FXOpen Trader

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EUR/USD Faces Hurdle, USD/CHF Could Gain Pace EUR/USD declined heavily below the 1.1000 and 1.0980 levels. USD/CHF could gain pace if there is a move above the 0.9320 resistance. Important Takeaways for EUR/USD and USD/CHF The Euro started a major decline from the 1.1180 resistance zone against the US Dollar. There is a major bearish trend line with resistance near 1.0925 on the hourly chart of EUR/USD. USD/CHF formed a base above the 0.9220 support zone and started a decent increase. There is a key rising channel forming with support near 0.9270 on the hourly chart. EUR/USD Technical Analysis The Euro struggled to gain pace above the 1.1180 resistance level against the US Dollar. The EUR/USD pair started a fresh decline below the 1.1150 and 1.1100 support levels. There was a clear move below the 1.1000 level and the 50 hourly simple moving average. The pair even declined below the 1.0940 support level. It traded as low as 1.0890 on FXOpen and the pair is now consolidating losses. EUR/USD Hourly Chart On the upside, an initial resistance is near the 1.0915 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.0988 swing high to 1.0890 low. The next major resistance is near the 1.0920 zone. There is also a major bearish trend line with resistance near 1.0925 on the hourly chart of EUR/USD. A clear upside break above the 1.0925 zone could open the doors for a steady move. The next major resistance sits near the 1.0940 level. It is near the 50% Fib retracement level of the recent decline from the 1.0988 swing high to 1.0890 low. A close above 1.0940 and 1.0950 could send EUR/USD further higher. On the downside, an immediate support is near the 1.0890 level. The next major support is near the 1.0880 level. A downside break below the 1.0880 support could start another decline. Read Full on FXOpen Company Blog...

BTCUSD and XRPUSD Technical Analysis – 05th APR 2022 BTCUSD: Double Bottom Pattern Above $44,000 Bitcoin touched a high of $48,164 on March 28th , after which we saw some correction that pushed its price below the $45,000 handle. We can see fresh buying pressure coming back into the markets, and bitcoin is trading above the $46,000 handle in the European trading session today. We can see a rising trend channel in the medium term, which is expected to push the prices of BTCUSD towards the $50,000 handle. We can clearly see a double bottom pattern above the $44,000 handle, which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend. The Stoch and the Williams percent range are indicating an overbought level, which means that in the immediate short term, a decline in the price is expected. The relative strength index is at 55, indicating a STRONG demand for bitcoin at the current market levels. Bitcoin is now moving above its 100 hourly simple Ma, and its 200 hourly exponential MA. All of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 48,000 and 50,000. The average true range is indicating a LESSER market volatility with a strong bullish momentum. A bullish reversal is seen in bitcoin above $44,000 The StochRSI is indicating an OVERSOLD level The price is now trading just below its pivot level of $46,663 All of the moving averages are giving a BUY market signal Bitcoin: Bullish Reversal Seen Above $44,000 Bitcoin continues to move in a mildly bullish momentum with an upwards projection towards the level of 48,000 in the European trading session today. In the immediate short term, we are expecting a continuation of this bullish trend, with the prices of bitcoin ranging between $48,000 and $49,000 as it has entered into a consolidation phase now. The drop in the level of BTCUSD that we saw last week happened due to the profit-taking by short-term investors. The immediate short-term outlook for bitcoin is mildly bullish; the medium-term outlook is bullish; and the long-term outlook remains neutral under present market conditions. The price of BTCUSD is now facing its classic resistance level of 46,735, and Fibonacci resistance level of 46,802, after which the path towards 48,000 will get cleared. We can see that the daily RSI is also printing at 62 which indicates that in the medium-term, the prices are expected to appreciate further. In the last 24hrs, BTCUSD has gone UP by 1.51% with a price change of $692, and has a 24hr trading volume of USD 30.612 billion. We can see an increase of 8.03% in the trading volume as compared to yesterday, which appears to be normal. The Week Ahead The price of bitcoin is now moving into a consolidation phase below $48,000. We can see some range-bound movements in the levels between $46,000 to $48,000. The hourly RSI has also confirmed the rising trend channel which indicates that in the medium-term, prices are expected to move closer to the level of $50,000. The on-chain metrics are also suggesting that after the present consolidation phase is over, we are aiming towards crossing the $50,000 handle. In the immediate short term, bitcoin’s bullish momentum is expected to continue pushing above the $49,000 handle this week. The prices of BTCUSD will need to remain above the important support level of $47,500 this week. Weekly outlook is projected at $50,000 with a consolidation zone of $48,500. Technical Indicators: The rate of price change: at 10.13 indicating a BUY The ultimate oscillator: at 51.55 indicating a BUY Bull/Bear power(13-day): at 2289 indicating a BUY The moving averages convergence divergence (12,26): at 1490 indicating a BUY Read Full on FXOpen Company Blog...

