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Monday, 30 March 01:14 (GMT -05:00)

Foreign exchange market

Coronavirus's Impact On Markets Intensifies, NordFX

The period when the coronavirus makes everyone stay at home can be seen as a perfect time for traders and investors to do some extra trading and investing. To help both rookies and seasoned traders and investors to navigate the markets and see the current tendencies much clearer, NordFX has come up with yet another weekly set of forecasts:
- EUR/USD. International governments and regulators keep on fighting for their economies by taking unprecedented steps. For example, the Fed has launched the short-term borrowing program for commercial banks. The ECB has announced an even bigger quantitative easing session.
With that being said, 55% of the experts are bearish, and their stand point is backed by 85% of the oscillators and trending indicators on H4. According to 45% of the experts, the currency pair may go north if the dollars starts getting weaker. It's interesting to note that 15% of the oscillators are indicating an oversold market.
The H4 charting makes it possible to wait for a sharp drop down to 1,0950, with a further recovery up to 1.1100 and maybe even another 100 points. D1 is showing us an ambiguous picture. The current levels of supports are located at 1.1065, 1.1000, 1.0850, 1.0750, while the current levels of resistance are located at 1.1175, 1.1240, 1.1350, 1.1500.
- GBP/USD. At the end of the previous trading week, all of the trending indicators were looking south. At the same time, 20% and 15% of the oscillators on H4 and D1 respectively were indicating an oversold market, which indicates the possibility of a correctional move or even a trend reversal in the upward direction. The D1 charting backs this assumption. It indicates that after reaching the bottom around 1.2200, which is October's low, the currency pair is likely to reverse and move north up to the 1.2425 resistance, or even 1.2565.
Given the fluctuation range, we should pay attention to other two support levels 1.2065 and 1.1960, as well as 1.2725 and 1.2870. Chances are, the price may break out of these bounds. With that said, the experts have failed to make clear predictions about the currency pair for the week. As for the next couple of months, 75% of them expect a rally up to 1.2900-1.3100.
- USD/JPY. According to 60-70% of the experts, the Japanese Yen is going to weaken over the next 2 months, with the currency pair going in the 108.30-109.75 area, and then reaching 112.00-112.40. The next bullish target is 200 points higher.

График USD JPY от NordFX


A possible fluctuation of the Japanese interest rates may surprise investors. Otherwise, this may tip the scales in favor of the yen, which means a downtrend for the currency pair to pin through 105.90, 104.50, and 103.15. The bears are aimed at reaching last week's low, with a chance to test 101.00.
- Cryptocurrencies. In the cryptocurrency market, the experts are trying to explain last week's events. Some of them say, the drop is all about speculative moves, while others think that's something that proves that people don't trust digital currencies enough. At the same time, probably some investors decided to cash out amid the coronavirus panic.
This week, 65% of the experts say that BTC/USD may reach 6000-6500 dollars per coin. Another 35% say it may drop all the way down to 5000 dollars per coin.  Only 20% of them belive that Bitcoin will have consolidated above 7000 dollars per coin by the end of the month. The same amount of the experts predict a crash all the way down to 3000-3500 dollars per coin.
NordFX experts strongly recommend that we keep in mind the specifics of the existing situation. Amid the COVID-19 panic, when the markets are feverish like never before, it's not recommended to rely on predictions. The situations may change rapidly, and so may the related predictions.


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