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Thursday, 20 February 03:42 (GMT -05:00)

Foreign exchange market

Forex and Cryptocurrency Predictions by NordFX. January 27th-31st, 2020.

Right before the start of the last last trading week of January, 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 January 27th-31st. So, this is what those predictions look like:
- EUR/USD. For the European Central Bank, a weak euro is more beneficial at this point. The closest goal is 1.1000. The next one is 1.0960. If the currency pair breaks below this threshold, it will probably move all the way down to 1.0880. 55% of the experts expect a further downtrend. Their expectation is backed by 85% of the oscillators, and all of the H4, D1, and W1 indicators.
The remaining 45% of the experts stick to the opposite opinion. 15% of the oscillators indicate an oversold market. When switching to the Monthly chart, the advocates of the bullish scenario are more numerous - 70%.  The closest target is a major threshold around 1.1065. Some other major levels of resistance are 1.1100 and 1.1175.
- GBP/USD. After January 31st, the UK will no longer be a part of the EU. Apparently, the investment risks were reduced by the gradual nature of the Brexit process. A weaker pound makes the British economy more competitive in the international arena. If the Brexit ends up without any surprises, the pound is likely to gain some strength against the dollar and the common currency.
With that being said, 65% of the experts are bullish on the currency pair. The expect it to reach the 1.3160 resistance and then head for 1.3200.
According to 35% of the experts, GBP/USD is likely to keep on going down. The likelihood of the scenario manifesting itself will increase if the Bank of England decideds on another interest rate cut. In this case, after breaking below support levels at 1.3040, 1.3000, and 1.2960, the currency pair may reach December's low at 1.2900.
- USD/JPY. The indicators are drawing an ambiguous picture. 10% f the oscillators are indicating an oversold market. 60% of the experts, backed by D1 charting, are expecting the end of the bearish phase. They say the target is the 110.20-110.30 area. The next one is 110.80. The remaining 40% assume that the bearish trend will persist. The closest bearish target is 108.40.
- Cryptocurrencies. Bitcoin has dropped a bit. The index of greed and fear has changed accordingly. In particular, the index didn't enter the fear area but still scared some of the bulls away. Int's interesting to note that some of the Bitcoin prophets started declaring more modest predictions regarding the expected BTC rally.
Speaking of the experts participating in the consensus forecast, 50% of them say that BTC will drop down to 7500-8000 dollars per coin. 30% anticipate a flat market. The remaining 20% assume a rally above 9000 dollars per coin.


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