JOIN FXOPEN CONTESTS AND WIN CASH PRIZES FXOpen is regularly hosting live trading competitions for all categories of traders. We strive to help one improve their trading skills, and at the same time make it possible for them to win prizes for their achievements. Choose the FXOpen competition that you are interested in the most and start trading with an even greater profit. 1. The 10 to 100 contest: Active trading contest on $10 STP accounts. The deadline for applications is Thursday. 2. The ForexCup Trading Championship 2022: Professional traders have the platform to prove their skills and gain recognition. See participants’ ratings posted online. The Contest runs throughout 2022. 3. Hit the range: A contest for guessing the closing quote of the day for BTCUSD. You can check contest winners and results online. To participate in this Contest, a forum participant must leave a message with the expected quote. 4. FXOpen’s PAMM Project: A competition aimed at developing investment skills with virtual funds. The Competition ratings are updated once a week. Applications are accepted on weekends until 12am Monday. Don't forget about our exclusive promotion: Tell the community more about FXOpen — and get $20+. This is a contest designed for those who would like to turn their activity on other resources into a stable bonus inflow to their trading account which can be used for trading and withdrawing the profit, including the bonus prize itself. Have any questions? Don’t hesitate to contact our global customer support team. Sincerely, Forex Game Team Forex Game News

Fed Plans To Accelerate Monetary Tightening. Is It a Good Time To Buy US Dollars? The currency market moves mainly on the interest rate differential between various central banks around the world. The Federal Reserve of the United States is the most influential central bank, as it sets the rates over the world’s reserve currency. In April, the Fed began a tightening cycle. It hiked the federal funds rate by 25bp in light of rising inflation and strong economic growth. Moreover, it warned that it is ready to hike even more aggressively should the data support it. Following the rate hike, the Fed Chair Jerome Powell suggested that the Fed is ready to hike the federal funds rate by 50bp at their next meeting in May. In light of rising rates in the US as the economy grows and inflation runs hot, is it a good time to buy US dollars? US Dollar Trades With A Mixed Tone Despite the Fed’s hawkishness, the US dollar trades with a mixed tone. On the one hand, it has gained against its European peers, such as the euro and the British pound, and against the Japanese yen. On the other hand, it trades with a weak tone against the New Zealand and the Australian dollar. Interestingly enough, the RBA and RBNZ have not raised the rates from their lower boundary. Yet, the two currencies down under are being bid against the dollar. One explanation might be the inflation rate differential. Inflation in the US is at a four decade high, outpacing the one in Australia and New Zealand. As such, despite the Fed’s intentions to speed up the rate hikes, the rising inflation rate is eroding the dollar’s strength. In other words, inflation is rising much higher than the Fed is hiking the rates; thus, the US dollar remains weak against its Australian and New Zealand peers. The conflict in Europe scared investors away from the common currency. While not declining as many have thought, the euro remains weak as investors keep selling any rally. All in all, the US dollar remains bid against the JPY and European currencies while offered against the Australian and New Zealand dollars. Traders will find out more details about the Fed’s plans on Wednesday when the previous meeting’s minutes are scheduled for release. Read Full on FXOpen Company Blog...

Whatever you are, Be a Good One Learning Forex trading with a Demo account Understand in Details and Get the Answers from the Experienced Forex Traders and FXOpen Forum Members. Learn Forex Trading with FXOpen Forum

Learn from the Mistakes of Others How to Control your Losses Understand in Details and Get the Answers from the Experienced Forex Traders and FXOpen Forum Members. Learn Forex Trading with FXOpen Forum