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Tuesday, 17 September 06:52 (GMT -05:00)



Foreign exchange market

NordFX: Forex And Cryptocurrency Market Review. August 2019


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. So, this is what those predictions look like:
 
- EUR/USD. International investors are worried about the euro interest rate cuts by the ECB coupled with another round of quantitative easing. Also, it's unclear when the Fed is going to implement its interest rate cut. After Friday's speech by the Fed's Chairman, the currency pair made a sharp move in the upward direction. By, the way, this is where most technical indicators are looking right now. 70% of D1 indicators have turned green.
 
The oscillators are mostly red and gray. Only 10% of them are indicating an overbought market. Most (65%) experts a stronger dollar, with EUR/USD getting back to the 1.1025-1.1050 area, August's lows. The rest of the experts assume that the currency pair may well reach 1.1200-1.1250 and even an area 100 above it
 
- GBP/USD. According to international experts, the G7 summit is unlikely to reduce the likelihood of the hard Brexit scenario. Given this assumption, most fo the experts participating in the consensus forecast anticipate a further downtrend, with a move down to 1.2015, the lowest level since August, 12th. This scenario is backed by H4 and D1 indicators. The closest level of resistance is located around the 1.2280-1.2320 area, while the closest level of support is located around the 1.2180-1.2200 and 1.2075-1.2100 areas.
 
30% of the experts are still bullish on the currency pair. The thing is that they are anticipating good news related to the Brexit, which will eventually sent the currency pair higher, probably up to 1.2415-1.2520.
 
- USD/JPY. At the same time, 70% of the experts anticipate a stronger dollar against the yen. As you probably know, the Japanese Yen remains a popular safe-haven asset. However, some big-scale investors are currently closing their short trades and moving away from the yen to gold. The thing is that the Bank of Japan is planning to cut the key interest rate in the near future to make it drop form -0,1% to an even more negative value.
 
With that being said, the closest target is considered to  be the 106.20-106.70 area, with a further break and consolidation above 107.00. The remaining 30% of the experts are bearish on the currency pair, and their stand point is backed by 90% of the trending indicators located on D1. They assume that the the currency pair will probably try and hit the bottom at 105.00 and break below it to head for 104.60, which is the low of March 2018.
 
- Cryptocurrencies. The cryptomarket is still  being influenced by the same positive news background. In various countries all around the world, digital currencies are getting more and more popular. Various enthusiasts are predicting a strong rally for Bitcoin and some other altcoins, however they don't specify the exact time scope at this point.
Still, 70% of the experts are looking south at this point. They anticipate a move down to the $9000-$9500 area. However, they don't deny the opportunity that the price may rebound form this level and head for 12-20K per coin, if there are clear signals for that.
 

 

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Bitcoin Exceeds $10K Again

It turns out that Bitcoin is still able to surprise. Despite the growing pessimism in social networks, recently has been a good time to load up on Bitcoin and other cryptocurrencies. The world's first and biggest coin has broken the psychological barier of 10000 dollar per coin. Does this mean going back to the bull market? At this point, the BTC rate is around 10300-10400 dollars per coin.

Publication date: 05 September 12:15 AM

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Some representatives of the international expert community assume that the Brexit is going to push Bitcoin higher, all the way up to new record highs in 2019. Nicolas Gregory, CEO of a blockchain company named CommerceBlock, is one of those experts. Not so long ago, he shared his standpoint with The Independent. He thinks that the Brexit may radically change the position of Bitcoin in the global economy and finances.
 
Publication date: 25 August 10:48 AM

Forex and Cryptocurrency Market Review by NordFX

At the beginning of the current trading week, NordFX experts came up with another set of market predictions based on a number of expert opinions backed by trending indicators and oscillators. This is what they came up with:

Publication date: 19 August 01:09 PM

Bitcoin ETF Decision is Delayed by SEC

The SEC, the USA's chief financial regulator, decided to delay the Bitcoin ETF decision once again. If the ETF had received the green light, we would now see it trading on CBOE and NYSE Arca. However, the Securities and Exchange Commission decided to put on hold the decision on three ETFs: VanEck / SolidX (CBOE), Wilshire Phoenix, and Bitwise Asset Management (both related to NYSE Arca).
 
Publication date: 15 August 01:00 AM

Forex and Cryptocurrency Forecast by NordFX. Mid-August 2019

Roman Boutko, an analyst for NordFX, has come up with another consensus forecast for the forex and cryptocurrency markets for the forthcoming trading week starting on August 12, 2019.
Publication date: 11 August 11:42 AM

British Pound And Brexit. What's Next?

The Brexit is going to come to the UK as the result of the 2016 referendum in the UK. 52% of the votes were cast in favor of the Brexit scenario back then. Chances are, the Brexit is going to affect the entire economic and financial system of the United Kingdom, including its national currency - the British Pound.
Publication date: 09 August 09:21 AM

Over 85% Of Bitcoins (BTC) Have Already Been Mined

Publication date: 05 August 03:28 AM

Coinbase Registers a Big Inflow of New Clients

An international cryptocurrency exchange named Coinbase is reported to have registered 5 million users of the last 12 months. This is what the latest report says. In particular, the amount of Coinbase users increased from 25 million users all the way up to 30 million users over the reporting period.

Publication date: 01 August 09:18 AM

Bitcoin Is Likely To Drop, Experts Say

At this point, the market cap of the entire cryptocurrency market is around 263 billion dollars, with over 64% being Bitcoin's share. Ethereum would have to gain more than 700% to break even with the king of cryptocurrencies. At this point, such a scenario looks unreal.

Publication date: 30 July 10:05 AM

Dollar Rate Is Close To 2-Month Highs

The U.S. Dollar is trading around Friday's high while the basket of 6 major currencies is on its way to the second profitable week, waiting for another GDP report from the USA. The dollar rate support a wider spread between the German and American bonds yields.

Publication date: 28 July 08:28 AM