FXOpen Trader

If we want to learn trading in the Forex Markets it can be done with the help of the DEMO Trading accounts by us.

If we will start making the efforts to increase our Skills and Knowledge then we will become Better Traders.

I am doing my trading with the International and Reputed Forex Broker FXOpen Markets

If we are willing to start doing the Hard Work then we can get more SUCCESS in this business.

To be able to become a successful trader in the business we will need to do More Efforts.

We will need to look and also Monitor the markets so that we are able to better understand the Market Trends.

I am doing my Forex Trading with the help of the International and Reputed Broker FXOpen Markets

Foreign exchange market is a challenging level f rewarding market opportunity and we need to start doing hard work in the business.

When we will start doing our trading in the foreign exchange market we will have to understand that trading will take our time and efforts.

I have been doing my trading in the Forex Markets from the Year 2010 with the International Broker FXOpen Markets

We will need to make use of the demo trading account so that we can learn trading in the foreign exchange market without any loss

We must select a lower amount of trading leverage because we will need to minimize the total amount of risk in our trading account

To be able to make income from the foreign exchange market we need to do hard work and also Choose reliable foreign exchange broker.

Overview of FXOpen’s Best-performing July 2021 PAMM Accounts Summer has entered its final days, but that doesn’t prevent PAMM managers from trading and delighting their investors with fresh positive results. FXOpen presents yet another forecast based on the results of trading on our platform, focusing on the most reliable and profitable accounts. As of August 1, 2021, FXOpen has 154 active accounts, with $2’902’057.00 of subscriber funds invested, according to Investflow statistics. Another important update: FXOpen is holding a Money Managers contest for PAMM masters! You have until August 16, 2020, to register, test your managing skills, and win a monetary prize out of the $10,000 prize fund. And now, on to the top 10 PAMM accounts that demonstrated the most promising results in July 2021. Read Full on FXOpen Company Blog...

EUR/USD Could Recover, USD/JPY Gains Momentum EUR/USD started a major decline and it traded below 1.1750. USD/JPY is rising and it even broke the 110.50 resistance zone. Important Takeaways for EUR/USD and USD/JPY The Euro started a major decline below the 1.1800 and 1.1780 levels. There is a key bearish trend line forming with resistance near 1.1725 on the hourly chart of EUR/USD. USD/JPY started a fresh increase above the main 110.00 resistance zone. There is a major bullish trend line forming with support near 110.50 on the hourly chart. EUR/USD Technical Analysis After a failed attempt to clear 1.1850, the Euro started a major decline against the US Dollar. The EUR/USD pair broke the 1.1800 support zone to move into a bearish zone. The pair settled below the 1.1800 level and the 50 hourly simple moving average. It even broke the 1.1750 support level and traded as low as 1.1709 on FXOpen. It is now consolidating gains above the 1.1700 support zone. An immediate resistance is near the 1.1725 level. There is also a key bearish trend line forming with resistance near 1.1725 on the hourly chart of EUR/USD. The first key resistance is near the 1.1750 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.1895 swing high to 1.1709 low. Any more gains could start a decent increase towards the 1.1800 resistance. The 50% Fib retracement level of the recent decline from the 1.1895 swing high to 1.1709 low is also near the 1.1800 level. A close above 1.1800 could open the doors for a steady increase towards 1.1850. If not, the pair might continue to move down below 1.1710. An intermediate support is near the 1.1700 level. The next major support is near the 1.1680 level, below which the pair could drop towards the 1.1640 support in the near term. Read Full on FXOpen Company Blog...

