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Australian and Canadian Dollars fall against Pound as China's policy costs dear As this week begins, yet another strengthening is very apparent for the British Pound against two major currencies, those being the Canadian Dollar and the Australian Dollar. The Pound has been doing very well against all of its peers recently, largely because of the inability of the British government to do what the public and investing community expected it to do this winter, and lock down the nation again. There is a theory among many people across Europe that Britain would have followed the actions of its mainland European neighbours and inflicted a lockdown on its population and that it was possibly already being planned for months in advance, however the wheels came off when the revelations about a number of government officials having had one or more informal gatherings during the period in which they were insisting on compliance with lockdowns. This has angered a large proportion of citizens and business owners who had not been allowed to operate during that particular period, whereas the government officials having the alleged parties were not afraid of anything, nor were abiding by the strict rules they doled out. As a result, it would have been impossible to implement any further restrictions on anyone in Britain, therefore the pleasant surprise came when Prime Minister Boris Johnson announced that there would be a complete removal of all remaining restrictions, and Britain is now open and free. The same cannot be said for many other parts of the world, and whilst the British Pound continues to climb against all other major currencies, it is the Canadian Dollar and Australian Dollar that are falling against the currency of the most free nation in the West at the moment. This is because not only do restrictions still exist in Canada and are in full swing in Australia, but the two currencies are commodity-reliant, whereas the British Pound is not. Why is that important? It is important because the already heavily restricted nations of Canada and Australia are dependent on the large commodity trading centers of Toronto and Sydney, and both of those commodity centers are part of a massive trade union with China. China at the moment is instigating a 'zero-Covid' policy across its mainland, which is a media-friendly term for total control over every activity and draconian restrictions on movement and business. In Canada, the analysts are stating their case for the reason why the Canadian Dollar has dipped, with Bank of Montreal Capital Markets' European Head of FX Strategy Stephen Gallo having told CNBC that ripple effects from China could be feeding into the performance of developed market commodity-based currencies. Yes, consumable commodities such as oil and gas have risen in price during recent months, but there are other areas of the commodity market that have had an effect on commodity-dependent currencies. The very same bank's Head of FX Strategy Greg Anderson stated that the two-year swap rates for Australian and New Zealand dollars had underperformed the U.S. dollar, which would perhaps indicate toward a theory that central bank policy divergence is a factor. However, the Canadian swap rate has performed very similarly to the U.S., so this does not explain why CAD has not rallied alongside oil, according to the analyst. In China, there were closures of factories along with electricity power cuts last year as part of the strict restrictions on people's movement in China, and it is known that the country is operating a 'zero-Covid' policy and such a policy is likely to have severe implications for both supply and demand and in particular it could conceivably be affecting China’s demand for certain raw materials. By contrast, the British economy is more reliant on international investment, its own diversified industry base and the financial markets center in London which also has a vast equities trading contingent on the London Stock Exchange and is not so dependent on raw materials or commodities. The British Pound starts the trading week at a five-day high against the Australian Dollar, at a value of 1.89 Australian Dollars to the Pound, and it had held a high point against the Canadian Dollar during the off-market hours at the weekend at 1.7 Canadian Dollars to the Pound, before dropping slightly this morning. There is a crossroads in the currency market at the moment, that being the buoyancy of the majors that are sovereign currencies of nations with no lockdowns or restrictions and a diversified local industry base, compared to the flagging values of those reliant on trade with China, have high commodities dependency and have a myriad of restrictions still in force. It's certainly a different world this January to that of even one year ago. FXOpen Blog

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GBP/USD Starts Fresh Decline, EUR/GBP Remains Supported GBP/USD started a fresh decline from well above the 1.3700 level. EUR/GBP is showing positive signs, with a strong support near the 0.8340 level. Important Takeaways for GBP/USD and EUR/GBP The British Pound started a fresh decline from well above 1.3700 against the US Dollar. There was a break below a key bullish trend line with support near 1.3620 on the hourly chart of GBP/USD. EUR/GBP found support near 0.8300 and started a fresh increase. There was a break above a major bearish trend line with resistance near 0.8330 on the hourly chart. GBP/USD Technical Analysis The British Pound struggled to settle above the 1.3750 resistance zone against the US Dollar. The GBP/USD pair started a fresh decline below the 1.3620 support zone. There was a clear move below the 1.3600 level and the 50 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near 1.3620 on the hourly chart of GBP/USD. GBP/USD Hourly Chart A low is formed near 1.3545 on FXOpen and the pair is now consolidating losses. On the upside, an initial resistance is near the 1.3575 level. It is near the 23.6% Fib retracement level of the downward move from the 1.3661 swing high to 1.3545 low. The next main resistance is near the 1.3600 zone. It is near the 50% Fib retracement level of the downward move from the 1.3661 swing high to 1.3545 low. If there is an upside break above the 1.3600 resistance, the price could surpass 1.3625 or even 1.3650. If there is no upside break, the pair could start a fresh decline below 1.3540. An immediate support is near the 1.3520 level. The first key support is near the 1.3500 level. Any more losses could lead the pair towards the 1.3450 support zone. The next major support sits near the 1.3420 level. Read Full on FXOpen Company Blog...

