Right before the start of the first trading week of June 2020, 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 June 1st - 5th. So, this is what those predictions look like:
- EUR/USD. After the end of the previous trading week, more than 90% of the indicators used on H4 and D1 are currently looking north. At the same time 10% of the oscillators are indicating an oversold market. It's interesting to note that almost 50% of the experts participating in the survey don't belive in the bullish scenario for the current trading week.
The appetite for risk is gradually decreasing. With that said, if Washington resumes the attack on the Chinese direction, the currency pair may resume moving south. This week, 45% of the experts anticipate a stronger dollar. But the supporters of this scenario grows to 70% when switching to the monthly scale. The bears' closest target getting back inside the sloping channel between 1.0750 and 1.1000. The closest levels of support are located at 1.1065 and 1.1000, and 1.0900. The closest levels of resistance are 1.1145 and 1.1240.
- GBP/USD. The indicators are controversial, indicating a flat market. The experts are controversial as well, with 50% predicting a weaker pound, and 50% expecting a flat market or a strong pound.
Most experts' prediction is backed by the tech analysis on D1. The levels of support and resistance are 1.2245, 1.2165, 1.2075 and 1.2365, 1.2465, 1.2650 respectively.
- USD/JPY. Amid a possible escalation of the US-China trade conflict, the dollars is expected to get stronger, but not against the yen. The thing is that the yen has been seen as a safe-haven asset during times of uncertainty, which is something we can see these days. That's why the yen may gain support from investors with low risk tolerance. So, chances are the exchange rate may stay relatively unchanged in the coming days. By the way, this is something that has been happening over the last 2 months. As for the experts, they are divided into 3 almost equal groups. The levels of support and resistance are still the same - 107.30, 106.80, 106.20 and 108.00, 108.50, 109.25 respectively.
- Cryptocurrencies.
The cryptocurrency market has been consolidating for a while. Bitcoin has consolidated above 9400 dollars per coin. According to 30% of the experts, BTC may exceed 10K dollars per coin in the coming days. It's interesting to note that international investors are getting increasingly interested in BTC futures.
