FXOpen Trader

I am a foreign exchange full time trader and I am doing my foreign exchange trading with the International and reputed foreign exchange broker FXOpen.

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We have to spend some time in the foreign exchange market to build good trading strategy.

GBP/USD and GBP/JPY: British Pound Eyes Additional Gains GBP/USD found support near 1.3670 and it is now correcting higher. GBP/JPY is rising and it remains supported for more gains above 150.00 Important Takeaways for GBP/USD and GBP/JPY The British Pound declined below 1.3800, but it found support near 1.3670 against the US Dollar. There was a break above a major bearish trend line with resistance near 1.3740 on the hourly chart of GBP/USD. GBP/JPY is trading nicely above the 105.00 and 105.20 resistance levels. There was also a break above a key bearish trend line with resistance near 149.20 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound saw a bearish wave below the 1.3850 support zone against the US Dollar. The GBP/USD pair even broke the 1.3720 support level. However, the pair found support near the 1.3670 zone. A low was formed near 1.3670 on FXOpen and the pair recently started a fresh increase. It broke the 1.3700 and 1.3720 resistance levels. There was also a break above a major bearish trend line with resistance near 1.3740 on the hourly chart of GBP/USD. The pair is now trading nicely above the 1.3750 level and the 50 hourly simple moving average. It is testing the 38.2% Fib retracement level of the key decline from the 1.4001 high to 1.3670 low. The first major resistance on the upside is near the 1.3825 level. The next major resistance is near 1.3835 level or the 50% Fib retracement level of the key decline from the 1.4001 high to 1.3670 low. A clear upside break above the 1.3825 and 1.3835 resistance levels could open the doors for a larger increase. If there is a fresh decline, the previous resistance near 1.3740 or the 50 hourly simple moving average might provide support. If there are additional losses, the pair could decline towards the 1.3700 level. Read Full on FXOpen Company Blog...

Gold Price Stuck Below $1,750, Oil Price Facing Hurdles Gold price started consolidating in a range above the $1,720 support. Crude oil price is now trading below $60.00 and $60.50 resistance levels. Important Takeaways for Gold and Oil Gold price is trading in a range above the $1,720 support against the US Dollar. There are two connecting bearish trend lines forming with resistance near $1,738 on the hourly chart of gold. Crude oil price is holding the key $57.50 and $57.40 support levels. There is a major bearish trend line forming with resistance near $59.80 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price made an attempt to surpass the $1,750 resistance against the US Dollar, but it failed. As a result, there was a fresh decline, but the bulls were active above the $1,720 support. It seems like the price is forming a strong support base above the $1,720 zone. The recent low was formed near $1,722 on FXOpen before the price started an upward move. It broke the 23.6% Fib retracement level of the recent decline from the $1,745 swing high to $1,722 low. An immediate resistance is near the $1,730 level and the 50 hourly simple moving average. The next key resistance is near the $1,733 level. It is close to the 50% Fib retracement level of the recent decline from the $1,745 swing high to $1,722 low. There are also two connecting bearish trend lines forming with resistance near $1,738 on the hourly chart of gold. To start a strong increase, the price must clear trend lines and $1,740. The main resistance is still near $1,750, above which the price could start a strong rally. Conversely, the price could fail to continue higher and it might decline below the $1,725 level. The main support is near the $1,720 zone. A clear break below the $1,720 support may possibly start a strong decline towards $1,700 or even $1,680 in the near term. Read Full on FXOpen Company Blog...

LTC and EOS – Decrease seen but for how long? LTC/USD From the start of the week, the price of Litecoin has been in a decline, coming from its Monday’s high at $197.68 to $170.92 at its lowest point today, which was a decrease of 13.53% It is now stabilizing around $173 after a steep downfall made from yesterday when the price decreased by 12.7% as the price recovered close to the levels of Monday’s high before moving to the downside again. Looking at the hourly chart, you can see that the bearish count has been validated in which from the start of March we have seen an ABC correction to the upside. In that case, the descending move from the 13th of March is the 3rd wave from the higher degree correction and is now forming as a five-wave move. It appears that could end very soon around the 0.618 Fibonacci level at tje $167 area, but there would be a possibility that the descending might continue to the 0.786 one. This is because by projecting the length of the first wave from the higher degree correction when the price of Litecoin was $245 and went to $155, we come up with a price target of $143. Read Full on FXOpen Company Blog...

