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GBP/USD Eyes Recovery While USD/CAD Is Sliding GBP/USD could gain pace if it clears the 1.1900 resistance zone. USD/CAD is sliding and could extend losses below the 1.3000 level. Important Takeaways for GBP/USD and USD/CAD The British Pound is attempting an upside correction from the 1.1800 support zone. There is a key bearish trend line forming with resistance near 1.1900 on the hourly chart of GBP/USD. USD/CAD started a fresh decline from the 1.3220 resistance zone. There was a break below a connecting bullish trend line with support near 1.3070 on the hourly chart. GBP/USD Technical Analysis After facing sellers near 1.2055, the British Pound started a fresh decline against the US Dollar. GBP/USD declined heavily below the 1.2000 support zone. There was a move below the 1.1900 support zone and the 50 hourly simple moving average. The pair traded as low as 1.1761 and is currently correcting higher. There was a clear move above the 1.1850 resistance zone. GBP/USD Hourly Chart The pair climbed above the 50% Fib retracement level of the downward move from the 1.1967 swing high to 1.1761 low. An immediate resistance is near the 1.1900 level. There is also a key bearish trend line forming with resistance near 1.1900 on the hourly chart of GBP/USD. The next key resistance is near the 1.1920 level. It is near the 76.4% Fib retracement level of the downward move from the 1.1967 swing high to 1.1761 low. If there is an upside break above the 1.1920 zone, the pair could rise towards 1.2000. The next key resistance could be 1.2050, above which the pair could gain strength. On the downside, an initial support is near the 1.1860 area. The first major support is near the 1.1840 level. If there is a break below 1.1840, the pair could extend its decline. The next key support is near the 1.1760 level. Any more losses might call for a test of the 1.1700 support. Read Full on FXOpen Company Blog...

Watch FXOpen's July 11 - 15 Weekly Digest Video In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports. Euro and dollar reach parity. Inflation in the US rises again. Analysts' forecasts on Coca-Cola shares. Watch our short and informative video, and stay updated with FXOpen. FXOpen YouTube

A Journey of a Thousand miles begins with a Single Step Trading mechanism Understand in Details and Get the Answers from the Experienced Forex Traders and FXOpen Forum Members. Learn Forex Trading with FXOpen Forum #fxopenforum #forextrading #cryptotrading #learnforex

Don’t wait, The time will never be just Right How Leverage works Understand in Details and Get the Answers from the Experienced Forex Traders and FXOpen Forum Members. Learn Forex Trading with FXOpen Forum #fxopenforum #forextrading #cryptotrading #learnforex

AUD/USD and NZD/USD Eye Key Upside Break AUD/USD is attempting a recovery wave above the 0.6750 resistance. NZD/USD is also eyeing a key upside break above the 0.6140 resistance. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar started a fresh decline below the 0.6800 support zone against the US Dollar. There is a key bearish trend line forming with resistance near 0.6750 on the hourly chart of AUD/USD. NZD/USD also started a major decline from the 0.6200 resistance zone. There is a major bearish trend line forming with resistance near 0.6135 on the hourly chart of NZD/USD. AUD/USD Technical Analysis The Aussie Dollar attempted a fresh increase above the 0.6800 and 0.6810 levels against the US Dollar. However, the AUD/USD pair failed to continue higher above 0.6800 and started another decline. There was a move below the 0.6750 and 0.6720 support levels. There was a close below the 0.6750 level and the 50 hourly simple moving average. The pair traded as low as 0.6681 and is currently correcting losses. AUD/USD Hourly Chart There was a move above the 0.6725 resistance level. The pair climbed above the 50% Fib retracement level of the downward move from the 0.6803 swing high to 0.6681 low. On the upside, the AUD/USD pair is facing resistance near the 0.6750 level. It is near the 61.8% Fib retracement level of the downward move from the 0.6803 swing high to 0.6681 low. There is also a key bearish trend line forming with resistance near 0.6750 on the hourly chart of AUD/USD. The next major resistance is near the 0.6800 level. A close above the 0.6800 level could start a steady increase in the near term. The next major resistance could be 0.6880. On the downside, an initial support is near the 0.6725 level. The next support could be the 0.6700 level. The main support is near the 0.6680 level. If there is a downside break below the 0.6680 support, the pair could extend its decline towards the 0.6650 level. Read Full on FXOpen Company Blog...

