FXOpen Trader

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EUR/USD Gains Traction, USD/CHF Could Extend Losses EUR/USD started a fresh increase above the 1.1950 and 1.2000 resistance levels. USD/CHF is declining and it could dive if it breaks the 0.9125 support. Important Takeaways for EUR/USD and USD/CHF The Euro started a fresh increase after it settle above 1.1950 against the US Dollar. There is a key connecting bullish trend line forming with support near 1.2000 on the hourly chart of EUR/USD. USD/CHF is following a bearish path below the 0.9200 support zone. There is a major bearish trend line forming with resistance near 0.9170 on the hourly chart. EUR/USD Technical Analysis The Euro formed a strong support base above the 1.1950 level against the US Dollar. As a result, the EUR/USD pair started a fresh increase and it broke many hurdles near the 1.1980 and 1.2000 levels. The pair even surged above the 1.2040 level and settled above the 50 hourly simple moving average. A high was formed near 1.2079 on FXOpen and the pair is now correcting gains. It traded below the 1.2060 and 1.2050 levels. There was a break below the 23.6% Fib retracement level of the upward move from the 1.1942 swing low to 1.2079 high. However, the bulls are defending the 1.2030 support zone and the 50 hourly simple moving average. The next major support is near the 1.2010 level. It is near the 50% Fib retracement level of the upward move from the 1.1942 swing low to 1.2079 high. There is also a key connecting bullish trend line forming with support near 1.2000 on the hourly chart of EUR/USD. On the upside, the pair is facing hurdles near the 1.2050 level. The next major resistance is near the 1.2080 level, above which the pair could rise above the 1.2100 zone. Read Full on FXOpen Company Blog...

BTC and XRP – Recovery seen but further downside expected BTC/USD The price of Bitcoin has fallen by 20.4% measured from its all-time high of $64,791 made on the 14th of April to its lowest wick on the 17th when the price came down to $51,531. From there we have seen a recovery to $57,702 but then again the price started falling back down and is currently being traded at around $55,980. On the hourly chart, you can see that the price made the majority of its decrease on the 17th which was the 5th wave from the descending impulse. This could be the first sub-wave of the higher degree downturn that we are to see in the market. It broke down from some of the highly significant support levels both horizontal and the ascending triangle in which it was since the 21st of February. This ascending triangle could have been the ending diagonal which marked the completion of the five-wave impulse from March last year. This is the overdue correction that the market needed to overcome in order to continue moving to the upside and is now likely to push the price further to the downside. However, this isn’t expected in a straight line. More likely we are to see now a corrective increase and a consolidation before another impulsive move to the downside of the equally strong amount. Potentially we could see now an ABC correction out of which we are currently seeing the development of the B wave and in the upcoming days the C wave would make a higher high compared to Monday’s one but from there further lows would be expected below the $50,000 mark. Read Full on FXOpen Company Blog...

Lumber Prices Go Ballistic as the U.S. Housing Market Booms The U.S. housing sector is closely watched by investors from all over the world. It has strategic importance both for the United States GDP (Gross Domestic Product) and for the world’s economies. People are too focused now on the COVID-19 pandemic to remember that the previous crisis, a financial one, started from the U.S. housing sector. In 2008-2009, the U.S. housing market bubble burst, a combination of derivative products used the wrong way, and so the market collapsed rapidly. The shockwave reached Europe and other developed economies, generating a financial crisis that haunted Europe for several years. Fast forward to 2021, the world still struggles with the pandemic, but the housing market in the United States is in an unprecedented boom. This is very good news for the domestic economy and also for other economies. After all, when America’s economy outperforms, the positive spillovers influence other economies too. Recovery Stronger Than Expected As Suggested by Strong Housing Sector Activity The COVID-19 pandemic triggered changes in consumer behavior. People learned that online shopping (for some products) is as good as going out and buying the product. And, cheaper. Therefore, the chances are that most of the changes seen during the pandemic are here to stay. One of the most interesting changes affected the workplace. Those who can work from home have built a home office, for example. Also, people fled cities for outdoor spaces. Or, they stopped using common transportation favoring personal cars. As such, contrary to all expectations, the COVID-19 recession was unique as both the auto and the housing sectors performed well. In particular, the housing sector has seen tremendous growth, as America literally faces a shortage of new houses. And lumber to build them. The price of lumber broke above $1,000 as there is no lumber enough to satisfy the demand. For those unfamiliar with the commodities market, lumber is a product of timberland and is usually harvested in periods of rising prices. This is such a period. However, the demand from the U.S. housing market is so strong that the futures market still points to higher lumber prices. Commodities are typically traded on futures exchanges, where the clearinghouse brings together buyers and sellers and settles the prices on a daily basis. When the spot price exceeds the futures price, it is said that the market is in backwardation. The entire lumber futures curve is in backwardation – a bullish sign suggesting more upside is possible for the price of lumber. Therefore, investors should expect more upside for the U.S. housing market and, thus, for the U.S. economy. Are we about to witness one of the biggest economic recoveries in history? FXOpen Blog