Solid Jobs Report Sends the US Dollar Higher The US dollar reversed the recent losses and closed the last week higher. Responsible for the move was the July NFP report. The market expected a positive report, but the outcome exceeded expectations. The US economy added over 940k new jobs in July. Moreover, the data for the previous month was revised higher by over 100k jobs. All the elements in the report pointed to a strong recovery of the US economy. Besides the better headline number, the Unemployment Rate declined to 5.4% – another positive development. Sure enough, the US economy still needs to recover about 5 million jobs lost during the pandemic. But solid reports like the one from last Friday bring the Fed closer to fulfill its employment mandate, and thus the tightening of the financial conditions may be just around the corner. The Fed, as a central bank, has a dual mandate. It aims at price stability and maximum employment. The price stability mandate is monitored by the changes in inflation. Inflation is already above Fed’s target, even though it is unclear how long is the period the Fed looks at averaging inflation to 2%. What remains is improvements in the labor market – and the July NFP report shows such improvements. The bias is now that the Fed will announce the tapering of its asset purchases sooner than expected, and so the US dollar ticked higher on the news. The Technical Picture Also Favors a Stronger Dollar From a technical analysis perspective, the US dollar may be at the end of a cycle. The Dollar index formed a double top at the 100 level, but it recently found both horizontal and dynamic support in the 90 area. A quick look at the rising trend reveals the fact that the Dollar index has kept the series of higher lows intact, just like it is supposed to do in a rising trend. Hence, as long as the index holds above 89, the bias remains bullish. Moving forward, traders will look for clues about what the Fed will do next. Is the July NFP report strong enough to trigger earlier tapering? If yes, the US dollar’s rally should continue unabated. FXOpen Blog

GBP/USD and EUR/GBP Target Additional Losses GBP/USD started a steady decline from the 1.4000 resistance zone. EUR/GBP also declined and it broke the key 0.8500 support zone. Important Takeaways for GBP/USD and EUR/GBP The British Pound failed to surpass the 1.4000 resistance zone and started a fresh decline. There is a major bearish trend line forming with resistance near 1.3915 on the hourly chart of GBP/USD. EUR/GBP started a fresh decline from well above the 0.8550 pivot level. There is a key bearish trend line forming with resistance near 0.8500 on the hourly chart. GBP/USD Technical Analysis The British Pound made many attempts to clear the 1.3400 resistance level against the US Dollar, but it failed. As a result, the GBP/USD pair started a steady decline below the 1.3950 level. The pair even broke the 1.3920 support level and it settled below the 50 hourly simple moving average. Finally, there was a break below the 1.3900 support and the pair traded as low as 1.3855 on FXOpen. It is now consolidating losses above the 1.3850 support. An immediate resistance on the upside is near the 1.3875 level. The 23.6% Fib retracement level of the downward move from the 1.3948 swing high to 1.3855 low is also near the 1.3875 level. The first major resistance is now forming near the 1.3900 zone and 50 hourly simple moving average. It is close to the 50% Fib retracement level of the downward move from the 1.3948 swing high to 1.3855 low. Moreover, there is a major bearish trend line forming with resistance near 1.3915 on the hourly chart of GBP/USD. Therefore, a proper break above the 1.3900 resistance and the trend line could open the doors for a steady increase. An immediate support on the downside is near the 1.3850 level. A downside break below the 1.3850 level might call for more losses. The next major support is near the 1.3800 level. Any more losses could lead the pair towards the 1.3740 level in the near term. Read Full on FXOpen Company Blog...

Gold Price and Crude Oil Price Show Bearish Signs Gold price started a fresh decline from well above $1,825. Crude oil price is also declining and it broke the main $70.00 support zone. Important Takeaways for Gold and Oil Gold price failed to clear the $1,830 level and it started a fresh decline against the US Dollar. There was a break below a major bullish trend line with support near $1,815 on the hourly chart of gold. Crude oil price also started a fresh decline from well above the $72.00 zone. There is a connecting bearish trend line forming with resistance near $69.25 on the hourly chart of XTI/USD. Gold Price Technical Analysis This week, gold price failed once again to clear the $1,830 resistance against the US Dollar. The price traded as high as $1,831 on FXOpen before it started a fresh decline. There was a break below the $1,820 and $1,810 support levels. The price even broke the $1,805 support and the 50 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $1,815 on the hourly chart of gold. The price spiked below $1,800 before the bulls appeared. The price is now consolidating losses, with an immediate resistance near the $1,810 level. The first key resistance is near the $1,810 level and the 50 hourly simple moving average. It is near the 38.2% Fib retracement level of the downward move from the $1,831 high to $1,797 low. The main resistance is near the $1,815 level. A close above $1,815 could set the pace for a larger increase. An initial support on the downside is near the $1,795 level. The first major support is near the $1,785 level. If there is a downside break, the price could test the $1,750 support in the near term. Read Full on FXOpen Company Blog...