Dear FTC participants and followers! We are very happy to observe the high activity of the participants at the very beginning of the year. You can find the current five leaders in the updated Standings section. Also, one of our contestants, Michael Smith from Canada, has registered two strategies, both of which are currently in the top positions. Also, last year's winner, Emirhan Goren, has already received prize money and gave us a short video interview, which will soon be available to all FTC participants and followers. Join the FTC and compete with the best! Best Regards, ForexCup Team ForexCup News

Trading hours on Australia Day Dear Traders, Please be aware of the trading schedule changes for Australia Day observed on January 26th (all times are GMT+2): Index CFDs: Tuesday 25 January Australia 200 (#AUS200) – trading ends at 23:00. Wednesday 26 January Australia 200 (#AUS200) – trading starts at 08:10. All other financial instruments will be traded without changes. Please consider this information as you plan your trading. FXOpen Company News

AUD/USD and NZD/USD Remain At Risk AUD/USD started a fresh decline from the 0.7275 zone. NZD/USD is also declining and there is a risk of a move below the 0.6720 support. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar started another decline from well above the 0.7250 level against the US Dollar. There was a break below a key bullish trend line with support near 0.7200 on the hourly chart of AUD/USD. NZD/USD also declined sharply below the 0.6750 support zone. There is a connecting bearish trend line forming with resistance near 0.6790 on the hourly chart of NZD/USD. AUD/USD Technical Analysis The Aussie Dollar struggled to clear the 0.7275 level against the US Dollar. The AUD/USD pair started a fresh decline below the 0.7250 support level to move into a bearish zone. The bears were able to push the pair below the 50% Fib retracement level of the upward move from the 0.7170 swing low to 0.7275 high (formed on FXOpen). Besides, there was a break below a key bullish trend line with support near 0.7200 on the hourly chart of AUD/USD. AUD/USD Hourly Chart The pair settled below the 0.7220 support level and the 50 hourly simple moving average. It is now consolidating near the 0.7185 level. The 76.4% Fib retracement level of the upward move from the 0.7170 swing low to 0.7275 high is also protecting losses. On the downside, an initial support is near the 0.7170 level. If there is a downside break below the 0.7170 support, the pair could extend its decline towards the 0.7125 level. Any more downsides might send the pair toward the 0.7100 level. On the upside, the pair is facing resistance near the 0.7210 level. The next major resistance is near the 0.7240 level. A close above the 0.7240 level could start a steady increase in the near term. The next major resistance could be 0.7300. Read Full on FXOpen Company Blog...

ETHUSD and LTCUSD Technical Analysis – 20th JAN, 2022 ETHUSD: Double Bottom Pattern Above $3,000 Ethereum was unable to sustain its bullish momentum this week, and after touching a high of $3,409 on 12th January, started declining against the US dollar. ETHUSD touched an intraday low of $3,080 in the Asian trading session today, after which we can see some consolidation in its prices above the $3,000 handle. We can clearly see a double-bottom pattern above the $3,000 handle which is a bullish reversal pattern and signifies the end of a downtrend and a shift towards an uptrend. ETH is now trading just below its pivot levels of $3,131 and is moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance levels of $3,138 and Fibonacci resistance level of $3,146, after which the path towards $3,300 will get cleared. The relative strength index is at 49, indicating a NEUTRAL market and a move towards the consolidation phase after the decline. We have detected an MA 20 crossover pattern above the $3,124 level which signifies a bullish trend reversal in the short-term. Some of the technical indicators are giving a BUY signal. ETH is now trading below the 100 hourly and 200 hourly simple moving averages. Ethereum consolidation is seen above the $3,000 mark Short-term range appears to be NEUTRAL Ultimate oscillator is indicating a NEUTRAL market Average true range is indicating LESSER market volatility Ether Consolidation Channel Seen Above $3,000 ETHUSD continues to move into a consolidation channel above the $3l000 handle in the European trading session today. Most of investors are not entering the markets and are waiting for a bullish momentum. The commodity channel index is indicating a NEUTRAL market, and the overall sentiment is also neutral at these levels. We are also due for a major upwards correction in the ETHUSD which could manifest in the form of a rally taking its prices close to the $4,000 handle. We can see a mildly bullish channel in progression today which is expected to push the prices of ETHUSD towards the $3,300 level. ETH has gained 1.47% with a price change of 45.44$ in the past 24hrs, and has a trading volume of 11.474 billion USD. We can see a decrease of 16.90% in the total trading volume in the last 24 hrs., which appears to be normal. The Week Ahead Ethereum is now approaching its important support level of $3,000 which will decide whether we will see a bullish reversal in the markets. If the price of ETHUSD continues to remain above the $3,000 handle, as we can see today, it will signify a bullish reversal with an upside target of $3,300 to $3,500 in the next week. The immediate short-term outlook for Ether has turned NEUTRAL, the medium-term outlook is MILDLY BULLISH, and the long-term outlook for Ether is BULLISH with a RALLY formation towards $4,000. MACD has indicated a bullish crossover which is also giving a BUY signal at the current market levels. This week, we can expect to see $3,300 to $3,400, and in the next week Ether is expected to trade at levels above $3,500. Technical Indicators: Williams percent range: at -37.39 indicating a BUY Stoch (9,6): at 71.39 indicating a BUY Moving averages convergence divergence (12,26): at 1.75 indicating a BUY StochRSI (14): at 58.95 indicating a BUY Read Full on FXOpen Company Blog...