ETHUSD and LTCUSD Technical Analysis – 14th JULY, 2022 ETHUSD: Ascending Triangle Pattern Above $1006 Ethereum was unable to sustain its bullish momentum, and after touching a high of 1251 on 9th July started to decline against the US dollar touching a low of 1006 on 13th July. After this steep decline, we can see that the prices have recovered and started upwards correction with a bullish momentum. We can see that ETH is gaining traction against the US dollar as the price remains supported above the $1050 handle in the European trading session today. The prices touched an intraday low of $1075 and an intraday high of $1125 in the Asian trading session today. We can clearly see an ascending triangle pattern above the $1006 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets. ETH is now trading below its pivot levels of 1101 and is moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1107 and Fibonacci resistance level of 1112 after which the path towards 1200 will get cleared. The relative strength index is at 54 indicating a NEUTRAL market and the continuation of the uptrend in the markets. The Williams percent range and commodity channel index are indicating NEUTRAL levels, which means that the prices are expected to enter into a consolidation phase in the short-term range. Some of the technical indicators are giving a BUY market signal. Some of the moving averages are giving a BUY signal, and we are now looking at the levels of $1100 to $1150 in the short-term range. ETH is now trading below both its 100 hourly simple and exponential moving averages. Ether: bullish continuation seen above the $1006 mark Short-term range appears to be mildly BULLISH ETH continues to remain above the $1000 level The average true range is indicating LESS market volatility Ether: Bullish Continuation Seen Above $1006 ETHUSD is now moving in a mildly bullish channel with the prices trading above the $1050 handle in the European trading session today. We have also detected the formation of MA20 and MA50 crossover patterns in the hourly time frame indicating that the price is likely to climb higher crossing the $1150 level. We can see that the prices of Ethereum are slowly preparing for the next move above the $1100 level today. The STOCHRSI is indicating an oversold market, which means that the prices are due to correct upwards in the short-term range. The current price action is positive for the markets, and the prices are expected to remain above the $1000 level in the US trading session today. The key support levels to watch are $1085 and $1093, and the prices of ETHUSD need to remain above these levels for the continuation of the bullish trend. ETH has increased by 2.90% with a price change of 30$ in the past 24hrs and has a trading volume of 18.112 billion USD. We can see an increase of 39.80% in the total trading volume in the last 24 hrs which is due to buying seen at lower levels by the medium-term investors. The Week Ahead On an upside potential $1300 remains as a major hurdle, and the price of Ethereum will test this resistance zone next week. The price of Ethereum continues to remain above the important psychological support level of $1000 and some of the technicals are now indicating a bullish market. The immediate short-term outlook for Ether has turned mildly BULLISH; the medium-term outlook has turned NEUTRAL; and the long-term outlook for Ether is NEUTRAL in present market conditions. This week, Ether is expected to move in a range between $1000 and $1150, and next week, it is expected to enter into a consolidation phase above $1150. Technical Indicators: The STOCH (9,6): at 57.54 indicating a BUY The moving averages convergence divergence (12,26): at 10.20 indicating a BUY The rate of price change: at 0.321 indicating a BUY Bull/Bear power (13): at 1.08 indicating a BUY Read Full on FXOpen Company Blog...

EUR/USD Dives To Parity, USD/JPY Eyes More Upsides EUR/USD extended decline and tested the 1.0000 support. USD/JPY is rising and might continue to gain pace towards the 140.00 resistance Important Takeaways for EUR/USD and USD/JPY The Euro started a fresh decline and even tested the 1.0000 support. There is a major bearish trend line forming with resistance near 1.0035 on the hourly chart of EUR/USD. USD/JPY gained pace after it broke the 136.00 resistance zone. There is a key rising channel forming with support near 135.70 on the hourly chart. EUR/USD Technical Analysis This past week, the Euro started a major decline from well above the 1.0500 level against the US Dollar. The EUR/USD pair declined below the 1.0320 and 1.0250 support levels. The bears even pushed the pair below the 1.0100 level. There was a close below 1.0100 and the 50 hourly simple moving average. It tested the parity zone and a low is formed near 1.0000 on FXOpen. EUR/USD Hourly Chart It is now consolidating losses and trading above the 1.0020 level. An immediate resistance on the upside is near the 1.0035 level. There is also a major bearish trend line forming with resistance near 1.0035 on the hourly chart of EUR/USD. The trend line is near the 23.6% Fib retracement level of the downward move from the 1.0189 swing high to 1.0000 low. The next major resistance is near the 1.0070 level and the 50 hourly simple moving average. The main resistance is near the 1.0100 level. It is near the 50% Fib retracement level of the downward move from the 1.0189 swing high to 1.0000 low. An upside break above 1.0100 could set the pace for a steady increase. If not, the pair might drop and test the 1.0000 support. The next major support is near 0.9950, below which the pair could drop to 0.9900 in the near term. Read Full on FXOpen Company Blog...

