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Forex forecast and recommendations today 05.02.2019: EUR / USD - the flat, GBP / USD - lateral trade, USD / JPY - reasons to buy


Course Eurodollar EURUSD forecast today 02/05/2019

Euro struggles will now try to show growth, after oil. But the chance of a steady upward trend today is not enough. Firstly, in the credit markets, the yield on 10-year German government bonds, though moderately, but all the same is reduced, which will put pressure on the single European currency. Secondly, the report from the United States on the ISM index can get a little better than expected median in the services sector, against the background of a strong labor market, which has a positive impact on the value of the dollar in the short term.As for the oil market, everything is quite simple - quotes will show growth against the backdrop of geopolitical tensions in Latin America. Lima Group, which includes 14 states from South and Central America, is ready to impose sanctions against PDVSA Oil Company, which is owned by the Venezuelan government. The situation in the Caribbean is heating up, and it is a holiday for oil bulls. BRENT brand in the next few days could test the strength level of $ 65 / barrel.


EURUSD recommendation: flat 1.1400 -1.1460







Pound dollar forex forecast pair GBPUSD today 02/05/2019

On the one hand, the British currency could demonstrate the growth of quotations on the background of the rising trend in the market of black gold as the GBPUSD has a strong correlation with BRENT. Investors fear the oil market supply cuts from Venezuela and are willing to build long positions on oil futures. On the other hand, the uncertainty surrounding Brexit does not allow to form a stable trend in the bond market, which is negative for the British currency. It is difficult to understand which of the factors investors will choose today.

GBPUSD recommendation: flat 1.300-1.3070



Dollar Yen USDJPY Forex forecast for today 02/05/2019

Two reasons for forex traders today to buy the pair USDJPY. Firstly, in the credit market, we see the growth of yield spread on 10-year US and Japanese government bonds, which will support the "bulls". The last two trading days of the figure shows the rapid growth, indicating a strong upward trend. The bond market historically has a strong influence on the currency market. Secondly, the index of "fear" the VIX falls fifth consecutive session that allows the calculation of the growth of the American stock market. For couples USJPY it as a positive signal, because it has a direct correlation with the market shares of the United States. Today, S & P500 index could test the 2740 area - for this instrument today relevant items Buy.

USDJPY recommendation: Buy 109.80 / 109.60 and take profit 110.40






Analytics FreshForex



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