GBP/USD Eyes More Upsides, EUR/GBP Holding Key Support GBP/USD is showing positive signs above 1.3800 and 1.3780. EUR/GBP is showing bearish signs and it is testing a major support near 0.8640. Important Takeaways for GBP/USD and EUR/GBP The British Pound started a decent increase from the 1.3720 support zone. There was a break above a key contracting triangle with resistance near 1.3780 on the hourly chart of GBP/USD. EUR/GBP failed to continue higher above 0.8720 and corrected lower. There was a break below a major contracting triangle with support near 0.8685 on the hourly chart. GBP/USD Technical Analysis After forming a support base above 1.3700, the British Pound started a fresh increase against the US Dollar. The GBP/USD pair broke the 1.3750 and 1.3800 resistance levels to move into a positive zone. There was also a close above the 1.3800 level and the 50 hourly simple moving average. During the increase, there was a break above a key contracting triangle with resistance near 1.3780 on the hourly chart of GBP/USD. The pair climbed above the 1.3820 level and traded as high as 1.3843 on FXOpen. Recently, there was a downside correction from the 1.3843 high. The pair tested the 23.6% Fib retracement level of the upward move from the 1.3716 swing low to 1.3843 high at 1.3813. The next major support on the downside is near the 1.3800 zone (the recent breakout zone). Any more losses could initiate a drop towards the 1.3780 support or the 50 hourly simple moving average. The 50% Fib retracement level of the upward move from the 1.3716 swing low to 1.3843 high is also near the 1.3780 level. On the upside, the 1.3840 and 1.3850 levels are immediate hurdles. A successful break above 1.3850 might clear the path for more gains above the 1.3880 and 1.3900 levels. Read Full on FXOpen Company Blog...

Gold Price and Oil Price Could Continue To Rise Gold price started a fresh increase above the $1,740 resistance zone. Crude oil price is also rising and it is likely to continue higher above $63.50. Important Takeaways for Gold and Oil Gold price gained pace after it broke the $1,720 and $1,740 resistance levels against the US Dollar. There was a break above a key bearish trend line with resistance near $1,745 on the hourly chart of gold. Crude oil price climbed higher nicely and it settled above the $62.00 support zone. There is a major bullish trend line forming with support near $62.45 on the hourly chart of XTI/USD. Gold Price Technical Analysis Earlier this week, gold price formed a decent support base above the $1,725 level against the US Dollar. As a result, there was a fresh increase above the $1,730 and $1,740 levels. There was a break above a key bearish trend line with resistance near $1,745 on the hourly chart of gold. The price gained pace above the $1,750 level and it settled well above the 50 hourly simple moving average. It even traded above the $1,765 level and a high is formed near $1,769 on FXOpen. The price is now correcting lower and trading below the $1,765 level. It is testing the 23.6% Fib retracement level of the upward move from the $1,732 low to $1,769 high. An immediate support on the downside is near the $1,758 level. The next major support on the downside is near the $1,755 level. Any more losses might call for a test of the $1,750 support. It is near the 50% Fib retracement level of the upward move from the $1,732 low to $1,769 high. On the upside, the $1,768 and $1,770 levels are immediate hurdles. A clear break above $1,770 might open the doors for a steady increase towards the $1,780 level. The next key resistance is near the $1,800 level. Read Full on FXOpen Company Blog...

LTC and EOS – Resistance found LTC/USD The price of Litecoin has reached $282 at its highest point yesterday and after a minor retracement made it back to that area again today. Currently, it is being traded at $271.89 and is looking like it’s moving to the downside. On the hourly chart, we can see that the price of Litecoin was in an uptrend from the 25th of March when it was traded at $167. Measured to its highest point yesterday that was an increase of 68.8% but what more significant is that it made a higher high compared to the one on the 20th of February. This is why the increase from the 25th is considered the 3rd wave from the higher degree five-wave count. The wave structure implies that it might have ended and considering that we have seen the formation of the ascending channel from the start of the year now a pullback all the way down to its support might occur. There is still a bit more room to the upside for proper interaction with the channel’s resistance and more so if the level is adjusted to encompass February’s high. However, this structure appears to be an ending diagonal as the 5th wave from the higher degree impulse which is why further interactions with its level would be expected before the completion, meaning we could likely see the price of Litecoin back to $220 area, before another higher high to $330 area. Read Full on FXOpen Company Blog...

EUR/USD Gains Traction, USD/JPY Is Extending Losses EUR/USD started a decent increase after forming a base above the 1.1850 level. USD/JPY is declining and it broke the 109.00 support zone. Important Takeaways for EUR/USD and USD/JPY The Euro is showing positive signs above the 1.1880 and 1.1900 levels. There was a break above a key declining channel with resistance near 1.1915 on the hourly chart of EUR/USD. USD/JPY started a fresh decline below the 109.20 and 109.00 support levels. There is a major bearish trend line forming with resistance near 109.50 on the hourly chart. EUR/USD Technical Analysis After a decent upward move, the Euro settled above the 1.1850 resistance zone against the US Dollar. Recently, the EUR/USD pair formed a support base above 1.1850 and started a fresh increase. It broke a few important hurdles near the 1.1880 and 1.1900 levels. There was also a break above a key declining channel with resistance near 1.1915 on the hourly chart of EUR/USD. The pair gained pace above the 1.1940 level and settled above the 50 hourly simple moving average. A high is formed near 1.1960 on FXOpen and the pair is now consolidating gains. An initial support on the downside is near the 1.1940 level. The 23.6% Fib retracement level of the recent wave from the 1.1877 low to 1.1960 high is also near the 1.1940 level. The next major support on the downside is near the 1.1920 level (the recent breakout zone). The 50% Fib retracement level of the recent wave from the 1.1877 low to 1.1960 high is also near the 1.1920 level. Any more losses might call for a test of the 1.1850 level. On the upside, the first major resistance is now forming near the 1.1960 levels. A successful break above the 1.1960 resistance could open the doors for a push towards the 1.2000 resistance zone in the coming sessions. Read Full on FXOpen Company Blog...

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