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Stan NordFX

Member Since 04 Mar 2018
Offline Last Active Jan 13 2019 12:03 PM

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In Topic: Market Forecasts And Analysis From Nordfx

13 January 2019 - 12:04 PM

Forex Forecast and Cryptocurrencies Forecast for January 14 - 18, 2019

First, a review of last week’s events:
- EUR/USD. On Wednesday, January 9, after repeated attempts, the pair managed to break through the upper limit of the mid-term side channel in which it was located, starting from November 2018. Having overcome the resistance in the area of 1.1500, it reached the height of 1.1570, after which the followed by a trend reversal, and the pair once again found itself within the above channel, ending the week at 1.1470.
The weakening of the dollar was influenced by a number of factors: the unplanned “holidays” of the US Government, a very cautious, “pigeon”, speech of Fed Chairman Jerome Powell at the Economic Club meeting in Washington, where he pronounced the word “patience” five times. But the main factor, according to many experts, was the active strengthening of the Chinese yuan before the expected signing of a trade agreement with the United States;
- GBP/USD . Recall that only 15% of analysts sided with the bulls last week. But they were right. Unclear prospects for the dollar outweighed the concerns associated with Brexit. The pound was supported by positive UK GDP data released on Friday, January 11th. As a result, the pair rose by almost 150 points, reaching the height of 1.2865, after which a slight rebound followed, and the quotes dropped to the zone of 1.2840;
- USD/JPY. After the “New Year storm,” caused by the lack of liquidity, the Japanese currency is complete calm, moving in a fairly narrow side corridor within 107.75-109.10. The pair met the end of the week in the same place where it started , near the Pivot Point 108.50. The reason for this is the emerging balance between the attractiveness of the yen as a safe-haven currency and the growing interest in other currencies that can bring grat profits if a trade deal is concluded between the US and China;
- Cryptocurrencies. Our review is fundamentally different from other reviews in that it is not an opinion of one particular analyst. In our analysis, we strive to collect as many opinions of various experts as possible so that, getting rid of harmful “noises”, we can identify the main trend that determines the movement of the pairs in one direction or another. However, it can be very difficult, as, for example, now, for cryptocurrencies.
Some experts consider the decline of the main crypto pairs last week as the end of the positive correction that started in mid-December 2018, and a return to the negative dynamics of the market. And someone, on the contrary, see it as a post-holiday syndrome, at the end of which the quotes will again rush up.
Whatever it may be, the crypto market's capitalization fell from $138 billion on January 6 to $123 billion on Friday January 11, having lost almost 11%. The quotes of major cryptocurrencies, Bitcoin, Litecoin, Ethereum, Ripple, and many other, also fell. Thus, the pair BTC/USD is traded near the three-week low in the $3,700 zone.
The reasons for the fall are the fact that investors, hoping for a festive gap, disappointed, are now closing their positions, and the fact that about 40,000 Ethereum coins have been stolen from exchange. The news about the failure of the Japanese regulator FSA to launch ETF based on cryptocurrency might also add to the negative reasons. In general, there are many reasons, but the fact remains that all the main altcoins have moved to the red zone and are traded down, from 5% to 23%, as, say, ETH.
As for the forecast for the coming week, summarizing the opinions of a number of analysts, as well as forecasts made on the basis of a variety of methods of technical and graphical analysis, we can say the following:
- EUR/USD. As you know, the European currency has a strong correlation with oil and metals. And on the commodity market, we are now witnessing a positive trend, especially with regard to energy. The intentions of OPEC to completely remove the excess oil from the market should lead to a further increase in prices, which plays into the hands of the euro. The pause, taken by the Fed regarding the increase in lending rates for the US dollar, is worrying investors.
As a result, at the moment, 65% of analysts, supported by 90% of oscillators and 70% of trend indicators on D1, have voted for the rise the pair above the 1.1500 zone up and its growth, first to the height of 1.1550 and then to the level of 1.1625.
The experts, who still remain loyal to the US currency, believe that, returning to the medium-term channel 1.1300-1.1500, it will not break out of it for a long time. And this is why the pair is expected to decline, first to its central line 1.1400, and then 100 points lower;