Big tech earnings awaited; the strong US Dollar could be their achilles heel The Big Tech stocks which are listed on prominent North American stock exchanges have been unusually volatile recently. Large technology companies such as Microsoft, Apple and Google are often regarded by traders as steady, non-volatile investments which only move very slightly, hence their wide-ranging popularity among all kinds of traders and investors. Recently, however, things have been somewhat different. There was a considerable collapse in the value of the stock of many big tech companies recently, which even as recently as May this year was being described by the mainstream media as 'far from over'. Such volatility is rare, however now there is another element which is important to consider; the strong US Dollar. The US Dollar has been surprisingly strong against its rival major currencies recently, and this strength is looking likely to affect the performance of the stocks of American big tech firms with a global audience such as Apple, Meta (Facebook), Alphabet (Google), Netflix and Tesla as their largest percentage of sales and revenue is generated outside the United States. Therefore, being US-headquartered companies, the strong dollar vs weaker currencies in the regions in which these companies conduct most of their business means that there is a potential impact on revenues looming. Asian currencies have fallen much less than the euro, and hedging and shifting production can cut currency volatility. This may seem an extreme logistics and organizational exercise, but it is possible given the global footprint of these multinational giants and the need to hedge against the currency market's considerable movements between US Dollar and other currencies lately. To demonstrate how this actually works, it is worth looking at the 11% increase this year against a basket of currencies that the US Dollar has achieved, and especially the 12% it has gained against the euro. This could potentially create a major issue as earnings season begins. For example, many companies included in the S&P500 index generate 29% of their sales from outside the United States according to Goldman Sachs. These companies often sell those products or services in local currencies, then report financial results including those sales in dollars. Therefore, if Nike sells a pair of shoes for 100 euros, it was worth about $7 less at the end of its quarter than at the beginning of the same quarter. Given the economic woes that exist in the United States such as spiraling inflation which is at its highest point in 40 years, and a cost of living crisis, it may be difficult to understand why the US Dollar is rising against other majors such as the Euro and British Pound, both of which are legal tender in regions that face the exact same economic woes as the United States. Mainland Europe and Britain are both mired in high inflation and cost of living crises, but the Dollar is trumping the Euro and Pound. One possible explanation for this could be that the dollar has risen for the reason it often does during global economic weakness, in that it is viewed as the world’s reserve currency, and therefore a safe haven. Perhaps Bitcoin had been viewed that way as it is decentralized and away from the politicians and central banks, but the US Dollar is even performing well against Bitcoin and has been for a number of weeks now. This matter in which the US Dollar's strength may impact corporate earnings is interesting, therefore the big publicly listed stocks are equally interesting to watch as the earnings reports are released. FXOpen Blog