EUR/USD and EUR/JPY Show Bearish Signs EUR/USD started a fresh decline below the 1.1420 support. EUR/JPY is declining and could accelerate lower below 129.70. Important Takeaways for EUR/USD and EUR/JPY The Euro started a fresh decline after it faced sellers near the 1.1480 level. There was a break below a key bullish trend line with support near 1.1405 on the hourly chart. EUR/JPY gained bearish momentum below the 130.50 and 130.20 support levels. There is a major bearish trend line forming with resistance near 130.90 on the hourly chart. EUR/USD Technical Analysis The Euro gained pace above the 1.1400 and 1.1450 resistance levels against the US Dollar. However, the EUR/USD pair struggled to gain pace above 1.1480 and started a fresh decline. The pair traded below the 1.1420 support and settled below the 50 hourly simple moving average. There was a clear break below the 50% Fib retracement level of the upward move from the 1.1284 swing low to 1.1482 high (formed on FXOpen). EUR/USD Hourly Chart Besides, there was a break below a key bullish trend line with support near 1.1405 on the hourly chart. The pair is now trading below the 1.1350 level and the 50 hourly simple moving average. It is now trading near the 76.4% Fib retracement level of the upward move from the 1.1284 swing low to 1.1482 high. Any more losses might send the pair towards the 1.1280 support zone. On the upside, the pair is facing resistance near the 1.1350 level. The next major resistance is near the 1.1380 level. The main resistance is forming near the 1.1400 level. A clear break above the 1.1400 resistance could push EUR/USD towards 1.1450. If the bulls remain in action, the pair could rise above the 1.1480 resistance zone in the near term. Read Full on FXOpen Company Blog...

BTCUSD and XRPUSD Technical Analysis – 18th JAN 2022 BTCUSD: Double Top Pattern Below $44,000 Bitcoin was unable to carry the bullish momentum seen last week and touched a high of $44,432 on 13th January, after which the decline started which continues to push its prices lower in the European trading session today. Today, BTCUSD touched an intraday low of $41,458 and continues to remain under heavy selling pressure by the global investors. We can clearly see a double top pattern below the $44,000 handle which signifies the end of an uptrend and a shift towards a downtrend. Stoch and StochRSI is indicating an OVERBOUGHT level which means that in the immediate short-term, a decline in the prices is expected. The relative strength index is at 42, indicating a WEAKER demand for bitcoin and selling pressure in the markets. Bitcoin is now moving below its 100 hourly simple moving average and below its 200 hourly exponential moving average. The average true range is indicating high market volatility with a bearish zone formation. Bitcoin trend reversal is seen below $44,000 Williams percent range is indicating an OVERBOUGHT level The price is now trading just above its pivot levels of $41,829 All of the moving averages are giving a STRONG SELL market signal Bitcoin: Bearish Reversal Below $44,000 Confirmed Bitcoin is forming a bearish reversal pattern as the prices continue to decline in the European trading session today. The immediate short-term outlook for bitcoin is bearish, medium-term outlook is neutral, and the long-term outlook remains bullish. All the major technical indicators are giving a STRONG SELL signal, which means that in the immediate short-term we should expect targets of $41,000 and $40,000. The price of BTCUSD is now facing its classic support level of $41,205 and Fibonacci support level of $41,683, after which the path towards $40,000 will get cleared. In the last 24hrs, BTCUSD has gone DOWN by 2.28% with a price change of 977$, and has a 24hr trading volume of USD 23.214 billion. We can see an increase of 16.29% in the trading volume as compared to yesterday. This increase can be attributed to the increased selling pressure seen in the cryptocurrency exchanges globally. The Week Ahead The price of Bitcoin continues to slide without any visible upside correction. This is also due to the bearish trend which started below the $44,000 handle. At these levels many of the new and long-term investors are also expected to enter into the markets for long-term gains. If the prices continue to remain above the important support level of $40,000, we could see an upside correction towards the $44,000 handle in the next week. The ON-chain metrics are also suggesting that the price of bitcoin is expected to touch the $40,000 handle after which could see a bullish pattern with a rally towards $45,000. Technical Indicators: Commodity channel index (14-day): at -63.44 indicating a SELL Average directional change (14-day): at 33.49 indicating a SELL Rate of price change: at -0.268 indicating a SELL Moving averages convergence divergence (12,26): at -183.30 indicating a SELL Read Full on FXOpen Company Blog...

