The NordFX expert team has recently come up with another set of weekly forecasts covering forecast and cryptocurrencies. The current period is August 5th - 9th, 2019. The consensus forecast is based on a number of different methods an approaches to analysing financial markets.
- EUR/USD. The currency pair has come close to the pivot point of 2015-2016. At this point, 90% of the trending indicators and oscillators are indicating a further downtrend. This scenario is also backed by 65% of the experts participating in the consensus forecast. The closest target is 1.0950. The next one is the level located 100 points below this one.
The bulls are supported by 35% of the experts. Taking into account the forthcoming quantitative easing planned by the Federal Reserve, in the mid-term perspective, the bulls take the lead with 55%. The H4 graphical analysis indicates a move within the range between 1.1070 and 1.1165. After this, they expect a rally up to 1.1225 and maybe even 1.1285.
- GBP/USD. When it comes to the British Pound, 75% of the experts anticipate a move towards the 1.2200 area with a changes of going another 100-150 points down. This supposition is backed by 95% of the trending indicators and 90% of the oscillators on D1. At the same time, 10% of the oscillators indicate an oversold market.
At the same time, 25% of the experts anticipate a flat market in the near future, which is backed by 25% of the oscillators. The expect the currency pair to move up and down within the scope of the 1.2100-1.2250 range. If the Brexit news background is positive, we may see a rally up to 1.2375, and even 1,2800 in the mid-term perspective, especially if the Bank of England toughens their monetary policy.
- USD/JPY. The Japanese Yen is getting more attractive amid the escalating trade conflict between the United States and China and the Fed's resent interest rate cut. 60% of the experts anticipate a move down to January's low at 105.00 (which means a stronger yen), while all of the trending indicators and most oscillators are looking south. The minority anticipates a move up to 107,80, 109.00, and even 110.00.
- Cryptocurrencies. Bitcoin holders are busy actively looking for something to justify the BTC rally. International media sources are now resuming their brave predictions - 20K and even 55K dollars per coin in a matter of several months. As for the experts, they share the opinion that we can confirm a confident bull cycle in the BTC market only after the exchange rate consolidates above 11K dollars per coin.