BTCUSD and XRPUSD Technical Analysis – 12th JULY 2022 BTCUSD: Double Top Pattern Below $22015 Bitcoin was unable to sustain its bullish momentum last week, and after touching a high of 22181 on 8th July, started to decline against the US dollar. The downfall of bitcoin continues today and is now trading below the $20000 handle in the European trading session. The price of bitcoin failed to clear its resistance zone of $23000, and we can see that price is struggling to keep itself above the important psychological support level of $20000. We can clearly see a double top pattern below the $22015 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend. Bitcoin touched an intraday high of 20419 in the Asian trading session and an intraday low of 19570 in the European trading session today. Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected. The relative strength index is at 29 indicating a weak demand for bitcoin at the current market level. Bitcoin is now moving below its 100 hourly simple moving average and its 200 hourly simple moving average. All of the major technical indicators are giving a strong sell signal, which means that in the immediate short term, we are expecting targets of 19500 and 19000. The average true range is indicating lesser market volatility with a bearish momentum. Bitcoin: a bearish reversal seen below $22015 The Williams percent range is Indicating an OVERBOUGHT level The price is now trading just below its pivot level of $19729 All of the MAs are giving a STRONG SELL market signal Bitcoin: Bearish Reversal Seen Below $22015 The prices of bitcoin continue to decline below the $20000 handle, and we are now testing the important support level of $19000 in the European trading session. The global sentiments are weak, and the strength of the US dollar is causing bitcoin to lose its value in the short term. We can see the formation of a falling trend channel, and now we are facing the immediate targets of $19500 and $19000. Bitcoin continues to remain under short-term bearish pressure, and the prices are expected to enter into a consolidation channel above the $19000 handle. The immediate short term outlook for bitcoin is bearish, the medium term outlook has turned neutral; and the long-term outlook remains neutral under present market conditions. The Bitcoin support zone is located at $18607, and the price continues to remain above these levels during the bearish phase of the markets. The price of BTCUSD is now facing its classic support levels of 19373 and Fibonacci support level of 19639 after which the path towards 19000 will get cleared. In the last 24hrs BTCUSD has increased by 4.12% by 845$ and has a 24hr trading volume of USD 26.023 billion. We can see a decrease of 5.08% in the trading volume as compared to yesterday, which appears to be normal. The Week Ahead The prices of bitcoin are moving in a bearish momentum, and the immediate targets are $19500 and $18500. The daily RSI is printing at 35 which means that the medium range demand continues to be weak. We can see the formation of a contraction triangle below the $21752 and further downside breaks are expected this week. The price of BTCUSD will need to remain above the important support level of $18000 this week. The weekly outlook is projected at $18500 with a consolidation zone of $18000. Technical Indicators: The average directional change (14 days): at 38.07 indicating a SELL The ultimate oscillator: at 38.89 indicating a SELL The rate of price change: at -4.36 indicating a SELL The commodity channel index (14 days): at -140 indicating a SELL Read Full on FXOpen Company Blog...

FXOpen Announces 40% Spread Cut FXOpen continues to make enhancements to the ECN liquidity, resulting in FX spreads being reduced by over 40%. These tighter spreads will save traders money, and with 13% of price updates resulting in a choice price in EURUSD, FXOpen is the ideal venue to execute high frequency and scalping trading strategies. Here’s some examples of the tight spreads you can trade: FXOpen continues to bring its clients tight spreads and excellent execution, with more improvements to liquidity planned over the summer. * Average spread data on EURUSD taken between 00.00 - 23.59 6th June 2022 vs average spread data taken between 00.01- 23.59 21st June 2022 ** Average spread data taken between 00.00 – 23.59 on 21st June 2022 FXOpen Company News

Watch FXOpen's July 4 - 8 Weekly Digest Video In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports. US dollar's sustained rally is surprising the markets, especially against bitcoin. The Reserve Bank of Australia raises rates for the 3rd month in a row. GBP falls to 1.20 against the US dollar amid British government uncertainty. Analysts are downgrading AAPL's share price forecasts to reflect the slowdown in the PC market, inflation, rising rates, and geopolitical risks. Watch our short and informative video, and stay updated with FXOpen. FXOpen YouTube

GBP/USD Faces Hurdles, EUR/GBP Could Correct Losses GBP/USD started a fresh decline from the 1.2165 resistance. EUR/GBP declined heavily and tested the 0.8440 support zone. Important Takeaways for GBP/USD and EUR/GBP The British Pound started a fresh decline from the 1.2165 zone against the US Dollar. There is a key bullish trend line forming with support near 1.1960 on the hourly chart of GBP/USD. EUR/GBP declined below the 0.8550 and 0.8500 support levels. There is a major bearish trend line forming with resistance near 0.8480 on the hourly chart. GBP/USD Technical Analysis The British Pound failed to gain strength above the 1.2200 level against the US Dollar. The GBP/USD pair started a fresh decline below the 1.2150 and 1.2120 support levels. There was a clear move below the 1.2000 support level and the 50 hourly simple moving average. The bears even pushed the pair below the 1.1950 level. A low was formed near 1.1875 on FXOpen the pair is now correcting losses. GBP/USD Hourly Chart There was a move above the 1.1950 and 1.2000 resistance levels. The pair even climbed above the 50% Fib retracement level of the downward move from the 1.2165 swing high to 1.1875 low. However, the pair faced sellers near the 1.2050 level. It struggled near the 61.8% Fib retracement level of the downward move from the 1.2165 swing high to 1.1875 low. On the upside, an initial resistance is near the 1.2020 level. The next main resistance is near the 1.2050 zone. A clear upside break above the 1.2020 and 1.2050 resistance levels could open the doors for a steady increase in the near term. The next major resistance sits near the 1.2165 level. If not, the pair might start a fresh decline below 1.1980. There is also a key bullish trend line forming with support near 1.1960 on the hourly chart of GBP/USD. The next major support is near the 1.1920 level. Any more losses could lead the pair towards the 1.1875 support zone or even 1.1800. Read Full on FXOpen Company Blog...

