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Monday, 24 February 19:06 (GMT -05:00)



Foreign exchange market

NordFX Shares Another Forex and Cryptocurrency Forecast for Mid-April 2019


The balance of powers in the international currency market (also known as forex) influences many contemporary tendencies in the entire world. At the same time, traders and investors rely on accurate forex forecasts to earn money. That is why we keep on publishing those weekly consensus forecasts, courtesy of NordFX.
 
In particular, the local expert team has come up with another forecast based on the time-tested approach, which boils down to studying tons of related sources, expert opinions, as well as predictions made based on technical and graphical analysis.
 
EUR/USD 
 
Around 60% of D1 trending indicators are still painted green. However, oscillators are showing us a different picture. 30% of them have turned grey. The rest of them are indicating an overbought market. 65% experts, the market is going to start moving down within the next coupe fo days, thus trying to test April's low at 1.1183, and to move further down to 1.1175. t`he closest level of support is 1.1250.

График EURUSD

 
H4 analysis shows that before going south, the currency pair may temporarily rally up to 1.1300 and 1.1350. The closest level of resistance is 1.1420.
 
GBP/USD
 
The experts assume that the euphoria caused by the Brexit delay will get exhausted soon. The currency pair is likely to  move in a flat market within the 1.2985-1.3150 range. The closest level of support and resistance are around 1.3050 and 1.3120 respectively. The mid-term forecast is mostly bullish (60% experts). They anticipate a stronger pound, with a move in the 1.3200-1.3350 area. However, we should keep in mid that the accuracy of this prediction has to do with the situation around the Brexit. There is still a change of holding another Brexit referendum. As a result, London may equally reject the Brexit or decide to quit the EU without a major deal. So, any Brexit news may affect the situation and reverse the trend. For now, the demand for the British Pound is low.
 
USD/JPY
 
The bullish scenario remains the most likely one. 70% experts go north, so do all trending indicators. The experts say that in case the 10-year U.S. bonds keep growing, the currency pair may rebound from 112.00 and go up to the 113.00-114.20 range. At the end of the past trading week, the currency pair was located closer to the upper border of the 109.70-112.15 mid-term channel. So, a rebound from the upper border is also probable. This is what is indicted by 25 oscillators. The closest level of support - 110.85, 110.35, and 109.70.
 
It;s also interesting to note that Japan and the USA are planning to hold trade talks this week. The results may affect the currency pair. Also, you are recommended to pay attention to a series of events like UK and German ZEW indexes (Tuesday, April, 16th), Chinese GDP and UK CPI (Wednesday, April, 17th), UK and US retail sales (Thursday, April, 18th), Japanese CPI (Friday, April, 19th).
 
BTC/USD
 
The crypto-market news background is mostly positive. Bitcoin has recently reached another high. It's interesting to note, that ever since Bitcoin came into existence, they have already made over 400 million BTC transactions. At this point, over 350 000 BTC transactions are being made on a daily basis. 
 
According to Co-Founder of Fundstrat Global Advisors Tom Lee, Bitcoin is now back in the big game. The fair price is around $14K per coin. However, some other experts don't share this standpoint. Coinbase CEO Brayan Armstrong, the next big inflow of international investors is only possible when 3 major issues are resolved, namely scalability, convenience and volatility.
 
When evaluating the mid-term prospects of Bitcoin, 70% experts expect a move up to $6K per coin. However, this week, the price is likely to go flat in the 4,935-5,335 range while testing the upper border of the range. Chances are, the range will be expanded to 4,600-5,500. 

 

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