- GBP/USD. It is clear that the absolute majority of indicators are currently colored green. However, already 10% of oscillators on D1 signal that this pair is overbought. The possibility of its falling to the horizon 1.2600 is indicated by graphical analysis on the daily time frame as well. As for experts, there is no clear advantage here either for bulls or bears. 55% of them have voted for the growth of the pair, and 45% are for its fall.
On Tuesday, January 15, the British Parliament will vote on Brexit. It is likely that the version of the agreement with the EU proposed by Prime Minister Teresa May will be rejected, and another delay is coming. At the same time, it is becoming more and more obvious that a tough divorce with the European Union is not included in the government’s plans, which positively affects the quotes of the British currency. The additional support for the pound is rendered by the rise in oil prices.
Until the results of the voting become known, there is no sense to make any predictions. One can only specify the key levels: support - 1.2780, 1.2720, 1.2660 and 1.2600, resistance - 1.2925 and 1.3050;
- USD/JPY. Indicators and graphical analysis on D1 predict a strengthening of the Japanese currency, with which 65% of experts agree, they expect the pair to decline to 107.50-107.80, and then even lower, to support 106.70.
On the other hand, due to low interest rates in Japan, the pair is quite strongly correlated with the major global stock indices. And the upward trend in this market implies a possible growth of the pair to the levels of 109.10 and 109.45, and in case of the breakdown of the latter, its transition to the zone of 110.25-110.80;
- Cryptocurrencies. Despite the fall in the crypto market capitalization, the average daily number of transactions with Bitcoin approached 280,000 over the last week, which is comparable to the peaks of 2018. Therefore, it is is hardly worth it to predict the end of the benchmark cryptocurrency, and indeed the entire market. But the probability of the BTC/USD breakout of support $3,700 and its return to the mid-December lows in the $3,250 zone remains quite high. This scenario is supported by 45% of experts.
Most analysts believe that next week the pair will be able to stay in the three-week “speculative” zone of $3.685-4.385. However, they speak very cautiously about the rise to the level of $5,000 and only in the longer term.
The expectations for Ethereum are somewhat better. Experts expect that after the hard fork called Constantinople, the ETH/USD pair will go up.
Roman Butko, NordFX
Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.
#eurusd #gbpusd #usdjpy #usdchf #forex #forex_example #signals #forex #cryptocurrencies #bitcoin

In Topic: Market Forecasts And Analysis From Nordfx

10 January 2019 - 10:27 AM

In Recognition of a Successful 2018, NordFX Receives Three More Prestigious Awards

The results of the annual voting were published on the website of the International Association of Forex Traders IAFT Awards at the very beginning of the new year 2019. The voting was held for the seventh time, and according to its results a list of the most popular financial market companies in 2018 was formed. More than 200 companies struggled to win, and only 23 of them received the highest award: a victory in a nomination and a title of market leader. Among them is the brokerage company NordFX, which has won in the nomination “Best Broker in Asia” with a large difference.


Two more good pieces of news have been brought by the Market Leader magazine, which has published the results of the Expert Council of the MasterForex-V Academy voting. The administration and professional traders of the Academy evaluate the real results of financial organizations throughout the year, and at the end of the year they sum up the final results. According to the chairman of the contest jury, the rating of MasterForex-V Expo, which is compiled on the basis of two dozen criteria, is an Expo during which the best brokers are objectively presented. And thus in 2018, for the fourth year in a row, NordFX receives the Grand Prix and the title “World Best Broker”.    
The company scored most votes on a variety of criteria, including the best dealing quality, the best innovations, the best investment products and funds, and a number of other equally important parameters. Suffice it to say that about 55% of the Academy's traders have opened their trading accounts in NordFX.
The company has received another award from MasterForex-V Expo in the nomination “Best Crypto Broker 2018” for creating unique trading conditions that enable traders to achieve best results when trading in the cryptocurrency market.
We sincerely thank everyone who has given us their votes, and we understand that these awards are not only a proof of the company's success in the past, but also oblige us to make every possible effort to justify your trust in the present and in the future.
#nordfx #cryptocurrency #forex #exchange #broker #funds