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Gold Price Turns Red, Crude Oil Price Faces Hurdle Gold price started a major decline below the $1,800 support zone. Crude oil price is attempting a recovery wave from the $93.20 zone. Important Takeaways for Gold and Oil Gold price struggled above $1,800 and declined against the US Dollar. There is a key bearish trend line forming with resistance near $1,750 on the hourly chart of gold. Crude oil price started a downside correction from the $109 and $110 resistance levels. There is a major bearish trend line forming with resistance near $100.10 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price struggled to gain pace above the $1,815 resistance zone against the US Dollar. The price started a fresh decline and traded below the $1,800 pivot level. There was a clear move below the $1,785 support zone and the 50 hourly simple moving average. The price even traded below the $1,750 level and formed a low near $1,732 on FXOpen. It is now consolidating losses above the $1,730 level. Gold Price Hourly Chart On the upside, the price is facing resistance near the $1,750 level. There is also a key bearish trend line forming with resistance near $1,750 on the hourly chart of gold. The trend line is near the 23.6% Fib retracement level of the downward move from the $1,814 swing high to $1,732 low. A clear upside break above the trend line and the 50 hourly simple moving average could send the price towards $1,762. The main resistance is now forming near the $1,775 level. It is near the 50% Fib retracement level of the downward move from the $1,814 swing high to $1,732 low. A close above the $1,775 level could open the doors for a steady increase towards $1,800. The next major resistance sits near the $1,815 level. On the downside, an initial support is near the $1,735 level. The next major support is near the $1,725 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,700 support zone. Read Full on FXOpen Company Blog...

ETHUSD and LTCUSD Technical Analysis – 07th JULY, 2022 ETHUSD: Bullish Doji Star Pattern Above $1040 Ethereum has started its bullish momentum against the US dollar after moving into a consolidation channel last week and is now trading above the $1100 handle in the US trading session. We can see a continued appreciation in the prices of Ethereum, mainly due to the buying seen at lower levels by the medium-term investors. We can see the formation of a super trend in the 15-minute time frame above the $1100 handle, and now are looking at $1200 and $1250 as the immediate targets. The prices touched an intraday low of $1155 in the Asian trading session and an intraday high of $1201 in the European trading session today. We can clearly see a bullish doji star pattern above the $1040 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets. ETH is now trading above its pivot level of 1182 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1190 and Fibonacci resistance level of 1197 after which the path towards 1200 will get cleared. The relative strength index is at 61 indicating a STRONG market and the continuation of the uptrend in the markets. The STOCHRSI is indicating a NEUTRAL level, which means that the prices are expected to enter into a consolidation phase in the short-term range. All of the technical indicators are giving a STRONG BUY market signal. All of the moving averages are giving a STRONG BUY signal, and we are now looking at the levels of $1200 to $1250 in the short-term range. ETH is now trading above its 100 hourly simple and exponential MAs. Ether: bullish continuation seen above the $1040 mark The short-term range appears to be mildly BULLISH ETH continues to remain above the $1100 level The average true range is indicating LESS market volatility Ether: Bullish Continuation Seen Above $1040 ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1100 handle in the European trading session today. We have also detected the formation of an ascending contraction triangle pattern in the hourly time frame indicating that the price is likely to climb higher crossing the $1200 level. We can see that the price of Ethereum is slowly recovering against the US dollar and continues to gain traction today. The current price action is positive for the markets, and the prices are expected to remain above the $1200 levels in the US trading session today. The key support levels to watch are $1100 and $1159, and the prices of ETHUSD need to remain above these levels for the continuation of the bullish trend. ETH has decreased by 3.30% with a price change of 37$ in the past 24hrs and has a trading volume of 13.489 billion USD. We can see a decrease of 20.16% in the total trading volume in the last 24 hrs. which appears to be normal. The Week Ahead The on-chain data shows that the number of ETH holders is increasing which suggests that the global user activity is at an all-time high leading to an increase in the global investor sentiment. The prices of Ethereum continue to remain above the important psychological support level of $1100 and most of the technicals are now indicating a bullish market. The immediate short-term outlook for Ether has turned strongly BULLISH; the medium-term outlook has turned NEUTRAL; and the long-term outlook for Ether is NEUTRAL in present market conditions. This week, Ether is expected to move in a range between $1100 and $1300, and next week, it is expected to enter into a consolidation phase above $1200. Technical Indicators: The moving averages convergence divergence (12,26): at 9.93 indicating a BUY The average directional change (14 days): at 33.57 indicating a BUY The rate of price change: at 2.59 indicating a BUY The ultimate oscillator: at 56.07 indicating a BUY Read Full on FXOpen Company Blog...

