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Foreign exchange market

COVID-19 Keeps Affecting Dollar

Right before the start of another trading week of June 2020, 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 June 15th - 20th. So, this is what those predictions look like:
- EUR/USD. At this point, it's hard to say whether the demand for risky assets is going to recover in the near future. The balance of market powers will definitely be guided by the progress in fighting the COVID-19 pandemic, the trade conflict between the USA and China, as well as the price war going on in the crude oil market.
According to 60% of the experts participating in survey, the currency pair is unlikely to plunge below 1.1200 in the near future. The current levels of resistance are 1.1425 and 1.1500.
The remaining 40% count on the currency pair moving back into the 1.0955-1.1000 range. The forecast is backed by the chart analysis on H4. The closest major level of support is 1.1100. Most of D1 trending indicators and oscillators are pained green since the bulls are currently dominating the EUR/USD market on this timeframe. As for H4, the picture is the opposite. However, only 15% of the oscillators are indicating an oversold market.
- GBP/USD. Some experts point to the fact that a major low was set in April in terms of the UK's economic activity. Some improvements are expected to come in Q3 2020. International investors are currently waiting for big news in the coming days. 45% of the experts are bullish on GBP/USD, backed by H4.
35% are bearish, backed by D1. THe remaining 20% are neutral, expecting a flat market between 1.2400 and 1.2645. The next bullish targets are 1.2815 and 1.2900. The bears are looking to reach 1.2355, 1.2265, and 1.2165. 75% of H4 indicators are pinted red. D1 indicates a controversial picture - with 3 almost equal groups - bearish, bullish, and neutral.
- USD/JPY. 40% of the experts expect a rally with moving inside the 108.25-109.70 area. 35% and 25% expect a plunge and a flat market respectively. It's interesting to note that the scenarios aren't backed by the tech picture.
- BTC/USD. International experts are looking forward to another rally of Bitcoin and altcoins. In the meantime, BTC/USD is trying to consolidate in the area between 10K and 11K dollars per coin. 55% of the experts believe Bitcoin will reach this the top of the area by the ned of June. 15% expect a flat market between 9K and 10K dollars per coin. The remaining 30% are bearish - expecting a move down to 8K-8,5K dollars per coin. The greed and fear index is in the fear zone, which is why traders should be careful when considering long trades.


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