Australian Dollar falls in major move against Euro as consumer confidence hits 30 year low After a week-long period of no movement, the Euro has suddenly leapt into life this morning against the Australian Dollar. Suddenly, as the markets in Europe began their trading week, the Euro rose to 1.584 against the Australian Dollar in the pre-opening early hours of the morning, representing a considerable move given that major currencies are not known for their volatility. Indeed, some entire trading strategies have become based on low volatility as this has been the status quo for many years now. At the beginning of this month, the EURAUD pair was trading at 1.558, therefore a rise to 1.584 is, by comparison to general movements among major currency pairs, absolutely massive. Whilst the Euro's move against the Australian Dollar is the largest currency move of the day, it is worth noting that the British Pound made a similar gain over the Australian Dollar, for similar reasons. It is possible that part of this lack of confidence in the Australian Dollar may come from the continual hectoring that the Australian government appears to be engaging in toward its businesses and citizens. For example, yesterday it was reported that Australian citizens returning from overseas trips have been asked to hand their smartphones over to the Australian Border Force, with one particular report having stated that a man and his partner were instructed to write their phone passcodes on a piece of paper, before the border officials took their phones into another room. This is the latest in a long line of draconian restrictions and surveillance efforts being carried out by the Australian government, which has become known as one of the most stringent on earth when it comes to enforcing curbs over Covid 19, and curbs, data security and privacy issues, and a seemingly illiberal position taken by government are not often viewed as favorable conditions for a thriving economy. Such curbs have therefore dented confidence in the Australian economy, and cast doubts over its position as a liberal and poltically free country going forward. It could be that as parts of Europe still have some restrictions whereas others have none, trade between Euro-denominated countries and other regions of the world is becoming a bit easier, whereas Australia, whose main trading partner is China and in which personal movement and what could have been considered the normal way of life before March 2020 has shown no sign of return. The EURAUD pair has moved 0.54% since yesterday, which was already an upward turn over Friday's close at just over 1.57. The real elephant in the room is that Australia's Consumer Confidence index, which is used to measure how buoyant the retail part of the economy is, is at a very low point. Figures were revealed for January 2022 this morning and it shows that many Australians are avoiding spending. In fact, confidence is at its lowest point since 1992, and just last week alone, Australian consumer confidence fell by 7.6%, sinking to its lowest rate since October 2020. Data for all of Australia's states fell below the neutral confidence level of 10o, and to accompany this negativity, all of the subindices were also down, including current financial conditions having declined by 11.3%. The number of respondents to the confidence index survey who stated that now was “the time to buy a major household item” also reduced by 11.4%. Things are very different in today's Australia compared to how they were at the beginning of 2020, and the terse relationship with China combined with the ongoing government position on Covid are weighing heavily on the minds of investors looking at the immediate future. FXOpen Blog

US Consumers Spent Less Than Expected in December The first two trading weeks of the new year are behind us, and investors have received and digested the last pieces of economic data for the just-concluded year. In the first trading week, the NFP (or non-farm payrolls) disappointed – the US economy added fewer jobs in December than the market expected. The same can be said about the retail sales data for December released last Friday. Against the expectations of +0.2%, the core retail sales, the ones that exclude automobiles, fell by -2.3%. In other words, the US consumer is cautious, and uncertainty is triggering a big pullback in spending. Inflation is eroding demand, and supply issues for goods remain persistent. Moreover, labor supply constraints and omicron fear are affecting consumer spending. With only a week away ahead of the Fed’s January meeting, is the Fed going to hike into a slowing economy? Fed signaled the start of a new tightening cycle The monetary policy in the US is closely watched by the developed economies. It often acts as a benchmark for other central banks, which quickly follow in the Fed’s footsteps. The Fed is currently engaged in tapering its asset purchases. Effectively, it means that it still eases the monetary policy, albeit at a slower pace, despite inflation running hot at four decades high. As such, with interest rates at the lower boundary and inflation so high, many fear that the Fed is trapped. The tapering is supposed to end in March, and so the institution cannot raise the federal funds rate at its January meeting. However, the January meeting is important as the forward guidance may change. So far, a 25 basis points rate hike is in the cards, but one should not be surprised if the Fed is more aggressive. In order to regain credibility in the face of rising inflation, the Fed may decide to shock the market with a 50 basis points rate hike. In any case, the January meeting will bring more details regarding what the Fed might do in March. As such, the US dollar should be supported on dips. The problem comes from the economic slowdown. By March, the economic growth may weaken considerably, and so the Fed may be forced to hike while the economy cools. FXOpen Blog

