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Saturday, 30 May 19:50 (GMT -05:00)



Foreign exchange market

Dollar Regains Strength, NordFX Reports


Right before the start of another trading, 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 March 30th - April 3rd. So, this is what those predictions look like:
 
- EUR/USD. The currency pair has been trading around Pivot Point 1.1100 for several months after recovering from the previous drawdown.  This means the market is uncertain about what to expect from politicians fighting the coronavirus pandemic. The situation has been influenced by a number of factors. The charting analysis was looking north, and so were the vast majority of indicators. At this point, 15% of the oscillators on H4 and D1 are signalling an overbought market.
 
60% of the experts are anticipating a rally, with the remaining 40% voting for a new dive. Given the current volatility, the levels of resistance are located at 1.1240, 1.1365, and 1.1500, while the corresponding level of support are located at 1.1000, 1.0850, 1.0775, 1.0635.
 
- GBP/USD. The experts naming the pessimistic forecast for the UK economy are saying that the reasons are Brexit and COVID-19, which is something we shouldn't be surprised at. Despite the mid-term forecast, 60% of the experts anticipate a trend reversal this week, with switching to a downtrend. If that's the case, this is going to be the start of the new devaluation phase for the British Pound.
 
At the same time, the bulls are still dominating the H4 time frame, with 20% sitting in the overbought area. On D1, the oscillators and trending indicators are making controversial signals. However, the bearish forecast is confirmed by the charting analysis of both time frames. The results received make it possible to predict that the currency pair is likely going to stay within the 1.2250-1.2600 range, with breaking below its bottom afterwards. Resistance levels - 1.2600, 1.2750, 1.3025, 1.3200, 1.3515. Support levels – 1.2250, 1.2200, 1.1800, 1.1450.
 
- USD/JPY. Given the fact that the currency pair closed the last trading week  around a strong level, which was 108.00, most experts - around 60% of them to be more specific - are predicting a trend reversal, with a stronger dollar. If that's actually the case, the currency pair will get a chance to test and overcome the 111.60-112.00 area, with a chance of going another 100 points up. The closest major level or resistance is located in the 109.70-110.00 area. 40% support the bears. The support levels are 106.70-107.25 and 104.70-105.00. The targets are 103.00 and 101.00.
 
- Cryptocurrencies. The BTC index of greed and fear gained only 3 points last week. This means the market is afraid. At the same time, more people searched how to buy Bitcoin on the internet. International experts say that cryptocurrencies are doomed to strengthen amid the COVID-19 pandemic. In particular, they say that even despite the volatility, this is going to be the year of Bitcoin.
 

 

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