In Topic: Market Forecasts And Analysis From Nordfx

06 January 2019 - 09:01 AM

Forex Forecast and Cryptocurrencies Forecast for January 7 - 11, 2019

For starter, a few words about the events of the past week, the first working day of which gave unpleasant surprises, which for some were quite pleasant.
- Not having recovered after the New Year celebration, in the morning of January 2, the pair EUR/USD made a sharp dash to the south, losing almost 200 points in a day. Then, however, everything returned to normal, and the pair quickly returned to Pivot Point 1.1400, around which it has been revolving since October 2018. On Friday, January 5, using positive data from the US labor market, the dollar tried to regain the lost ground, but the attempt failed, and the pair ended the week at 1.1394.
- An even sharper jump from 2018 to 2019 was expecting the GBP/USD, which lost on January 2, due to increased demand for the dollar, more than 400 points. Then, just as in the case of the European currency, the excitement subsided, and the pair returned to the main support/resistance line of the last two months in the 1.2720 area;
- The forecast for the pair USD/JPY suggested the strengthening of the yen as a safe haven currency. But the fact that within only one hour on January 2 it would be able to win back 400 points from the dollar, that is, almost everything it had lost during the whole 2018, was almost impossible to foresee. The cause of the incident was a "festive" lack of liquidity in Japan, which was then eliminated. But the dollar could not fully recover, and the pair ended the trading week at 108.50;
- Cryptocurrencies. Against the background of the major currency pairs Bitcoin demonstrated a remarkable stability last week, keeping on to lateral movement in a narrow corridor of $3,775-4,100 and returned where it has repeatedly been in the last six weeks by Friday evening, to the level of $3,955. Following the example of the reference cryptocurrency, the Olympic calmness was shown by Litecoin (LTC/USD). But Ethereum and Ripple behaved somewhat more actively. Thus, the ETH/USD pair has grown by 12%, rising above the $160 mark, and the XRP/USD pair, on the contrary, lost 7%, although it could not break through the support of $0.3560.
As for the forecast for the coming week, summarizing the opinions of a number of analysts, as well as forecasts made on the basis of a variety of methods of technical and graphical analysis, we can say the following:
- EUR/USD. Both trend indicators and oscillators on H4 and D1 have taken a neutral position. The opinions of the experts are divided as follows: 20% have voted for the growth of the pair, 40% are for the sideways trend and 40% are for the strengthening of the dollar and the fall of the pair.
It should be noted that in the transition from the weekly to monthly forecast, the number of supporters of strengthening the US currency rises to 65%. Graphical analysis on D1 also indicates a possible decrease of the pair to December lows in the 1.1215 zone. The nearest strong support area is 1.1305.
As for the “bullish” scenario, according to its supporters, the dollar will continue to be pressured by political uncertainty in the United States. The nearest strong resistance zone is 1.1485-1.1500, in case of its breakthrough, the next target for the bulls will be consolidation in the zone 1.1550-1.1625.
Among the economic events that could affect the formation of dollar pairs, one should pay attention to the US FOMC protocol, which will be published on Wednesday evening, January 9, the ECB meeting on Thursday, January 10, as well as data on inflation in the United States, which will be released at the very end of the week, on Friday, January 11;
- GBP/USD. Here, of particular interest are the speech of the head of the Bank of England, Mark Kearney on January 9, as well as data on UK GDP, published on January 11. However, in both cases, one should not expect any special surprises, and the uncertainty associated with the British exit from the EU will continue to be decisive for the British pound exchange rate. That is why 65% of experts predict a further fall of the pound. According to them, with the support of graphical analysis on D1, the pair will first test support 1.2615 once again and, if successful, will move to the zone 1.2475-1.2525. It is unlikely to achieve the low of the first week of January in the 1.2400 zone in the upcoming week.
20% of analysts are in favor of the GBP/USD sideways trend, and only 15% have sided with the bulls, suggesting movement of the pair in the corridor 1.2715-1.2835. The next resistance is 1.2925.
At the time of writing the forecast, about 90% of indicators sided with the bulls. However, most likely, this is only a consequence of the upward movement of the pair on January 3-5. Moreover, 10% of the oscillators have already signaled that it is overbought, which indicates a possible reversal of the pair to the south.


