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Sunday, 23 February 13:10 (GMT -05:00)



Foreign exchange market

Forex and Cryptocurrency Forecasts for mid-January 2019


Before the start of the last trading week of October, the NordFX expert team has come up with another set of weekly consensus forecasts for the forex and cryptocurrency markets. When devising those forecasts, the experts gathered multiple expert opinions and tech analysis. The forecast is actual for the period of January 13th through 17th, 2020. As a result, we get the following picture:
 
- EUR/USD. The currency pair has been moving within the scope of a bullish sloping channel since the ned of November 2019. Having reached another local high at 1.1240 on December 31st, 2019, the price changed the direction. According to 60% of the experts participating in the consensus forecast, the currency pair will not get back into the sloping channel in the near future. The thing is that the American currency is likely to continue strengthening, which is why they expect the currency pair to move all the way down to 1.1040-1.1065. The next target is 1.1000. It seems that the charting-based forecast made on H4, backed by 70% of the trending indicators on D1.
 
The remaining 40% of the experts assume that the currency pair is not going to be able to break the 1.1100 threshold, and is likely to move back at least to the central line of the sloping channel around 1.1240. The macroeconomic indicators expected to come out within the next few days are unlikely to change the situation drastically since the situation is now heavily influenced by the situation around Iran.
 
- GBP/USD. The Brexit is coming to an end, which means the UK and the EU are going to say good bye to each other soon. According to Bloomberg, the UK's annual GDP is likely to drop from 2% down to 1%. Better yet, the UK will have to spend quite a lot fo time to recover its GDP growth. It's very likely that the British Pound is going to continue its movement with the horizontal range of 1.2900-1.3200 with the Pivot Point in the 1.3000-1.3050 area.
 
60% of the experts expect the currency pair to move close to the lower boundary of the channel, around the following levels of support: 1.3010, 1.2970, and 1.2900. This forecast is backed by 85% of H4 and D1 indicators. Coupled with the charting analysis of D1, 40% of the experts count on a rebound followed by a rally all the way up to the channel's Pivot Point.
 
- USD/JPY. Last week, the currency pair reached the upper boundary of the mid-term horizontal channel of 108.40-109.70. 75% of the oscillators and 85% of the trending indicators are painted green. However, only 25% of the experts expect the currency pair to grow up to 110.70. According to most (75%) experts, the currency pair is likely to go down. The currency pair is overbought. The current levels of support are located at 109.20, 108.75, and 108.40. They say. however, that reaching last week's lows around 107.65-107.75 is unlikely.
 
- Cryptocurrencies. The international community has been discussing the rumors that 70% of BTC coins are stored on frozen accounts. Most of the investors buy and hold. Chances are, most of them are waiting for BTC to hit 1 million dollars per coin, which is predicted to happen in 2040. Last weeks high and lows prove that BTC/USD has come to a new range - 7,765-8,450 dollars per coin. At the same time, 70% of the experts predict a move down to 7,000-7,500 dollars per coin.

 

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