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GBP falls to 1.20 against the US Dollar amid British government uncertainty The British Pound slid once again during the early hours of this morning to 1.20 against the US Dollar, signaling a return to the low point that it reached last week. This morning's slump for the British Pound takes place during a time at which the current British government is in turmoil, with two senior ministers having resigned from their positions during the late hours of yesterday. Rishi Sunak, the Chancellor of the Exchequer (Finance Minister) resigned, as did his colleague Sajid Javid, who had until yesterday held the position of Secretary of State for Health and Social Care. This has raised a lot of speculation within the United Kingdom regarding the longevity of the current government, and whether prime minister Boris Johnson will follow suit, or whether he will hang onto his position until potentially ousted by his own party. Either way, there is a reflection on the policies implemented over the past two years by the current government, including the fiscal policies of Rishi Sunak who has now made for the hills. Those included furlough schemes, which paid people to stay off work and comply with lockdowns, at great cost to the taxpayer and overall economic growth. The blame for the cost of living crisis which is currently ongoing within the United Kingdom, and the increasing interest rates to curb inflation that is at a 40 year high is being laid at the door of the government, and therefore all eyes are on the next move from within Parliament. Confidence in the British Pound this morning is therefore low, as it is very difficult to gauge whether the current government will soldier on, or whether an election may be called. Meanwhile, the US Dollar continues its strong dynamic despite inflation levels in the United States being at their highest level in 40 years, and multiple interest rate increases by the Federal Reserve bank, and the Euro lags only marginally behind the US Dollar, with the European Central Bank having only made one interest rate rise during this period of high inflation across the Western world. It is a volatile period as far as geopolitical activity is concerned, and the value of the GBPUSD is a clear demonstration of where the current market confidence lies. Overall, Britain's economic situation is very stable, and perhaps more so than that of the United States on a very general level, but the policies and confidence in the current administration on both sides of the Atlantic is waning fast, with some of Britain's top ministers taking their final paychecks first. FXOpen Blog

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EUR/USD and EUR/JPY Remain In Downtrend EUR/USD started a fresh decline and traded below 1.0350. EUR/JPY is also diving and remains at a risk of more losses below 138.50. Important Takeaways for EUR/USD and EUR/JPY The Euro started a major decline from the 1.0500 and 1.0480 resistance levels. There is a key bearish trend line forming with resistance near 1.0400 on the hourly chart. EUR/JPY also started a major decline below the 140.50 and 140.00 support levels. There is a major bearish trend line forming with resistance near 141.50 on the hourly chart. EUR/USD Technical Analysis The Euro failed to clear the 1.0500 resistance against the US Dollar. The EUR/USD pair started a major decline below the 1.0450 and 1.0350 support levels. There was a clear move below the 1.0320 level and the 50 hourly simple moving average. The pair even settled below the 1.0280 level. A low was formed near 1.0235 on FXOpen and the pair is now consolidating losses. EUR/USD Hourly Chart On the upside, the pair is facing resistance near the 1.0290 level. It is near the 23.6% Fib retracement level of the downward move from the 1.0462 swing high to 1.0235 low. The next major resistance is near the 1.0350 level. It is near the 50% Fib retracement level of the downward move from the 1.0462 swing high to 1.0235 low. Besides, there is a key bearish trend line forming with resistance near 1.0400 on the hourly chart. A clear break above the 1.0400 resistance could push EUR/USD towards 1.0500. If the bulls remain in action, the pair could revisit the 1.0550 resistance zone in the near term. On the downside, the pair might find support near the 1.0235 level. The next major support sits near the 1.0200 level. If there is a downside break below the 1.0200 support, the pair might accelerate lower in the coming sessions. Read Full on FXOpen Company Blog...