Google Green-lights Crypto Ads On August 3, Google rolled out its new policy, allowing advertisers to officially offer their cryptocurrency and wallet exchange services online. The latest set of rules is quite tough. To weed out shadow advertising and crypto fraud, Google requires advertisers to register with the Financial Crime Enforcement Network (FinCEN). ICOs, banned from advertising back in 2018, are still a no-go. Thanks to this step, the corporation is expected to boost its revenue in the developing sector of digital currencies. Meanwhile, Ethereum masterminds have begun a countdown to the Thursday launch of the London update on their website. The update will affect how the network handles transaction fees. Ahead of the update, ETHUSD is showing more positive dynamics compared to BTCUSD. On July 31, the BTCUSD market had very small trading volumes (see fig. 1) around the 42k level, and the next day, the price showed bearish dynamics with growing volumes. This indicates a weak demand for the coin at a price of 42k and the dominance of supply. The current decline can be stopped by the level of 36k (or something close to it), where, on July 26, the bitcoin price was growing aggressively under pressure from buyers. FXOpen Blog

ForexCup Trading Championship 2021, a contest for traders to win $50,000, is now live! FXOpen, a trusted global CFD and Forex broker is proud to announce the launch of the ForexCup Trading Championship 2021. The contest with the main prize of $50,000 runs from January 1 to December 31, 2021, and is available to all traders with active FXOpen accounts. 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 2021. 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! “We launched the ForexCup Trading Championship to provide our clients the unique opportunity to test not only themselves but to measure and compare their trading skills against their peers, to take the coveted position of Top Trader. Ultimately, we hope this will identify and inspire the next generation of Forex enthusiasts,” Gary Thomson asserts, the Chief Operating Officer of FXOpen UK. Anyone interested can sign up now or read more about Forex Trading Championship rules and philosophy here. FXOpen Company News

EUR/USD Eyes More Upsides, USD/CHF Turns Red EUR/USD started a decent increase and it broke the 1.1850 resistance zone. USD/CHF is declining and it could extend losses below 0.9020. Important Takeaways for EUR/USD and USD/CHF The Euro started a fresh increase from well below 1.1800 against the US Dollar. There is a key bullish trend line forming with support near 1.1840 on the hourly chart of EUR/USD. USD/CHF failed to stay above the 0.9120 support and extended its decline. There is a major bearish trend line forming with resistance near 0.9070 on the hourly chart. EUR/USD Technical Analysis The Euro formed a support base above 1.1780 and started a fresh increase against the US Dollar. The EUR/USD pair broke the 1.1820 resistance zone to move into a positive zone. The pair even surpassed the 1.1850 resistance zone and it settled above the 50 hourly simple moving average. Finally, there was a spike above the 1.1900 level. A high was formed near 1.1908 on FXOpen before the pair started a downside correction. There was a break below the 1.1900 and 1.1880 levels. The pair declined below the 23.6% Fib retracement level of the upward move from the 1.1772 swing low to 1.1908 high. It is now consolidating above the 1.1850 support zone. The next major support is near the 1.1840 level. It is near the 50% Fib retracement level of the upward move from the 1.1772 swing low to 1.1908 high. There is also a key bullish trend line forming with support near 1.1840 on the hourly chart of EUR/USD. A downside break below the 1.1840 support could start another decline. The next major support could be near the 1.1780 level. On the upside, an initial resistance is near the 1.1875 level and the 50 hourly simple moving average. The main resistance is near 1.1900. If there is an upside break above the 1.1900 resistance zone, the price could rise steadily towards the 1.1950 resistance zone. Read Full on FXOpen Company Blog...