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GBP/USD and GBP/JPY Eye Upside Continuation GBP/USD started a fresh increase from the 1.3500 zone and climbed above 1.3600. GBP/JPY is also rising, but it is facing resistance near 156.60. Important Takeaways for GBP/USD and GBP/JPY The British Pound started a fresh increase above the 1.3500 and 1.3600 resistance levels against the US Dollar. There is a major bullish trend line forming with support near 1.3645 on the hourly chart of GBP/USD. GBP/JPY also started a steady increase above the 156.00 and 156.20 resistance levels. There is a key bearish trend line forming with resistance near 156.65 on the hourly chart. GBP/USD Technical Analysis After a major decline, the British Pound found support near the 1.3500 zone against the US Dollar. The GBP/USD pair started a fresh increase above the 1.3550 and 1.3600 resistance levels to move into a positive zone. There was also a break above the 1.3680 zone and the 50 hourly simple moving average. It traded as high as 1.3748on FXOpen and is currently correcting gains. GBP/USD Hourly Chart There was a minor decline below the 1.3720 level. The pair traded below the 23.6% Fib retracement level of the upward move from the 1.3490 swing low to 1.3748 high. On the downside, an immediate support is near the 1.3680 level. There is also a major bullish trend line forming with support near 1.3645 on the hourly chart of GBP/USD. The next major support is near the 1.3620 level. The 50% Fib retracement level of the upward move from the 1.3490 swing low to 1.3748 high is also near the 1.3620 zone. If there is a break below the 1.3620 support, the pair could test the 1.3550 support. If there are additional losses, the pair could decline towards the 1.3500 level. On the upside, the pair is facing resistance near the 1.3720 level. A close above the 1.3720 level could open the doors for more gains. The next major hurdle is near 1.3750, above which the pair could surge towards 1.3850. Read Full on FXOpen Company Blog...

Dear FTC participants and followers! We are happy to report that the flow of registrations to the ForexCup Championship 2022 has not subsided. Recently, Ebru Goren and Seyit Altunas from Turkey and Michael Smith from Canada have registered their accounts. Also, there are FTC 2021 winners among the new participants, Emirhan Goren from Turkey and Prieur Du Plessis from Slovenia. Prieur Du Plessis has registered two strategies. At the moment, thirteen accounts are already trading on FTC 2022. We are happy to welcome all the participants to our championship, and we wish each trader good luck and a confident performance. Join the FTC and compete with the best! Best Regards, ForexCup Team ForexCup News

Changes to FXOpen Trading Hours on Martin Luther King Jr. Day Dear Traders, Please be aware of the trading schedule changes on the Martin Luther King Jr. Day (all times are GMT+2): Monday, January 17 Spot commodities CFD: Gold (XAUUSD) – trading ends at 21:30; Silver (XAGUSD) – trading ends at 21:30; Indices CFD: Japan 225 (#J225) – trading ends at 20:00; US SPX 500 (#SPXm) – trading ends at 20:00; US Tech 100 (#NDXm) – trading ends at 20:00; Wall Street 30 (#WS30m) – trading ends at 20:00. Stock CFD – trading closed. All other financial instruments will be traded as usual. Please consider this information as you plan your trading for the upcoming week. FXOpen Company News

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Overview of FXOpen's Best Performing PAMM Accounts in December 2021 FXOpen’s TOP-10 December 2021 PAMM Accounts We at Team FXOpen hope that all our traders, managers, and investors had a great winter holiday season, and would once again like to wish everyone happiness and prosperity, as well as further success in your trading and investments. The end-of-the-year / start-of-the-year transition period tends to be rather difficult for the market. Even professionals are prone to making mistakes. And, of course, any investor is interested in finding a manager who, even within a thin market, will be able to maintain stability in trading and bring profit to their subscribers. Such accounts can ensure the stability of the investment portfolio minimizing loss risks. Read Full on FXOpen Company Blog...

