The forecast from the company ForexMart (ForeksMart)
Forecast NZD / USD for the week 8-12 May
The currency pair New Zealand Dollar / US Dollar for the week rose by about 500 points, adjusting after the collapse last week. However, the pair remains bearish with the immediate goal to 0.6800. Today's good reports on the labor market and rising yields on US government bonds have not led to the strengthening of the US currency. Commodity prices are falling, so explain the strengthening of "Kiwi" is possible only from the perspective of technical analysis - the New Zealander yesterday formed a "pin-bar" drawing on the area of local minima and adjusted towards the 0.6930 level. Thus, next week there is a high probability of a counter-offensive with bears medium-term objective at 0.6730. Waiting rebound from the level signal generation and sales.
Forecast EUR / USD for the week 8-12 May
In a couple of this week was mostly upward movement. The euro showed steady growth from 1.0894 earlier in the week and to the level of 1.0981 at the moment. The euro also supports the probability victory Emmanuel Makron the presidential elections in France in the coming Sunday. Next week, the pair is likely to begin with hepatitis, according to the election results. The forecast assumes a correction to 1.08 next week. However HepB caused Makron victory might push the pair to 1.10, which open the way to 1.13.
Bitcoin exchange rate forecast for the week 8-12 May
Trading instrument Bitcoin / USD this week reached a record level of 1500, showing a steady growth every 5 days. On the daily chart shows that the price is much higher than the SMA line (50) and the EMA (20) is at the level of 1300, being the date the support zone. Bitcoin is growing on expectations of the committee's decision by the Securities and Exchange Commission - the largest economy in the world - about the status of the Bitcoin Foundation, which will open the door to new cryptocurrency. Technical trading tool needs to be corrected. On Thursday, we have seen how, reaching 1500 steam for two hours had fallen to the level of 1350, but then followed by new purchases. We expect another correction, otherwise we were surprised to observe new records.
Forecast USD / RUB week 8-12 May
Ruble rate began to stabilize after a sharp drop phase in a few days due to too cheap oil. Currency Exchange in Russia will not work for 4 days due to the celebration of Victory Day on May 9th. Players seeking to close all positions before the week is so long weekend. The dynamics of the ruble in the next week will depend on the situation on the world market of raw oil. It is possible to further lower prices for "black gold" despite today's slight strengthening to $ 49.40 per barrel. Ruble barrel price is 2800 rubles.
The graph shows the breakdown of the upper limit of the global downtrend channel. However, as previously mentioned, the growth of the dollar limited area 58.60 rubles. From the level of 58.46 the pair bounced down. The RSI indicator shows a similar picture. Forecast for next week involves the reduction of quotations to the global limit of the channel previously breached at the level of 57.10 rubles.
Forecast USD / CAD for the week 8-12 May
Unable to overcome the level of 1.3800, a pair USD / CAD rebounded from the updated maximum and starts to form the correction movement down toward the bottom boundary of the rising channel. Tonight is expected to yield a report on US employment and Canada. These data will affect the future dynamics of couples: whether it can continue to grow and it is time to consolidate? But even if the Canadian will be supported by its strengthening will not be long. Experts predict a continuation of the upward trend against the background of falling oil prices up to the OPEC meeting in Vienna on 25 May.
By the end of trading on Friday the Canadian was able to rise to the level of 1.3700, as the oil showed a slight increase to $ 49.20 per barrel. The breakdown of the lower boundary of the channel at this level will give "bears" a stimulus for further movement towards 1.36. However, the weekly-term we can hardly expect a radical change of trend. Forecast for the next week involves continued strengthening pair and further growth after rebound from the uplink lower limit.
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