Forex forecasts and market outlooks

High-quality Forex forecasts and financial market reviews from professional analysts are added daily!

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Cryptocurrency Market Review

This week, the cryptocurrency market continued to grow but on Friday made a downward correction, as a result of which the largest currencies lost several previously won positions. Currently, Bitcoin is trading around 7000.00 (+3.8%), Ethereum is at 160.00 (+13.8%), Ripple is at 0.1900 (+7.9%), Tether is at 1.0026 (+0.05%), and Bitcoin Cash – around 240.00 (+4.8%). The total market capitalization has grown from 192 to 200 billion dollars. The share of Bitcoin in the market decreased from 64.7% to 64.0%.

Morning Market Review

EUR is showing uncertain growth against USD during today's Asian session, continuing the development of the "bullish" trend that formed on April 7. EUR is supported by strengthening correctional sentiments for USD, which is keenly reacting to the publication of disappointing macroeconomic statistics from the USA. On Thursday, investors drew attention to the release of information on Initial Jobless Claims. For the week ending April 3, the number of applications amounted to 6.606M after 6.867M in the previous period with a forecast of 5.2M. Michigan Consumer Sentiment Index in April fell sharply from 89.1 to 71 points, which also turned out to be worse than market expectations of 75 points.

GBP/USD: wave analysis

The pair is in a correction, a fall is possible.

On the daily chart, the third wave of the higher level (3) of V develops, within which an upward correction forms as the wave 4 of (3). Now, the wave c of 4 is developing. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.1177–1.0687. In this scenario, critical stop loss level is 1.2738.