1000-1.1100 after that. 65% of the experts think the scenario will manifest itself within the next 3 weeks or so.
 
GBP/USD. As for the British Pound, 65% pf the experts and 90% of the indicators predict a move down to 1.3500. Still, only 25% of them think this attempt will be a success. The rest expect a rebound down to 1.3100-1.3200. Apparently, the pound keeps being pressed by the Brexit.
 
USD/JPY. The Japanese Yen is also waiting for the trade conflict between China and the United States to resolve. According to 75% of the experts, the talks have been pushing the currency pair up. At least, this is what 95% of the expert thinks, backed by 85% of the oscillators. Resistance - 109.70, with a chance to reach and consolidate around 110.00-111.00. Some experts assume the market will go flat inside the 108.40-109.70 range. 
 
Cryptocurrencies.
 
As for the international market of digital currencies, the experts do not deny a possible change. The current standstill may eventually result in a strong move in any of the two directions, mostly due to speculative traders who need volatility to make money. 
 
As for the experts, most of them (65%) expect BTC/USD to move down to 6500-6800 dollars per coin. Only 35% belive in a rally up to 8000 dollars per coin.

 

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