ForexCup Trading Championship 2022, a contest for traders to win $50,000 We are pleased to announce that registration for the ForexCup Trading Championship 2022 is now open, with participation requirements remaining unchanged (see paragraph 2 of Terms and Conditions). Three contestants have already enrolled in the new FTC round. Fransiska Selbie from the United Kingdom joined ForexCup Trading Championship 2022 on December 14, Eduardo Soares Bogosian, and Horbert Soares Mendonca (both from Brazil) enrolled on December 15, 2021. Mrs. Selbie, Mr. Eduardo and Mr. Mendonca are seasoned traders with more than 8 years of experience. We wish them a successful and confident performance and recommend that all future participants and followers stay tuned for timely news on the new stage of the championship. The ForexCup Trading Championship is a one-of-a-kind contest designed to engage investors, traders, and portfolio managers in fair and reliable global competition. For an entire year, participants will compete for the title of the best and for a hefty cash prize of 50,000 U.S. dollars, which will go to whoever demonstrates the most profit at the end of the year 2022. The contest is available to anyone who has an active FXOpen ECN account. The only requirement is to have a minimum trading deposit and follow the contest rules. Participants can choose any instruments available within their jurisdictions: spot FX, Index, Commodity, Stock, Metal or Crypto CFDs. Three personalized crystal trophies are prepared for the first three places, and the trader who takes the first place will receive a cash prize of $50,000 without any additional conditions. Forex Trading Championship is a brand-new name among other trading competitions, but it has a big legacy. With the support of renowned partners, including global Forex and ECN broker FXOpen, the championship provides an opportunity for you to compete with the best and put your trading strategies to the test! Regards, ForexCup team ForexCup News

AUD/USD and NZD/USD Remains Supported On Dips AUD/USD gained pace after there was a clear move above 0.7200. NZD/USD is correcting gains, but dips might be limited below the 0.6750 support. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar started a steady rise above the 0.7200 resistance against the US Dollar. There is a key bullish trend line forming with support near 0.7135 on the hourly chart of AUD/USD. NZD/USD rallied towards the 0.6840 level before there was a downside correction. There was a break above a major bearish trend line with resistance near 0.6765 on the hourly chart of NZD/USD. AUD/USD Technical Analysis The Aussie Dollar started a major increase after it formed a base above the 0.7100 level against the US Dollar. The AUD/USD pair gained pace for a move above the 0.7200 for sustained upward move. The pair even broke the 0.7220 resistance zone and the 50 hourly simple moving average. It traded as high as 0.7223 on FXOpen before it started a downside correction. There was a move below the 0.7210 and 0.7200 levels. AUD/USD Hourly Chart The pair traded below the 23.6% Fib retracement level of the upward move from the 0.7093 swing low to 0.7223 high. The pair is now testing the 0.7155 level and the 50 hourly simple moving average. It is finding bids near the 50% Fib retracement level of the upward move from the 0.7093 swing low to 0.7223 high. There is also a key bullish trend line forming with support near 0.7135 on the hourly chart of AUD/USD. If there is a downside break below the 0.7135 support, the pair could extend its decline towards the 0.7100 level. On the upside, an immediate resistance is near the 0.7180 level. The next major resistance is near the 0.7200 level. A close above the 0.7200 level could start a steady increase in the near term. The next major resistance could be 0.7250. Read Full on FXOpen Company Blog...

ETHUSD and LTCUSD Technical Analysis – 16th DEC, 2021 ETHUSD: Double Bottom Pattern Above $3,600 Ethereum started this week on a mild bullish tone by touching a high of $4,169 after which the decline started pushing its prices below the $4,000 handle. We saw Ethereum touching an intraday low of $3,654 yesterday, after which fresh buying in the market pushed its prices all the way above the $4000 mark. The recovery was also backed by the Three Arrows Capital hedge fund purchasing $56 million worth of Ether. ETHUSD is slowly preparing itself for its next move against the US dollar. We can clearly see a double bottom pattern above $3,600, which signifies the end of a downtrend and a shift towards an uptrend. ETH is now trading just above its pivot level of $3,998 and moving in a bullish ascending channel. The price of ETHUSD is about to break its classic resistance level of $4,048, its Fibonacci resistance level of $4,035, and is now aiming towards the $4,200 handle in the US trading session. All the major technical indicators are giving a STRONG BUY signal. ETH is now trading above its 100 hourly and below its 200 hourly simple moving averages. Ethereum trend reversal seen above $3,600 Short-term range appears to be bullish for ETHUSD All the moving averages are giving a BUY signal Average true range is indicating LESS market volatility Ether: Bullish Reversal towards $4,200 Confirmed ETHUSD has recovered from its losses and is now moving in the consolidation phase below the $4,200 handle in the European trading session. Stoch and average directional change are indicating a NEUTRAL market. We can see a 34.50% increase in the trading volume as compared to yesterday, because the market was in a consolidation phase, and today, new buyers have entered as the bullish pattern is clearly visible. ETH has gained +4.58% with a price change of +176.90$ in the past 24hrs and has a trading volume of 26.810 billion USD. The Week Ahead Ether is now waiting for its next move against the US dollar. We can see that the price continues to hold above the important psychological support level of $4,000. The medium to long-term outlook for Ether remains bullish with targets of $4,500 to $5,000 in January 2022. This is also a time when long-term investors tend to liquidate their holdings and withdraw the profits. Because of the coming end-of-year Christmas and New Year holidays, the liquidity will remain low and the advances limited. We have detected an MA5 crossover pattern which signifies a bullish trend in the coming days. A bullish crossover pattern is also seen in the MA100. Technical Indicators: Ultimate oscillator: at 54.75 indicating a BUY Moving averages convergence divergence (14-day): at 54.07 indicating a BUY Commodity channel index (14days): at 34.51 indicating a NEUTRAL market Rate of price change: at 8.161 indicating a BUY Read Full on FXOpen Company Blog...