EUR/USD Turns Red, USD/JPY Is Correcting Gains EUR/USD started a fresh decline and traded below the key 1.1880 support zone. USD/JPY is correcting gains and it is now trading below the 108.80 support. Important Takeaways for EUR/USD and USD/JPY The Euro failed to continue higher above 1.1950 and started a fresh decline. There is a key bearish trend line forming with resistance near 1.1915 on the hourly chart of EUR/USD. USD/JPY started a downside correction from well above the 109.00 level. There is a major bearish trend line forming with resistance near 108.65 on the hourly chart. EUR/USD Technical Analysis In the past few days, the Euro struggled to gain bullish momentum above 1.1950 against the US Dollar. The EUR/USD pair formed a swing high near 1.1946 on FXOpen and recently started a fresh decline. There was a break below a few important supports near the 1.1890 and 1.1880 levels. The pair even settled below the 1.1880 support zone and the 50 hourly simple moving average. A low is formed near 1.1836 and the pair is currently consolidating losses. An initial resistance is near the 1.1860 level. It is close to the 23.6% Fib retracement level of the recent decline from the 1.1946 swing high to 1.1836 low. The first major resistance is now forming near the 1.1890 and 1.1880 levels. The 50% Fib retracement level of the recent decline from the 1.1946 swing high to 1.1836 low is also near 1.1891. Moreover, there is a key bearish trend line forming with resistance near 1.1915 on the hourly chart of EUR/USD. Therefore, the pair must clear 1.1880 and 1.1920 to start a strong increase in the coming sessions. Conversely, the pair could continue to move down below the 1.1836 low. The first major support is near the 1.1820 level. If there is a downside break below the 1.1820 support, the pair could dive towards the 1.1750 support in the near term. Any more losses might call for a test of the 1.1715 support level. Read Full on FXOpen Company Blog...

BTC and XRP – Correction possibly over BTC/USD The price of Bitcoin has been moving sideways from the 17th of March when it came up to $59,600 until the 20th when it paid another revisit to those levels. However, after a failure to break the $60,000 mark to the upside we have seen a rejection that caused a breakout from the symmetrical triangles and a low to $52,924. Now we are seeing a minor recovery with the price currently being traded at $54,528 and has bounced nicely forming a V shape. The descending move was a five-wave impulse which is why we could have seen the completion of the WXY correction. In that case, the price is now making its first attempts to establish an uptrend as the 1st wave from the next impulsive wave to the upside started. However, there could still be a possibility of another lower low to the significant $51,940 level. If we have seen the completion of the 4th wave correction, then the price of Bitcoin is now headed towards the new all-time high, potentially in the zone between $72,000 and $68,000. Read Full on FXOpen Company Blog...

Crude Oil Price Drops from the Highs, But Bullish Pressure Remains One of the most spectacular market rallies this year formed on the oil market. After the dip below the zero level in April 2020, the price of oil rallied to $68 in March 2021. The move higher comes in line with rising global demand as the global trade volume reaches pre-pandemic levels. However, the price of oil is higher now than the pre-pandemic levels and triggers expectations of higher inflation ahead. Oil and Inflation – Why Should Traders Care? The problem with higher oil prices is that they trigger higher inflation expectations. As such, central banks are forced to intervene because they all use inflation as part of their mandate. More precisely, higher inflation above a central bank’s target leads to the central bank rising the interest rates. Hence, the currency market is the first one to be impacted by a move in the price of oil. Because traders try to anticipate the moves well ahead, the volatility in the currency market increases with the volatility in the oil market. Last week’s drop of over 7% on a single trading day spooked some investors, but the price of oil found strong support at the $60 level. Moving forward, the focus shifts to the OPEC+ meeting scheduled at the start of April. While the global oil demand increased in the last months as more economies reopen after lockdowns generated by the pandemic, there is still room to go. At current levels, demand is still less than pre-pandemic levels, so the price of oil may make new highs if the supply does not meet demand. Speaking of supply, if OPEC does not increase production in the second quarter of the year, the risk is that the price of oil will make new highs. The vaccination pace in advanced economies is strong enough to trigger rapid economic recovery, creating a positive environment for further advances in the price of oil. FXOpen Blog

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I choose to do my Forex trading with the International Forex Broker FXOpen

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I have been trading with the Most Trusted Forex Broker FXOpen.

I started trading in the Forex markets in the Year 2010 with the International Broker FXOpen.

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GBP/USD Struggles Below 1.3900, USD/CAD Could Extend Gains GBP/USD started a fresh decline after it failed to surpass the 1.4000 resistance. USD/CAD is rising and it is showing a lot of positive signs above the 1.2800 level. Important Takeaways for GBP/USD and USD/CAD The British Pound started a fresh decline after it was rejected near the 1.4000 area. There was a break below a major bullish trend line with support near 1.3910 on the hourly chart of GBP/USD. USD/CAD traded towards the 1.2375 support zone before starting an upside correction. There was a break above a major bearish trend line with resistance near 1.2455 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound made another attempt to clear the 1.3990 and 1.4000 resistance levels against the US Dollar. The GBP/USD pair failed to gain strength and started a fresh decline below the 1.3950 support zone. There was a clear break below the 1.3920 support level and the 50 hourly simple moving average. There was also a break below the 1.3850 support level. Moreover, there was a break below a major bullish trend line with support near 1.3910 on the hourly chart of GBP/USD. The pair traded as low as 1.3817 on FXOpen and it is currently consolidating losses. An initial resistance on the upside is near the 1.3850 level. It is close to the 23.6% Fib retracement level of the downward move from the 1.3959 high to 1.3817 low. The first major resistance is near the 1.3880 level. The 50% Fib retracement level of the downward move from the 1.3959 high to 1.3817 low is also near 1.3880 level. The main resistance is now forming near 1.3910 and the 50 hourly simple moving average. A successful close above the 1.3880 and 1.3900 levels could open the doors for a decent increase in the coming sessions. Conversely, the pair might continue to move down below the 1.3820 and 1.3800 support levels. Any more losses may possibly open the doors for a push towards the 1.3740 support level. Read Full on FXOpen Company Blog...