BTCUSD and XRPUSD Technical Analysis – 05th JULY 2022 BTCUSD: Bullish Doji Star Pattern Above $18900 Bitcoin was unable to sustain its bullish momentum last week and started to decline against the US dollar touching a low of 18646 on 30th June, after which we can see some correction in its levels above the $19000 handle. The prices of bitcoin started to reverse, confirming the bullish tone in the markets. We can see a shift towards the consolidation channel above the $19500 handle in the European trading session today. We can clearly see a bullish doji star pattern above the $18900 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend. Both the STOCH and STOCHRSI are indicating overbought levels which means that in the immediate short term a decline in the prices is expected. The relative strength index is at 56 indicating a STRONG demand for bitcoin at the current market levels. Bitcoin is now moving below its 100 hourly simple moving average and its 200 hourly simple moving average. All of the major technical indicators are giving a strong buy signal, which means that in the immediate short term, we are expecting targets of 20500 and 22000. The average true range is indicating less market volatility with a bullish momentum. Bitcoin: bullish reversal seen above $18900 The Williams percent range is indicating an overbought level The price is now trading just below its pivot level of $20266 Some of the moving averages are giving a buy market signal Bitcoin: Bullish Reversal Seen Above $18900 The price of Bitcoin has entered into a consolidation channel above the $19000 handle and the continuation of the bullish momentum above the $19500 level. The global sentiments continue to improve, and now the prices are forming an ascending channel above the $19000 level. A bullish run is expected up to the level of $24821 as indicated by the simple MA 200, after which we will see some downwards correction. The on-chain activity has increased which points to a potential bullish nature of the prevailing market conditions. The immediate short-term outlook for bitcoin is Bullish; the medium-term outlook has turned neutral; and the long-term outlook remains neutral under present market conditions. Bitcoin is finding support above the $18500 level as the prices continue to remain above these levels during the bearish phase of the markets. The price of BTCUSD is now facing its classic resistance level of 20365 and Fibonacci resistance level of 20527 after which the path towards 21000 will get cleared. In the last 24hrs, BTCUSD has increased by 3.89% by 745$ and has a 24hr trading volume of USD 24.759 billion. We can see an increase of 61.73% in the trading volume as compared to yesterday, which is due to the buying seen at lower levels by the medium-term Investors. The Week Ahead The price of bitcoin is moving in a bullish momentum, and the immediate targets are $20500 and $21500. The daily RSI is printing at 35 which means that the medium range demand continues to be weak. We can see that the prices of bitcoin have stabilized above the $19000 handle, and now we are looking at the important support levels of $18847 and $19150. The price of BTCUSD will need to remain above the important support level of $19000 this week. The weekly outlook is projected at $22500 with a consolidation zone of $20500. Technical Indicators: The average directional change (14 days): at 33.00 indicating a BUY The ultimate oscillator: at 51.57 indicating a BUY The rate of price change: at 3.075 indicating a BUY The commodity channel index (14 days): at 92.63 indicating a BUY Read Full on FXOpen Company Blog...