Is the EURUSD heading for parity? We have all been here before. Despite the major currencies not being particularly volatile for many years, the differences between those on each side of the Atlantic is now becoming quite marked and has perhaps been the direction to watch for a considerable period of time. Today, the EURUSD pair is trading at 1.13, which is the second-lowest point in over one year. Just a month ago, at the beginning of this strong and continual period of downward movement for the 'cable' pair, analysts in senior positions in Wall Street and the City of London were beginning to consider the possibility that the EURUSD pair's value may make a return to that of 2014 when parity was almost achieved. Given that many of the more industrially developed nations within the Eurozone have become subject to further restrictions at the hands of their respective governments, confidence has been affected as market participants take into account the potential effect slower production and less effective working practices in Austria, Germany and Holland could have on the wider Eurozone's stability. In particular, Germany, which has a population of over 80 million and a traditional industry base which requires employees to attend their place of work as opposed to many large scale, high producing businesses in the Anglosphere which are often internet based or intrinsically linked to the big tech giants, therefore meaning working from pretty much anywhere would not stifle output. Germany's largest employers are heavy manufacturing businesses such as Volkswagen, Bosch and Siemens, all of which require staff to travel to their factories. Restrictions being implemented by the national government would have a direct impact on this. Whilst the US government is also talking about introducing restrictions, it has not brought in any Covid passport system yet, and has only done so for travel purposes whilst some of the European nations are doing so for access to everyday events and there is concern that this may extend to workplaces. Looking at the EURUSD pair one month ago, it was trading at a healthy 1.22 which had been the case for quite a number of months, however as the year draws to a close we are looking at a clear downward line. Just two weeks ago, the euro-Swiss franc pair fell below parity on November 1 for the first time in almost a year, echoing the same sentiment among traders. At the beginning of this month, options traders were investing in options with longer expiry dates even before the euro dropped below 1.15, showing that a conservative approach is the current default. Whether we will see parity or not is yet to be determined, however this is a really unusual downturn and has been on this trajectory for long enough to make it a real feature within the FX market. FXOpen Blog

GBP/USD Aims Recovery While EUR/GBP Is Sliding GBP/USD is attempting a recovery wave above the 1.3220 resistance. EUR/GBP is declining and is gaining pace below the 0.8550 level. Important Takeaways for GBP/USD and EUR/GBP The British Pound is facing resistance near the 1.3280 and 1.3300 levels. There was a break above a major bearish trend line with resistance near 1.3240 on the hourly chart of GBP/USD. EUR/GBP started a fresh decline from well above the 0.8580 support level. There is a major bearish trend line forming with resistance near 0.8540 on the hourly chart. GBP/USD Technical Analysis The British Pound declined heavily below the 1.3300 level against the US Dollar. The GBP/USD pair formed a base above the 1.3265 level and recently started an upside correction. The pair recovered above the 1.3200 resistance level. There was a break above the 50% Fib retracement level of the downward move from the 1.3289 high to 1.3163 low (formed on FXOpen). Besides, there was a break above a major bearish trend line with resistance near 1.3240 on the hourly chart of GBP/USD. The pair is now trading near the 1.3250 level and the 50 hourly simple moving average. It is close to the 76.4% Fib retracement level of the downward move from the 1.3289 high to 1.3163 low. On the upside, an initial resistance is near the 1.3265 level. If there is an upside break above the 1.3450 resistance and the 50 hourly SMA, the price could surpass 1.3280. The main resistance is near the 1.3300 zone. Therefore, a proper break above the 1.3300 resistance could open the doors for a steady increase. The next major resistance for the bulls could be 1.3350. If not, the pair could start a fresh decline below 1.3220. An immediate support is near the 1.3200 level. The first key support is near the 1.3180 level. Any more losses could lead the pair towards the 1.3150 support zone. The next major support sits near the 1.3080 level. Read Full on FXOpen Company Blog...