- USD/JPY. About half of the indicators are red and half are green. As for the opinions of analysts, 70% of them predict a decline of the pair to the level of 107.00, and then another 100 points lower. So far, only 30% of experts have voted for the growth of the pair, but in the medium term, the number of supporters of strengthening the dollar doubles. The main goal for the bulls is to return to the zone 112.25-113.80. The nearest resistance levels are 109.45, 110.25 and 111.15;
- Cryptocurrencies. The behavior of BTC/USD does not give reasons for optimism or pessimism. Therefore, the experts' opinions are divided almost equally: 30% are for the growth of Bitcoin, 30% are for its fall and 40% are for the continuation of the sideways trend. At the same time, the total capitalization of the crypto market is at the level of the end of December last year, around $130 billion, which also does not allow for making any predictions. Although some experts, based on the cyclical nature of the growth and the fall of quotations, argue that the first quarter of 2019 will be on the side of buyers, and expect the pair to rise to $4,800-5,200. The alternative scenario: the end of the correction and the fall of BTC/USD to the strong zone, recorded as early as July-August 2018: $2,500-2,700. Moreover, such a fall may take from one to two months. The nearest support is in the $2,940-3.050 zone.
Roman Butko, NordFX
Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.
#eurusd #gbpusd #usdjpy #usdchf #forex #forex_example #signals #forex #cryptocurrencies #bitcoin