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US Dollar's sustained rally is surprising the markets, especially against Bitcoin During the past few weeks, the US Dollar has been surprisingly strong against many western majors, notably the Euro and British Pound, despite the American and European economies facing very similar obstacles over the past two years. This has been a particularly interesting dynamic, especially as the inflation levels among European Union member states, the United Kingdom and the United States are at levels not seen since the 1980s, and the geopolitical circumstances foist upon the citizens are similar. The US Dollar also lost part of its status as a settlement instrument for global oil and gas purchasing a few months ago when the Russian government rolled out a new policy that ensures all Western buyers of oil and gas from Russia settle their deliveries in Rubles. Despite all of this, the US Dollar has been performing well against its major peers, and perhaps more interestingly, against Bitcoin, too. Last year, analysts in Wall Street predicted that the Bitcoin would go to $150,000 in value over the 'next few months'. This has not happened and in reality, Bitcoin' inverse correlation with the US Dollar actually hit a 17-month high yesterday. It is unusual for analysts within Tier 1 banks in Wall Street to make incorrect predictions. They were right about the oil prices, afterall, when many analysts said in the summer of 2021 that Brent Crude would go to $80 per barrel by the autumn, as that is exactly what happened. However, when it comes to Bitcoin, things have been less predictable, even by experts who have the credibility of a Tier 1 investment bank to uphold. Bitcoin's current relatively low value has become a sustained circumstance, and now, market analysts are starting to comment that the US Dollar rally may either stll or correct by the end of 2022 against its fiat currency peers, which in turn may benefit Bitcoin. This goes some way toward suggesting that Bitcoin is now almost behaving like an established currency in that its movements are less volatile than previously and than some altcoins, and that its future performance is being viewed via the same lens as the future performance of other major fiat currencies against the US dollar. Importantly, the weekly correlation coefficient between Bitcoin and the US Dollar dropped to 0.77 below zero in the week ending July 3, its lowest in seventeen months. It appears that investors are more confident in the performance of stock market indices than currencies during a time at which the central banks of Europe and the United States are engaged in interest rate increases as attempts to curb inflation. The Federal Reserve Bank has invoked a series of rate hikes, as have the Bank of England and even the European Central Bank recently which invoked its first rate hike for several years. Therefore, the currency market is in focus, and Bitcoin has lost 60% of its value so far in 2022, whereas the NASDAQ composite index, which is the home of many publicly listed technology companies, has only declined in returns by 29% over the same period. As far as measuring the US Dollar against other currencies is concerned, the US Dollar is in a very good position as the US dollar index (DXY), which is a metric that measures its strength against a basket of top foreign currencies, has been recently consistent around its January 2003 highs of 105.78. The fervent influx of new Bitcoin investors who took to the cryptocurrency market in 2021 after Elon Musk's famous tweet which collapsed the value of 5 popular cryptocurrencies by almost a trillion dollars has subsided. These were analytical investors who 'bought the dip' realizing that soon it would correct, and it did, soon after Elon Musk put out another tweet saying that the environmental factors he had previously cited had been resolved. This level of volatility has not been experienced this year, and there are even market pundits saying that Bitcoin may have 'bottomed out', with one on-chain indicator predicting that Bitcoin could go to $15,600 as a low point this year. It is an interesting time, and the fiat currency volatility, especially that of the US Dollar, and the tinderbox situation of many western economies plus the stagnancy of Bitcoin is a conundrum of a different nature to that of just a year ago. FXOpen Blog

GBP/USD and GBP/JPY Face Uphill Task GBP/USD started a fresh decline from the 1.2320 resistance zone. GBP/JPY declined and remains at a risk of more losses below 162.00. Important Takeaways for GBP/USD and GBP/JPY The British Pound started a fresh decline after it failed near 1.2320 against the US Dollar. There is a major bearish trend line forming with resistance near 1.2120 on the hourly chart of GBP/USD. GBP/JPY declined steadily after it failed to clear the 167.00 resistance zone. There is a key bearish trend line forming with resistance near 164.25 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound attempted an upside break above the 1.2320 resistance against the US Dollar. The GBP/USD pair failed to gain bullish momentum and started a fresh decline from the 1.2200 zone. There was a sharp decline below the 1.2150 support and the 50 hourly simple moving average. The pair even traded below the 1.2000 support zone. A low was formed near 1.1975 on FXOpen before the pair started a recovery wave. GBP/USD Hourly Chart The pair climbed above the 1.2050 resistance zone. It even broke the 50% Fib retracement level of the downward move from the 1.2188 swing high to 1.1975 low. On the upside, the pair is facing resistance near the 1.2110 level. It is near the 61.8% Fib retracement level of the downward move from the 1.2188 swing high to 1.1975 low. There is also a major bearish trend line forming with resistance near 1.2120 on the hourly chart of GBP/USD. An upside break above 1.2120 could set the pace for a move towards the 1.2200 resistance zone. If there is no upside break above 1.2120, the pair could start a fresh decline. An immediate support is near the 1.2050. The next major support is near the 1.2000 level. If there is a break below the 1.2000 support, the pair could test the 1.1920 support. Read Full on FXOpen Company Blog...

We must learn how to manage the Income and plan our Investments in the same way into the Forex markets.

We must choose such types of Trading pairs that are Easy to understand and trade with.