EUR/USD and USD/CHF: Dollar Could Gains Momentum EUR/USD is struggling to gain momentum above the 1.1300 zone. USD/CHF is rising, and it might extend gains above the 0.9250 level. Important Takeaways for EUR/USD and USD/CHF The Euro failed to gain strength and declined below 1.1300 against the US Dollar. There was a break below a key bullish trend line with support near 1.1270 on the hourly chart of EUR/USD. USD/CHF started a decent increase from the 0.9200 support zone. There is a major bearish trend line forming with resistance near 0.9250 on the hourly chart. EUR/USD Technical Analysis The Euro attempted an upside break above the 1.1325 resistance zone against the US Dollar. The EUR/USD pair failed to gain strength above 1.1325 and started a fresh decline. There was a clear break below the 1.1300 and 1.1280 support levels. Besides, there was a break below a key bullish trend line with support near 1.1270 on the hourly chart of EUR/USD. The pair even broke the 1.1260 support and the 50 hourly simple moving average. EUR/USD Hourly Chart It traded as low as 1.1250 on FXOpen and is consolidating losses. On the upside, an initial resistance is near the 1.1272 level. The 23.6% Fib retracement level of the recent decline from the 1.1326 swing high to 1.1250 low is also near 1.1272. The next major resistance is near the 1.1285 zone. It is near the 50% Fib retracement level of the recent decline from the 1.1326 swing high to 1.1250 low. A clear upside break above the 1.1300 zone could open the doors for a steady move. The next major resistance sits near the 1.1325 level. On the downside, an immediate support is near the 1.1250 level. The next major support is near the 1.1220 level. A downside break below the 1.1220 support could start another decline. The next major support sits near 1.1150. Read Full on FXOpen Company Blog...

The low Turkish Lira and the tourism opportunity Turkey, a huge nation which is home to over 84 million people, is in an interesting position economically and politically and has been for some time. The current economic outlook is one of surprising doom, and the focus over the past day by mainstream economists in Western countries has been on the anticipation of a rate cut which has caused the Lira to plunge to a new low, which is quite a significant market event given that it began this month at a very low value. Yesterday was a particularly interesting session for the Lira, given that it was trading at 14.33 to the dollar at 1:25 p.m. in Istanbul, representing a slight recovery from the record low of 14.99 earlier in the day but still languishing at all time lows. The mere thought that a commonly-traded currency which is not a major and could be considered to be one of the 'exotics' which is often traded against majors would plunge to a lower value than ever recorded could well prove to be a point of interest among traders and market participants. Turkey may well be having a fiscal apocalypse in the eyes of its own central bank and policymakers and financial leaders globally, as the nation's own central bank began to intervene directly in the FX market on Monday this week by selling dollars to prop up the lira, but there are two sides to this situation which could lead to some degree of volatility. Whilst President Recep Tayyip Erdogan has taken a hardline stance against raising interest rates, Turkey's finance minister aligns with the idea as do many global economists which agree would actually aid the currency and go toward stemming the rampant inflation, which is now at approximately 20%. Thus, the currency is in the doldrums but the wider economy of Turkey has perhaps some degree of potential, as it is one of the only countries within which tourism makes up a vast percentage of the national industry base which is welcoming tourists without many restrictions. In 2018, Tourism directly accounted for 7.7% of total employment in Turkey, directly employing 2.2 million people and total income from tourism was 3.8% of GDP. The nation's nominal per capita income - effectively the average salary per person - in Turkey is $9,300 which is considerably short of the national average per capita GDP in Western nations which are home to major currencies, which means that any movement in the all important tourist industry makes all the difference to the outlook within Turkey and therefore could directly affect the value of the Lira Turkey's government has officially announced just three weeks ago that it will not be implementing any lockdowns going forward, and Turkey remains open to tourists. Every year, over one million British tourists flock to Turkey's sun-soaked resorts and with those resorts very much open for business, the possibility of restrictions being implemented across the United Kingdom over the winter period and the low value of the Turkish lira meaning that British travelers get more bang for their buck, it could be that the Turkish economy may get a boost from those looking for an escape from further curtailment of freedoms to a warmer climate for a few weeks with a great exchange rate. Many residents of Germany visit Turkey each year, some for vacation and others to visit their families and FX transactions between Germany and Turkey put the Euro and the Lira against each other very regularly. Given Germany's current strict Covid rules, Turkey's low value Lira and open society with little restrictions may appeal. Bearing in mind the internal issues of inflation and a beleaguered economy and the restrictions in Europe which may drive an open-for-business Turkish tourist industry forward, there may be some degree of volatility in the Lira when traded against the Euro or the Pound. FXOpen Blog