Roman Boutko, an analyst for NordFX, has come up with another consensus forecast for the forex and cryptocurrency markets for the forthcoming trading week starting on May 20, 2019.
- EUR/USD. The statements from the Fed' representatives are going to get the biggest attention from international traders and investors. On Tuesday, May 21, the Fed Chairman is to make a speech at the annual conference dedicated to financial markets. In his report, he is definitely going to touch upon the key risks for the American financial system. The next day, the Fed's FOMC is to reveal their meeting minutes from the meeting that took place on May 1. Around 75% of the experts, backed by the majority of oscillators and all trending indicators on H4 and D1, anticipate a stronger dollar this week. They think EUR/USD will attempt to break below a major level of support around April's lows to drop down to 1.1100. and below.
At the same time, 15% of the oscillators indicate an oversold market.
- GBP/USD. It seems that the market is uncertain since they don't know what other surprises the Brexit has in store for them. At this point, it's unclear when Theresa May is planning to resign and which European political force wins the European parliamentary elections this time. Also, it's unclear what the 4th Brexit voting end up with. So, the uncertainty is building, which is clearly not in favor of the British Pound.
That said, most experts (around 60%) cannot may specific prediction regarding GBP/USD. The remaining amount of analysts are split - 20/20 - bull and bears respectively.
- USD/JPY. The first day of the week will bring us another Japanese GDP report. Experts assume there will be zero growth. If that's the case, this is going to be a bad signal for the Japanese Yen. This means a further rally for USD/JPY, probably up to 111.00. At this, this is the predition made by 50% of the experts. 30% of the experts expect a flat market within the 109.00-110.00 area. The remaining 20% say the yen will strengthen by reaching 108.
- the cryptocurrency market, despite the poor news background established on Friday, the bias still seems to be positive. The bulls hope that the current BTC/USD move down to 7000 dollars per coin is a correction, which bill be followed by another rally to new highs.
