FXOpen Trader

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Trading Hours Schedule for the UK Early May Bank Holiday on 3 May Dear Traders, Due to the UK Early May Bank Holiday on 3rd May, you will experience the following changes in the trading hours schedule: UK 100 Index (#UK100) Friday, April 30th: 01:00 - 23:00; Monday, May 3rd: trading closed; Tuesday, May 4th: opening at 03:00. All other financial instruments will be traded as usual. Please take these changes into consideration when planning your trading activities for the upcoming week. FXOpen Company News

EUR/USD and EUR/JPY: Euro Remains Well Supported EUR/USD started a fresh increase above the 1.2000 and 1.2050 resistance levels. EUR/JPY also gained momentum and it is now trading well above 130.00. Important Takeaways for EUR/USD and EUR/JPY The Euro formed a base above 1.2000 and started a fresh increase above 1.2050. There is a key bullish trend line forming with support near 1.2075 on the hourly chart. EUR/JPY is also trading in a positive zone above the 131.00 zone. There is a major bullish trend line forming with support near 131.25 on the hourly chart. EUR/USD Technical Analysis There was a steady increase in the Euro started above the 1.1950 resistance against the US Dollar. The EUR/USD pair broke the 1.2000 and 1.2050 resistance levels to move into a positive zone. There was also a break above the 1.2100 zone and the pair settled above the 50 hourly simple moving average. A high was formed at 1.2116 on FXOpen before there was a downside correction. The pair traded as low as 1.2056 and it is now attempting a fresh increase. There was already a spike above the 50% Fib retracement level of the recent decline from the 1.2116 high to 1.2056 low. However, the pair is struggling to settle above the 1.2085 zone and the 50 hourly simple moving average. The next major resistance is near the 1.2095 level. It is near the 61.8% Fib retracement level of the recent decline from the 1.2116 high to 1.2056 low. Any more gains could set the pace for a fresh high above the 1.2116 level in the near term. The next key resistance could be near the 1.2140 level. On the downside, there is a key bullish trend line forming with support near 1.2075 on the hourly chart. If there is a downside break, EUR/USD might continue to move down towards the 1.2050 support. Any more losses could open the doors for a test of the 1.2000 support zone in the near term. Read Full on FXOpen Company Blog...

BTC and XRP – Strong bullish momentum seen BTC/USD The price of Bitcoin has been decreasing from the 14th of April when it reached $64,735 at its highest point. From there we have seen a decline of 27.56% measured to its lowest point made on the 25th which was at $46,896. A recovery of 16.8% followed as the price came up to $55,000 area on its highest point of the week so far. Currently, it is being traded slightly lower but is still in an upward trajectory. On the hourly chart, you can see that the price made a three-wave decrease from the 14th of April which was most likely an WXY correction of the higher degree count. It ended with a double bottom with an impulsive rise that followed. This could be an early indication that the price decrease ended and that we are seeing the development of the next starting impulse. However, we could have seen another corrective ABC to the upside from the 23rd which would be the corrective WXY continuation wave leading into a lower low. We are now seeing the price looking for support above the significant horizontal support at $53,369 with a minor triangle forming, so from its breakout direction, we are to see which scenario gets validated. If we see a breakout to the upside it could mean that the starting impulse is on the move, but if the price starting impulsively moving to the downside it could be an indication that the corrective ABC to the upside ended. Read Full on FXOpen Company Blog...

GDP Growth Follows Success In Vaccination Efforts The week ahead is marked by two important central banks delivering their monetary policy statements – the Bank of Japan and the Federal Reserve in the United States. While the two events are crucial for Japanese yen and U.S. dollar traders, the market is also interested in what the GDP data in the United States and Canada will reveal. Since the COVID-19 pandemic hit the world, the GDP or Gross Domestic Product fell sharply in all countries. For the first time, the entire world was in an economic recession. Last November, the world found out for the first time that vaccines have promising results. Since that moment, a race against the clock started, with the price being not only the defeat of the virus but also a quick economic recovery. Chinese GDP Growth Signals Strong Bounce in Developed Economies Too Unfortunately, there are not enough vaccines for everybody at this point, but the situation gets better by the day. The more time passes, the more vaccines will be delivered throughout the world, and the faster the economic recovery will be. However, because of the inequalities in vaccine deliveries, some countries will experience economic growth faster and stronger than others. Hence, their currencies will likely benefit from it, as well as the stock market. The Chinese GDP grew by over 18% in the first quarter of the year, when compared to the same quarter a year ago. The bounce was much stronger than expected, and the chances are that the U.S. economic growth will also exceed expectations. Next Thursday, the advanced GDP in the United States is expected to show that the U.S. economy grew by 6.5% in the first quarter of the year. Judging by how the Chinese economy performed, the chances are that the U.S. economy will also beat expectations. One day earlier, Jerome Powell will have a hard time explaining to market participants why the Fed is not preparing to taper its asset purchases. As the chart above shows, America is one of the nations that lead in the vaccination race, and so the economic recovery is much stronger – why the need for easing? To sum up, the bigger the economic expansion, the more difficult for the Fed to keep its policy unchanged. The tapering may be closer than market participants expect. FXOpen Blog

FXOpen Launches Instant Bank Transfers in Vietnam and South Korea Dear Clients, FXOpen is pleased to announce that we've added a new method of depositing and withdrawing funds. Clients from Vietnam and South Korea can now carry out transactions via Instant Bank Transfers. Instant Bank Transfers are transactions made from an online bank account in a local currency. To celebrate the launch, clients can deposit for free, paying 0% commission for the first month of use. Read Full on FXOpen Company News...