The US Economic Growth Exceeds Expectations The new trading month started with the market participants focusing on Friday’s NFP report. Because the Federal Reserve of the United States has a dual mandate, one that focuses on both price stability and job creation, the way the labor market performs is viewed as decisive for the future path of monetary policy. While inflation has reached the Fed’s target, there is still a lot of room for improvement in the labor market. Fed’s definition of full employment leaves room for more strength before the rates could be lifted. In the middle of last week, the Fed signaled that it is in no rush to lift the rates. Most likely, it remains intentionally behind the curve, wanting to see more strength in the labor market before acting. But inflation and economic growth may trigger action from the Fed sooner than the market expects. We’ve seen the Gross Domestic Product released last week coming out much stronger than the expectations. US GDP Grows Much Faster Than Forecasters Expected The chart above shows a projection for the US GDP made by various institutions in the last quarter of 2020. All of them, including the FOMC, IMF, and OECD, have underestimated the growth of the US economy. As it turned out, the actual growth path out of the economic recession is much steeper, with positive spillover effects for the main US trade partners. Because the United States is the largest economy in the world, a stronger economic recovery there is enough to add one percentage point or more to global growth. Before the passage of the America Rescue plan, most forecasters expected that the economy would grow by 3/4%-4.2% in the four quarters of 2021. But the data released last week shows that the economy grows at an annualized rate of 6.4%, much higher than expected. The solid growth should support the equity markets and keep the US dollar offered. Because most central banks in the developed world have adopted similar monetary policies, which are still loose, the market is dominated by risk-on/risk-off gyrations. Until we see central banks lifting rates, the chances are that the markets will remain correlated. FXOpen Blog

GBP/USD Turns Green, USD/CAD Faces Hurdles GBP/USD started a fresh increase and it broke the 1.3880 resistance. USD/CAD is recovering, but it is facing hurdles near 1.2520. Important Takeaways for GBP/USD and USD/CAD The British Pound started a steady increase above the 1.3850 and 1.3880 resistance levels. There is a key bullish trend line forming with support near 1.3875 on the hourly chart of GBP/USD. USD/CAD started a steady decline below the 1.2550 and 1.2520 support levels. There was a break above a short-term declining channel with resistance near 1.2455 on the hourly chart. GBP/USD Technical Analysis After forming a base above the 1.3620 level, the British Pound started a decent increase against the US Dollar. The GBP/USD pair broke the 1.3750 resistance level to move into a positive zone. The bulls gained pace above the 1.3850 level and the 50 hourly simple moving average. The pair even broke the 1.3950 resistance level. A high was formed near 1.3981 on FXOpen and it is currently correcting lower. There was a break below the 1.3950 support level. The pair traded below the 50% Fib retracement level of the recent move from the 1.3843 swing low to 1.3981 high. On the downside, the first key support is near the 1.3875 area. There is also a key bullish trend line forming with support near 1.3875 on the hourly chart of GBP/USD. The trend line is close to the 76.4% Fib retracement level of the recent move from the 1.3843 swing low to 1.3981 high. If there is a break below 1.3875 and 1.3860, the pair could decline towards the 1.3825 support zone. Any more losses might call for a test of the 1.3720 support. On the upside, an initial resistance is near the 1.3940 level. The first major resistance is near the 1.3980 level. The main resistance is now near the 1.4000 zone, above which the pair is likely to accelerate higher towards the 1.4050 and 1.4100 levels. Read Full on FXOpen Company Blog...

If we are looking to get Consistent income from the business we will need to make use of a Reliable Trading System.

We will need to make Efforts into the business of Forex trading so that we are able to get Better Trading Results.