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24 August 2016

 

On August 19 Olympic DemoCup – the contest on demo accounts, which NordFX held in parallel with the Olympic Games in Rio de Janeiro - was finished. During this Olympic event three sets of awards in team and individual score were drawn. The prize fund made 23 100$.

 

Striving to win NordFX awards, about 2000 traders from almost 100 countries took part in this contest, and the winner was the Russian team. The prize, awarded to the team, made 10 000$. The national team of Ukraine got "silver" and $5000. The representatives of China took the third place, having received $2500 as a prize. The host country of the Olympic Games 2016 – Brazil, took the fourth place.

 

We'd like to congratulate the winners and thank all contestants of our Olympic contest!

 

See the Winner Olympic DemoCup here.

 

More NordFX Company News here.

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NordFX currently offer the most popular programs for Internet trading Platform in options - Trade Integral NFX, MetaTrader 5, MetaTrader 4 and MetaTrader 4 Mobile to help our clients to access their personal accounts and quotes from anywhere in the world.

 

You do not need to come to our office and spend a lot of time to fill and send the document agreed to open an account with us. Fill out a short form on our site and your account will open in a few minutes.

 

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Generalized Forex Forecast for 29 August – 02 September 2016

 

First, are view of last week’s forecast, which for all four pairs may be considered if not 100%, but at least 90% fulfilled:

  • all three variants of the forecast for EUR/USD, suggested by the experts last week, considered the level of 1.1200 as the ultimate target, which was actually reached on Friday evening, “supported” by the U.S. Federal Reserve Chair Janet Yellen, having brought hope to investors for the rate hike by the Fed before the end of 2016;
  • the forecast for GBP/USD can also be deemed as 100% fulfilled. As a reminder, both the experts and the technical analysis predicted the continuation of a sideways trend, formed after Brexit. Considering smooth consolidation, the resistance of 1.3280 was indicated as the nearest target, which the pair reached last Wednesday, following which it rebounded to the center of the channel, wrapping up the week at the level of 1.3130;
  • predicting the future of USD/JPY, there was no consensus between the experts and the indicators. The only one, who offered more or less agreed forecast, was the graphical analysis on Н4 and D1, insisting on the pair’s rise to the resistance of 102.00, which virtually happened on Friday, when the pair reached the high of 101.94;
  • as a reminder, the forecast for USD/CHF reckoned that for a while it would be moving in a sideways channel of 0.9535–0.9640 with the pivot point of 0.9590, then the pair was expected to move in an uptrend with the first target of 0.9710, and the next - 0.9800. Except that the pivot level became the lower boundary of the channel, that forecast turned out to be absolutely correct. During the first half of the week the pair had been moving strictly to the east, after which it went to the north, and by the end of the week it virtually reached the ultimate target, having risen up to the level of 0.9792.

 

Forecast for the Upcoming Week.

Summing up the opinions of several dozen analysts from world leading banks and broker companies as well as forecasts based on different methods of technical and graphical analysis, the following can be suggested :

  • EUR/USD. After the speech of J. Yellen a “certain uncertainty” crossed the minds of both analysts and indicators’ readings. In other words, one half of experts reckons that the pair will return to the resistance of 1.1365, the other half believes that, for sure, it will try to retest the bottom in the area of 1.1200 again. As for the indicators, the ones on Н4 point to the south, and the ones on D1 predict a sideways trend.It appears that in such a situation the economic data from Europe, which are due to be released on Wednesday, and, especially, NFP data - the key indicator of economic health of the USA, which will be released on Friday, September 2, will have the major impact on the pair’s movement. The forecast for NFP reminds of the month old unfulfilled forecast, and it predicts that this figure will fall from 255Кto 164К–188К;
  • trying to give a forecast for GBP/USD we can see a variety of opinions similar to EUR/USD. However, the whole diversity of views and readings can be reduced to a certain common denominator, according to which the summer sideways trend should be expected. The level of 1.3000 is indicated as the main support, and the level of 1.3320 – as the main resistance. The next resistance will be at 1.3385. With this, the graphical analysis on both Н4 and D1 warns that fist the pair can go down to the support area, and only then, having rebounded from it, it will surge upwards. The ultimate target here will be the third resistance at 1.3560. As to the forecast for autumn in general, 80% of experts have sided with the bears and they predict a possible decline of the pair to the area of 1.2500–1.2800;
  • giving forecast for USD/JPY, we can speak of a consolidation of this pair around the pivot level of 100.80. The resistance will be in the area of 102.20, the support - 099.90. With this, the graphical analysis on D1 points out that the pair will seek the area of 0.9840–0.9880, but it can spend from one week to two weeks to break through the support of 099.90. As for the forecast for the upcoming months, only around 70% of experts, backed by the graphical analysis, reckon that the pair will go up to the area of 105.00–107.00;
     
    – as to the last pair of our review – USD/CHF, 100% of analysts, supported by the graphical analysis on H4, expect the pair to move alongside the pivot point of 0.9680 with predominance of bearish trends. The resistance will be at 0.9800, the support – at 0.9640.

Roman Butko, NordFX

 

Notice: These materials should not be deemed as a recommendation for investment or guidance for working on financial markets and they are for informative purposes only. Trading on financial markets is risky and it can lead to loss of money deposited.

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