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Thursday, 23 May 07:54 (GMT -05:00)



Foreign exchange market

NordFX Shares Forex and Cryptocurrency Forecasts for Early March 2019


The balance of powers in the international currency market (also known as forex) influences many contemporary tendencies in the entire world. At the same time, traders and investors rely on accurate forex forecasts to earn money. That is why we keep on publishing those weekly consensus forecasts, courtesy of NordFX.
 
In particular, the local expert team has come up with another forecast based on the time-tested approach, which boils down to studying tons of related sources, expert opinions, as well as predictions made based on technical and graphical analysis.
 
EUR/USD.
 
The latest report shows that the American economy grew by 2,9% in 2018. President Trump promises that the national economy will grow even stronger this year. He names 3.0% when predicting the economic growth in 2019. However, unlike Donald Trump, the Fed has predicted a recession and a slowdown to 2,3% this year.
 
Also, when estimating the possible market scenarios, it's necessary to take into account the statements made by several representatives of the ECB. They expect the European economy to gain 0,5% in each quarter of 2019. This creates a controversial situation. The experts are divided 50/50. However, most of the experts assume that the exchange rate is likely to keep moving withing the 1.1300-1.1500 range set in October 2018. However, reaching the highs and lows is not excluded. The range may expand slightly to 1.1215-1.1570.
 
When switching from the weekly chart to the meed-term perspective, the bulls has gained the upper hand - 65% of the experts anticipate a rally to the 1.1700-1.1800 area. That's backed by 80% of the indicators, which have turned green. Still, 15% of D1 oscillators indicate an overbought asset. Fluctuations within the 1.1215-1.1455 range are possible.
 
When it comes to significant events to take into account this week, pay your attention to the ECB meeting scheduled for Thursday. Chances are, we will get to know Mario Draghi's successor. Also, the volatility may increase after the Eurozone GDP report and the U.S. employment stats. The reports are to be published on Thursday and Friday respectively. 
 
GBP/USD
 
Last week's optimism associated with the British Pound turned out to be temporary. A posible delay in the Brexit process can hardly be called a solution. The next Brexit voting is scheduled for March 12. It only then that we will know whether the decision will be delated.If the voting fails again, Theresa May will have to raise the question of forbidding the UK to quit the EU without a major agreement. If the parliament approves  the corresponding decision, the parliamentarians will get a chance to delay the Brexit talks till next time. 
 
Given the uncertainty around the Brexit voting, the experts cannot tell for sure how the situation will affect the British Pound. For now, around 60% of the experts anticipate a drop down to 1.3115, with next levels of support located at 1.2965 and 1.2830. The remaining 40% think the British Pound will rebound from 1.3200 to head for 1.3315, 1.3470. If that's the case, the next level of resistance is 1.3615.
 
USD/JPY
 
Most experts (65%) draw our attention to the increasing risk tolerance and more expensive oil when talking about USD/JPY. The experts assume the Japanese Yen is likely to keep losing value under such circumstances, which means a rally, probably up to 112.25-113.25. The next target is 114.20. The scenario is backed by the technical analysis of the D1 chart.

1551537922_USDJPY_04.03.2019.png

On the other hand, around 20% of the oscillators on H4 and D1 signal an overbought asset, which may result in a deep retracement. That's why 70% of the experts do not deny a possible reversal of the trend, with a move down to 110.25. The next support is located at 109.15.
 
Cryptocurrencies
 
Despite the current weakness, the cryptocurrency market still has a positive news background. For starters, J.P.Morgan is reported to have successfully tested JPM Coin. At this point, the market has been waiting for similar projects from Facebook and Telegram. According to the experts, introducing WhatsApp's own coin will make it possible to expand the use of cryptocurrencies up to 35% pf the world's population. 
 
Against the positive background, many crypto-enthusiasts resumed their talks about cryptocurrencies recovering and getting ready to skyrocket to new heights. According to IBM's Vice President of Blockchain Department , Bitcoin may recover up to 5000 dollars per coin by the the end of 2019. After that, Bitcoin will keep growing until it reaches 1 million dollars per coin.  
 
Apparently, the latter is more like a hope than a forecast. Still, 65% of the experts are getting positive on the future of Bitcoin. They are certain that the coin will consolidate above 4000 dollars per coin and move towards 4,300-4,600 dollars per coin in the near future. The remaining 35% of the experts are bearish on Bitcoin, anticipating a move down to 3,200-3,500 dollars per coin.

 

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Forex and Cryptocurrency Forecast by NordFX. May 20-24, 2019

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.


Publication date: 20 May 03:50 AM

U.S. Sanction Trap For Russian Rouble

It's not a secret that the amount of sanctions against Russia has been growing over the last few years. At the same time, experts are losing faith in the stability of the Russian Rouble. Washington is discussing more and more variants to impose even more sanctions on Russia to undermine its economy and national currency.

Publication date: 18 May 03:25 PM

Facebook articles contest from FortFS

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Publication date: 18 May 12:24 AM

BTC Market Will Set New Highs In 2020

Tom Lee, Chief Analyst for Fundstrat Global Advisors, has recently shared his optimistic view on the future of Bitcoin (BTC). In early May, he said that the BTC exchange rate is undervalued and, given some fundamental factors, it should be somewhere around 14K dollars per coin. At this point, he thinks that the current all-time highs may well be renewed this year. This means BTC prices above $20K per coin and market cap well over 830 billion dollars within the next 20 months.

 

Publication date: 15 May 10:05 AM

U.S. Unemployment Rate Drops To Nearly 50-Year Low

The U.S. Department of Labor has released another unemployment reports. For the first time in over 49 years, the unemployment rate dropped all the way down to 3,9%. For the most part, this has to do with a considerable decline in the economically active population.

Publication date: 13 May 11:22 AM

Six main components of Alpha Bonus from FortFS

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Publication date: 13 May 01:40 AM

Bitcoin Reaches 5-Month High

The cryptocurrency has been maintaining a stable bullish trend. over the last few days, the market cap has exceeded 185 billion dollars. According to CoinMarketCap, the market cap used to be 179 billion dollars on Tuesday. Over the last few days, the cost of all the cryptocurrencies circulating in the global market has grow considerably. 

 
Publication date: 27 April 10:24 AM

ETH's At Local Highs: What's In For Ethereum And ICO?

Ethereum is back in the game! It's currently trading around 5-month lows. Still, the market seems to be showing some confidence that the coin has already overcome its existential crisis and managed to recover from crisis that started after the ICO bubble burst in 2018. Will ETH and ICO revive?

Publication date: 17 April 10:42 AM

NordFX Shares Another Forex and Cryptocurrency Forecast for Mid-April 2019

The balance of powers in the international currency market (also known as forex) influences many contemporary tendencies in the entire world. At the same time, traders and investors rely on accurate forex forecasts to earn money. That is why we keep on publishing those weekly consensus forecasts, courtesy of NordFX.
Publication date: 15 April 10:54 AM

Weekly Forex and Crypto Prediction by NordFX. Mid-April 2019

Any exchange rate between any two currencies is the result of multiple factors affecting the currency pair at any given moment. At the same time, those exchange rates themselves are actually capable of affecting other processes important to specific countries and even the entire world.

Publication date: 09 April 11:01 AM