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Foreign exchange market

Weekly Forex and Crypto Prediction by NordFX. Mid-April 2019


Any exchange rate between any two currencies is the result of multiple factors affecting the currency pair at any given moment. At the same time, those exchange rates themselves are actually capable of affecting other processes important to specific countries and even the entire world.
 
NordFX experts has come up with another weekly consensus forecast for the forex and cryptocurrency markets. Frankly speaking, this is note the first time they publish forecast like that. Yet, they have proven to be quite efficient in prediction the market situation. So, without further ado, let's go ahead and take a look at the most recent forecast.
 
EUR/USD
 
On Wednesday, the ECB is to publish another internest rate decision. International experts assume that the key interest rate is likely to stay unchanged this time. However, chances are the regulator may also consider switching to a more aggressive policy when it comes to stimulating the national economy. With that being said, the ECB may well cut the rates or expand the QE program. The recent news releases have been contributing to higher investor interest in Europeans stocks amid decreasing interest in the common European currency.
 
On top of that, the Fed is expected to reveal its FOMC meeting minutes on Wednesday. The minutes will make it possible to evaluate the next move in terms of the central bank's monetary policy. In the meantime, the biggest factor pressing the the common European currency has been the uncertainty around the Brexit, which is something everyone is already fed up with. Probably, that the reason why 60% of the experts, backed by most indicators, are betting on a further downtrend in the EUR/USD market. The closest target below is 1.1175, the lowest level since March 7th. The next major level of support is located 60 points below the mentioned one.
 
The minority represented by 40% of the experts, backed by 20% of the indicators, are bullish and anticipating a move up tp 1.1255 and further up to 1.1300 and 1.1345.
 
GBP/USD
 
Most experts believe that the Brexit will definitely keep affecting the Euro, but when it comes to the British Pound, the forecast is quite the opposite. 65% of the experts anticipate a rally. The thing is that they expect the EC meeting to end up with extending the Brexit decision for a long period of time instead of letting the UK quit the EU without a major deal on April 12th. The forecast is backed by D1 indicators. They anticipate a move up to 1.3120, 1.3200 and 1.3265. 35% of the experts predict a dropdown to 1.2975, 1.2900 and 1.2830.
 
USD/JPY
 
Over the last few weeks, the currency pair has successfully come a long way from the very bottom of the mid-term channel represented by the 109.70-112.15 range all the way up to the upper border of the channel. The past trading week ended at 111.70. Most experts anticipate a test of 112.15.

График USDJPY

Some of they even think the exchange rate may reach 113.00. The others expect a move to 110.80.
 
BTC/USD
 
As for the cryptocurrency market, a sudden rally triggered tons of rumors. International experts are actively discussing t several interesting events. For example, the famous creator of Bitcoin nicknamed Satoshi Nakamoto has recently become active again. In particular, he re-activated his Bitcointalk account that ued to be inactive for many years. it's interesting to note that no one still knows the real person or people behind this name, even though there are many suppositions related to that.
 
A group of hackers thinks that this is Elon Mask. They claim that some of the biggest transactions (hundreds of millions of dollars worth) were made from Bel Air, Los Angeles. That's where Elon Mask lives.
 
As for the market predictions, 70% of the experts assume that Bitcoin will move in the 5000-5500 range within the next trading week. Some others do not denie a move down to 4800. The key level of resistance for now is 5100 dollars per coin.

 

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