In Topic: Market Forecasts And Analysis From Nordfx

30 December 2018 - 09:15 AM

2018 Financial Results and 2019 Forex Forecast



What Happened: Year 2018
As usual, Deutsche Bank experts summed up the year at the end of December. And the results were just fantastic, with a negative connotation. 93% of all assets fell in comparison with January 2018, and this figure was the worst in the last 118 years, surpassing even 1920 with its 84%.
Experts say that the main reason for the recession was “extremely soft monetary policy,” which grew into a monetary tightening. Four US interest rate increases by the US Federal Reserve were enough to send most of the markets to a nose dove, which can turn into a prolonged recession. US President Donald Trump openly called Fed Chairman Jerome Powell and his colleagues insane, calling for an end to the rate hike. But, as it turned out, the President could not decree bankers, and on December 19, the Federal Open Market Committee (FOMC) raised the rate by another 0.25%. Moreover, it turned out that in 2019 only two members of this Committee see a rate of 2.5%, six see it at 2.75%, four at 3.25%, three at 3.30%, and two FOMC members would like it to be 3.6%!
The result is obvious: at the end of the year, everything that could fall, was falling on the market. The Dow Jones Industrial Average had the worst December since the Great Depression of the 1930s.  As Bloomberg calculated, the collapse made 500 world richest people poorer by $ 511 billion, and Facebook founder Zuckerberg suffered the most, his fortune lost $23 billion.
As for the foreign exchange market, the beginning of 2018 was marked by a serious strengthening of the euro against the US dollar. At the peak, on February 16, the EUR/USD pair reached 1.2555. But then the difference in the monetary policy of the Fed and the ECB, the difficulties with the Brexit agreement, the Italian problems and the slowdown in the Eurozone economy as a whole, played into the dollar, and the pair went down, reaching the bottom at 1.1215 in mid-November.
GBP/USD experienced similar fluctuations. It reached the maximum value of 1.4375 on April 17, and the minimum was recorded on December 12, when the pair fell to 1.2475, losing 1,900 points in eight months.
As for the Japanese yen, investors viewed it mainly as a safe haven in case of acceleration of trade wars between the USA and China. However, since no special changes were observed on this front, the USD/JPY pair met the end of the year near the Pivot Point of the last two years in the 111.00 zone. Thus, compared to the beginning of 2018. the pair lost only about 200 points.
What will Happen: Year 2019
According to a number of analysts, everything that happened in the outgoing year is only the beginning of a common prolonged depression. First of all, the forecast concerns the United States, where the yield on two-year Treasury bonds has already decreased, and the yield on similar ten-year securities has fallen to a seven-month low, which is considered a sign of recession.
The situation in the Eurozone looks somewhat better, despite the fact that the ECB has revised its forecasts for inflation and economic growth downward. The past year has shown that the trade wars unleashed by Trump are not so terrible for the Old World as was previously assumed. However, both the European currency and the British pound continue to be influenced by the problems associated with Brexit.
On the other hand, the end of the 90-day truce between the United States and China will soon come up, which introduces additional uncertainty about the dollar exchange rate.
In the meantime, the forecasts given by strategists from leading world banks and agencies, for the most part, look quite similar.
Blomberg bases its forecast on the positive dynamics of European exports, improved situation in the German automotive industry and accelerated growth of average wages. All this may lead to the normalization of the monetary policy of the Eurozone and the growth of the euro to the level of $1.20 by the end of the year.
Morgan Stanley also expects the year 2019 to be difficult for the dollar and recommends its sale against the euro amid the forecast for inflation in the Eurozone. The immediate target for the EUR/USD pair is in the $1.18 zone.
It should be noted that, for the most part, analysts make very optimistic forecasts for the euro for the next 3-month period. Societe Generale and CIBC Capital Markets point out at the level $1.17, TD Securities forecast is at $1.18, Unicredit at $1.19, and finally, Lloyds Bank has set a record bar of $1.24.
However, there are more cautious views. Thus, Citi experts believe that the European currency has not yet reached its bottom, and by the end of the I quarter of 2019. it may drop to $1.13, and only then it will go up, reaching the mark at $1.18 in the second half of the year. The Barclays Capital expect a fall to $1.12 by March 31, and for ING Group forecasts, the bottom may be at the level of $1.11.
JPMorgan Chase analysts also believe that the US economy will experience a recession in 2019, as Trump's fiscal stimulus will run out, and the Fed’s monetary policy will no longer provide cheap money. Thus, the growth rate of the Eurozone economy will come out ahead, and the euro will start to grow on expectations of higher interest rates from the ECB, but this will happen only in the second half of 2019.
In numbers, the forecast looks like this: falling to $1.11 in the first quarter and rising to $1.18 by the end of the fourth quarter of 2019.
As for the GBP/USD, the JPMorgan Chase forecast assumes the growth of the British currency to $1.30 in the first quarter and to $1.37 by the end of the year, provided that Brexit is quiet (40% probability). In the absence of an Agreement on the terms of leaving the EU, the pound sterling will fall by 10%, and in the case of Brexit cancellation, on the contrary, it will grow by 10%.
Concerning the future, the yen forecast is negative. So, the pair JPY/USD in the first half of 2019. expects growth first to the level of 112 yen per dollar, and then to the values of 2016. at 118.00. Experts explain the possible weakening of the Japanese currency by an increase in foreign investment by Japanese companies and a worsening trade balance. Spreads are also expected to increase on the rates, which will adversely affect the yen rate.
Similar trends are predicted by Citi strategists. In their opinion, the GBP/USD is expected to grow to 1.26-1.30, and JPY/USD - to 113.00-115.00. 
John Gordon, NordFX
Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.
#eurusd #gbpusd #usdjpy #usdchf #forex #forex_example #signals #forex #cryptocurrencies #bitcoin