GBP/USD and GBP/JPY: British Pound Eyes Fresh Increase GBP/USD found support near 1.3825 and it is now showing positive signs. GBP/JPY is stable above 149.40 and it is now facing hurdles near 150.00. Important Takeaways for GBP/USD and GBP/JPY The British Pound tested the 1.3825 support zone and it is now recovering against the US Dollar. There was a break above a major contracting triangle with resistance near 1.3885 on the hourly chart of GBP/USD. GBP/JPY is holding the main 149.40 and 149.20 support levels. There was a break above a key bearish trend line with resistance near 149.65 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound saw a steady decline below the 1.3950 support zone against the US Dollar. The GBP/USD pair even broke the 1.3880 support level. However, the pair found support near the 1.3825 zone. A low was formed near 1.3823 on FXOpen and the pair recently started a fresh increase. It broke the 1.3850 and 1.3880 resistance levels. There was also a break above a major contracting triangle with resistance near 1.3885 on the hourly chart of GBP/USD. Moreover, there was a break above the 50% Fib retracement level of the key decline from the 1.3949 swing high to 1.3823 low. The pair is now trading nicely above the 1.3750 level and the 50 hourly simple moving average. It is testing the 61.8% Fib retracement level of the key decline from the 1.3949 swing high to 1.3823 low. If there is a clear upside break above the 1.3900 and 1.3920 levels, there are chances of more upsides. In the stated case, the pair is likely to accelerate higher towards the 1.4000 resistance. If there is a fresh decline, the previous resistance near 1.3880 or the 50 hourly simple moving average might provide support. If there are additional losses, the pair could decline towards the 1.3850 level. Read Full on FXOpen Company Blog...

March 2021 Top 10 PAMM Accounts Overview You would not want to forget about investing at any time of year, as it is essential to prepare your portfolio, taking into account all the changes in FXOpen’s PAMM rating. More and more managers are joining the platform, and this PAMM overview will help investors navigate among their offers and choose the best ones to shape investment strategies. There were 192 active managers with $2,908,613.00 on their FXOpen accounts in early May. Read Full on FXOpen Company Blog...

AUD/USD and NZD/USD Could Extend Losses AUD/USD failed to clear the 0.7800 resistance and corrected lower. NZD/USD is likely to extend losses if there is a clear break below the 0.7150 support. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar failed to gain strength above the 0.7800 level against the US Dollar. There is a key bearish trend line forming with resistance near 0.7730 on the hourly chart of AUD/USD. NZD/USD corrected lower and it is now testing the 0.7150 support zone. There was a break below a major contracting triangle with support near 0.7180 on the hourly chart of NZD/USD. AUD/USD Technical Analysis After a steady increase, the Aussie Dollar struggled above the 0.7800 level against the US Dollar. The AUD/USD pair traded as high as 0.7815 on FXOpen and it recently started a fresh decline. There was a break below the 0.7780 and 0.7750 support levels. The pair even settled below the 0.7750 level and the 50 hourly simple moving average. It traded as low as 0.7689 and it is now correcting losses. It broke the 23.6% Fib retracement level of the downward move from the 0.7764 swing high to 0.7689 low. On the upside, there is a major resistance forming near the 0.7725 and 0.7730 levels. There is also a key bearish trend line forming with resistance near 0.7730 on the hourly chart of AUD/USD. The trend line is close to the 50% Fib retracement level of the downward move from the 0.7764 swing high to 0.7689 low. The 50 hourly simple moving average is also near the trend line. Therefore, a clear break above the trend line and 0.7730 is must for a steady increase. The next major resistance could be 0.7750, above which the price could rise towards the 0.7800 resistance. Conversely, the pair could decline below the 0.7700 support zone. If there is a downside break below the 0.7700 and 0.7685 levels, the pair could extend its decline towards the 0.7650 level. Read Full on FXOpen Company Blog...

LTC and EOS – Are we seeing the establishment of an uptrend? LTC/USD The price of Litecoin has been on the rise since Tuesday when it fell to $234 at its lowest point. It is currently being traded at $281 which is an increase of 21.45% from Tuesday and is still in an upward trajectory. On the hourly chart, you can see that the price of Litecoin is currently sitting at the level of its Monday’s high and has found resistance, indicated but the wick on the seller’s side on the hourly candle. However, we have seen a breakout from the descending triangle which is why the momentum looks strong enough to push the price higher. If we have seen the completion of the corrective move from the 17th, the next move could be the starting five-wave impulse to the upside that is going to make new highs. Another possibility could be that the price is forming the second sub-wave of the higher degree correction in which case the current rise would end as a three-wave formation. But in either way from here another high to around the $310 area would be expected. From the pullback that would be anticipated after we are going to see which scenario is in play as if the price falls back below $280 again on the pullback, it would invalidate the possibility of the price forming a five-wave impulse. In that case another lower low could be seen below the $230 area but for now the chart of Litecoin looks bullish. Read Full on FXOpen Company Blog...

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