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Foreign exchange market

Forex and Cryptocurrencies Forecasts. End of May 2020.


Right before the start of the last trading week of May, 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 May 25th - 29th. So, this is what those predictions look like:
 
- EUR/USD. If the current tendencies persist, the currency pair may stay within the bounds of the flat-market range between 1.0750 ans 1.1000. The gloomy sentiment may recapture the traders' minds if the geopolitical tensions escalate amid a possible second wave of COVID-19. Still, experts say the panic is unlikely. However, safe-haven assets, including the dollars, are likely to stay in demand.
 
Given the existing factors, 70% of the experts participating in the consensus forecast expect a break below 1.0750, with a move down to 1.0635, which is March's low. At the same time, 30% of the experts do not deny the possibility of EUR/USD rallying up to 1.1100-1.1240 in mid-term perspective.
 
- GBP/USD. The problems existing in the UK economy may force the Bank of England into expanding the QE program, including the introduction of negative interest rates. Apparently, these factors have been pressing the pound for a while.
 
70% of the experts are convinced that last week's correction is over and the currency pair is likely to plunge down to 1.2075, and maybe even to 1.2000. If that's the case, GBP/USD may see another drop to March's lows at 1.1640 and 1.1400. By the way, these assumptions are backed by 85% of the oscillators used in the analysis, as well as all of the trending indicators applied to the H4 and D1 timeframes.
 
The remaining 30% of the experts have voted for an upcoming uptrend, with getting back into the 1.2165-1.2650 range, probably closer to the upper bound. 15% of the oscillators are indicating an oversold market. At the same time, the D1 chart analysis brings us an alternative scenario - a move down to 1.1400 by mid-June after getting up to 1.2350.
 
- USD/JPY. Because of a major drop in the economic activity, Japan is expected to see an inflation drop coupled with a production slowdown. The Bank of Japan tried hard to trigger inflation growth but failed. If the attempts continue, this will only exert extra pressure on the yen. On the other hand, yen may gain popularity as a safe-haven asset if the USA-CHina tensions continue.
 
65% of the experts say that the currency pair is likely to get back to the 106.00 low in the next few days. The levels of support are 107.30, 106.80, 106.20. The remaining 35% expect a rally, with targets at 107.85, 108.00, 108.50, 109.25.
 
-Cryptocurrencies. Respected enthusiasts keep on saying that BTC is about to rally up to 20000 dollars per coin within the next 18 months, and 75000 dollars per coin within the next 3 years. In the meantime, the experts say that the likely range for the trading week is between 8000 and 10000 dollars per coin. They say that by the end of June, the BTC exchange rate may exceed 10000 dollars per coin.

 

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