In today’s forex forecast, we bring you the outlook for EUR/USD, USD/ZAR, and Bitcoin prices, with Eddie Tofpik, Head of FX, ADM Investor Services International Ltd., who joined today’s Tip TV Finance Show, along with Zak Mir, Technical Analyst at Shareprophets.com, and Bill Hubard, Chief Economist at Bullion Capital.
EUR/USD: Reversal ahead?
Tofpik believes that EUR/USD could be seeing a key reversal day today, with the cross plotting higher highs and higher lows on the chart. On the price target, he suggests that breaking above 1.0757 will see the pair go higher, while below the 1.07 area will see a move towards 1.04 and below.
Tofpik warns of a potential bear flag formation if EUR/USD heads lower.
While there are other FX movers today, Tofpik comments that EUR/USD remains the key market to trade.
USD/ZAR: Still bullish
On the ZAR, Tofpik notes that the cross peaked and came back off again. When question by Hubard if EM is seeing a respite, Tofpik replied that until the Fed hikes rates, USD is going to go strong.
He notes that USD/ZAR remains a bullish market, but will see a pullback lower before moving higher.
BTC/USD: More upside above 317
While covering the technicals for the cryptocurrency today, Tofpik noted the huge volumes Bitcoin saw previously, despite being an un-leveraged trade. Looking at the charts, Tofpik believes a close above the 317 resistance will see gains towards 350, and breaking above 398 will see fresh buying.
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