In Topic: Market Forecasts And Analysis From Nordfx

23 December 2018 - 10:16 AM

Forex Forecast and Cryptocurrencies Forecast for December 24-28, 2018

First, a review of last week’s forecast:
- EUR/USD. Despite the fact that, on the eve of the US Federal Reserve interest rate increase, 70% of experts, supported by 100% indicators, expected the dollar to strengthen, nothing of the kind happened. The euro was growing for the whole week, approaching on Thursday the last eight weeks' high at the height of 1.1485.
At the time the rate increase from 2.25% to 2.5% was announced, the dollar managed to win back a modest 85 points, but this victory turned out to be temporary. At his press conference, Fed Chairman Jerome Powell said that there would hardly be three rates increases in 2019, and that, in a better case, there would be only two. And according to US Secretary of the Treasury Stephen Mnuchin, if inflation remains low, there may be no rate increases next year. But no one expects unity within the team of President Trump and the Fed, or within the Fed either. In 2019, only two FOMC members see the rate at 2.5%, six at 2.75%, four at 3.25%, three at 3.30%, and two members of the Open Market Operations Committee would like it to be 3.6%!
As for the results of the week, after the release on Friday, December 21, of a whole package of data on the US economy, the pair returned to the central zone of the eight-month side channel and stopped at 1.1370;  
- GBP/USD. As expected, neither the economic data published on Wednesday nor the decisions of the Bank of England on Thursday presented any surprises. Back on Tuesday, December 18, the pair moved to lateral movement in channel 1.2605-1.2705, where it remained until the end of the week, having met its finish at 1.2630;
- USD/JPY. Last week, the US dollar dropped significantly, not only against the euro. The DXY U.S. Dollar Index, which tracks the US currency against a basket of other major currencies, fell on Thursday to an eight-week low of 95.73. Its fall against the Japanese yen was particularly impressive, the yen won around 260 points against the dollar by Thursday. Experts say that the main reasons for such a jump are sales on the stock markets and the flight of investors to the yen as a safe haven in the face of continuing tensions in trade relations between the United States and China.
- Cryptocurrencies. The past week was marked by a steady growth of both the reference cryptocurrency and all major altcoins. The maximum growth of bitcoin (BTC/USD) was 33%, ethereum (ETH/USD) - 46%, litecoin (LTC/USD) - 45%, ripple (XRP/USD) - 41%. The most impressive increase, by 176%, was demonstrated by the Bitcoin Cash (BCH/USD), reaching $220 per coin at the peak. The total capitalization of the crypto market grew from $103 billion to $134 billion, that is, by 30%.
The reasons are both global, such as falling investors' interest in classic assets on world markets, and private ones, such as news on the closing of the short position, which was opened a year ago by a well-known crypto trader Mark Doe. There may be called a lot of reasons, but the main question that worries the whole crypto community is whether this weekly increase is not a short-term correction. Or is it, which is even worse, another trap, arranged by bears for the bulls?
Whatever it may be, but at the end of the week, Bitcoin buyers met strong resistance at $4,300, resulting in this cryptocurrency's fall to $4,000. And other digital assets slipped a little as well, following it.
As for the forecasts, it should be noted an error is quite often not in defining targets, but in determining the timing of their achievement. This is especially true of the coming days. The past week was the last full trading week in the past year. Next week, trading will begin only on Wednesday, December 26, and the world will celebrate the New Year during the night of Monday, December 31, to Tuesday, January 1. That is why this time we decided to discuss experts' opinions not only for the upcoming week, but also for the next month, which we hope will help traders in more accurate determination of trends and benchmarks.
- EUR/USD. The weekly forecast looks like this: 40% are for the fall of the pair, 30% are for its growth and 30% have taken a neutral position. Forecast for January: 60% are for the fall, 20% are for the lateral trend and only 20% are for the strengthening of the European currency. The main targets for bears are 1.1300, 1.1265, then the December low at 1.1215. In the event of a breakthrough of this support, the pair may sink to the horizon of 1.1120 and even lower, down to the level of 1.0910. The main target for the bulls is the zone 1.1525-1.1625, after reaching which the euro will head for the heights of 1.1730 and 1.1815;
- GBP/USD. Here, experts also expect the dollar to strengthen during the month and, as a result, the pair will fall. For this, 60% have voted. Supports are 1.2605, 1.2525, 1.2475 and 1.2345. Resistances are at 1.2725, 1.2840 1.2925 and 1.3050;


- USD/JPY. According to 55% of analysts (weekly forecast) and 65% (monthly forecast), the pair has already approached its local bottom, and now it is waiting for a rebound upwards. The goals are 112.30, 113.15, 113.70 and 114.20. The number of those who have voted for the side trend in this case is small - about 10%. The rest of the experts have given their preference to the bears, believing that the pair is waiting for a further fall. Supports 110.80, 109.85, 109.35 and 108.65;
- Cryptocurrencies. Despite their growth last week, the general mood in the crypto market is rather gloomy. More than 70% of analysts and market participants believe the current rise is purely speculative and they expect the downtrend to resume. They are still expecting bitcoin to fall to the strong zone, recorded in July-August 2018, $2,500-2,700. Moreover, such a fall may take from one to two months. The nearest support is in the $2,940-2.050 zone. 
The bullish ambitions of the remaining 30% respondents look a bit more modest: they expect the BTC/USD pair to grow only to $4,800-5,200.
Roman Butko, NordFX
Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.
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