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Saturday, 30 May 19:15 (GMT -05:00)



Foreign exchange market

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:
 
- EUR/USD. The currency pair is currently being influenced by economic slowdowns in China and Germany, coupled with economic difficulties in Italy, and, of course, the forthcoming Brexit. At the same time, the United States revealed relatively strong economic data. American politicians claim that no trading confrontation will affect the American economy. 65% of the experts and almost all of the H4 and D1 trending indicators and oscillators are backing the dollar. The expect the currency pair to reach the 1.1000–1.1025 area. On the other hand, a range of events indicate a possible trend reversal and a move down to the 1.1300-1.1400 area. The short-term scenario is backed by 35% of the experts but when it comes to the mid-term perspective, the supporters make up 55% of the experts.
 
- GBP/USD. Amid weaker industrial production in the UK, the retail sales are growing. Apparently, the British are afraid of the consequences of the Brexit and therefore prefer to spend their savings by purchasing products at what they consider to be a discount since their savings may loose a certain share of their purchasing power anyways when the Brexit is over. At this point it's unclear how long the tendency will last. People are waiting for Boris Johnson's decision and the Parliament's reaction to it.
 
Most experts (65%) anticipate a further timeout in the downtrend. In particular, they expect the currency pair to fluctuate within the 1.2000–1.2200 range throughout the trading week. The closest level of support is 1.2050, while the closest level of resistance is 1.1275. As for the graphical analysis of H4 and D1, it predicts a move down to the low of October 2016 (1.1900-1.1940) after staying relatively flat for a couple of days.
 
- USD/JPY. Investors doubt that the trade war between the USA and China can end up in a peaceful resolution. This means that the Japanese Yen will stay popular as a safe-haven asset, which it is. A drop in the 10-year U.S. T-bond yield is also contributing to a stronger yen and a downtrend on the market of USD/JPY. The experts assume that the currency pair is likely to continue its move within the 105.00–107.00 range this week. 60% of the experts anticipate a further move up to the 108.50-109.00 area.
 

- Cryptocurrencies. When it comes to digital currencies, experts prefer to make longer-term forecasts. Some of them think that Bitcoin is very likely to hit 15000 dollars per coin within the next couple of weeks. Even though there are no fundamental reasons to buy Bitcoin right now, the rally may resume in near future.BTCUSD

 

 

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