FXOpen Trader Posted July 7, 2021 Author Share Posted July 7, 2021 EUR/USD and EUR/JPY: Euro Remains At Risk of More Downsides EUR/USD started a fresh decline and it settled below 1.1900. EUR/JPY is showing bearish signs and upsides are likely to remain limited above 131.00. Important Takeaways for EUR/USD and EUR/JPY The Euro declined below the 1.1920 and 1.1900 support levels, and tested 1.1800. There was a break below a short-term ascending channel with support near 1.1865 on the hourly chart. EUR/JPY started a major decline after it failed to stay above the 131.50 support. There is a key bearish trend line forming with resistance near 131.80 on the hourly chart. EUR/USD Technical Analysis The Euro started a fresh decline from the 1.2000 resistance zone against the US Dollar. The EUR/USD pair broke the 1.1920 and 1.1900 support levels to move into a bearish zone. The pair even settled well below 1.1900 and the 50 hourly simple moving average. Recently, there was a break below a short-term ascending channel with support near 1.1865 on the hourly chart. A low was formed near 1.1807 on FXOpen and the pair is now consolidating losses. An immediate resistance is near the 1.1828 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.1894 high to 1.1807 low. The first major resistance is near the 1.1850 level. It is near the 50% Fib retracement level of the recent decline from the 1.1894 high to 1.1807 low. Any more gains could set the pace for a move towards the 1.1900 level. The next major resistance is near the 1.1950 level. On the downside, an immediate support is near the 1.1800 level. If there is a downside break, EUR/USD might continue to move down towards the 1.1760 support. Any more losses could open the doors for a test of the 1.1700 region. An intermediate support could be near the 1.1720 level. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted July 8, 2021 Author Share Posted July 8, 2021 LTC and EOS – Further lows expected LTC/USD The price of Litecoin reached $148 on the 4th of July which was the same level as on the prior high. From there we have seen the start of a descending move and is currently being traded at $130 and is still in a downward trajectory. On the hourly chart, you can see that the price broke out from the ascending support level from the 22nd of June. This is the first signal that the prior recovery ended and now we have seen the start of a descending move of the same degree as the one that lasted from the 22nd of June till the 4th of July. July 4th high came up to the descending trendline which is the upper level of the descending triangle which formed from the 23rd of May. As the price found resistance again this validated that the previous recovery was corrective in nature in conjunction with the wave structure. This is why it is counted as the 4th corrective wave with now most likely the 5th one to the downside developing. If this is true then we are to see a lower low compared to the one on the 22nd of June when the price of Litecoin fell to $105 area. If the descending triangle is still in play another third interaction with its support level could be seen which brings the price target to $90. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted July 9, 2021 Author Share Posted July 9, 2021 AUD/USD and NZD/USD Remain At Risk of More Downsides AUD/USD started a fresh decline from well above the 0.7550 level. NZD/USD also declined heavily and it even tested the 0.6920 support zone. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar started a major decline after it failed to clear 0.7600 against the US Dollar. There is a key bearish trend line forming with resistance near 0.7435 on the hourly chart of AUD/USD. NZD/USD also started a major decline from well above the 0.7050 level. There is a major bearish trend line forming with resistance near 0.6975 on the hourly chart of NZD/USD. AUD/USD Technical Analysis After struggling to clear the 0.7600 resistance, the Aussie Dollar started a major decline against the US Dollar. The AUD/USD pair broke the 0.7550 and 0.7520 support levels to move into a bearish zone. The pair even broke the 0.7480 support and the 50 hourly simple moving average. It spiked below 0.7420 and traded as low as 0.7409 on FXOpen. It is now consolidating losses above the 0.7400 level. An immediate resistance is near the 0.7430 level. It is near the 23.6% Fib retracement level of the recent decline from the 0.7533 swing high to 0.7409 low. There is also a key bearish trend line forming with resistance near 0.7435 on the hourly chart of AUD/USD. The next major resistance is near the 0.7465 level and the 50 hourly SMA. The 50% Fib retracement level of the recent decline from the 0.7533 swing high to 0.7409 low is also near the 0.7470 level. To move into a positive zone, the pair must settle above 0.7470 and the 50 hourly SMA. An initial support on the downside is near the 0.7410 level. The next major support is near the 0.7400 level. If there is a downside break below the 0.7400 support, the pair could extend its decline towards the 0.7350 level. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted July 12, 2021 Author Share Posted July 12, 2021 GBP/USD Recovers Ground, USD/CAD is Facing Uphill Task GBP/USD started a decent recovery wave from the 1.3750 support zone. USD/CAD must clear the 1.2500 resistance zone to continue higher in the near term. Important Takeaways for GBP/USD and USD/CAD The British Pound started a fresh increase from the 1.3750 support zone. There was a break above a key bearish trend line with resistance near 1.3775 on the hourly chart of GBP/USD. USD/CAD gained bullish momentum above the 1.2450 and 1.2500 resistance levels. There is a major bearish trend line forming with resistance near 1.2480 on the hourly chart. GBP/USD Technical Analysis The British Pound formed a strong support base above the 1.3750 level against the US Dollar. As a result, the GBP/USD pair started a decent increase and it broke many hurdles near 1.3800. There was a break above a key bearish trend line with resistance near 1.3775 on the hourly chart of GBP/USD. The pair gained pace above the 1.3820 level and the 50 hourly simple moving average. The pair even spiked above the 1.3900 resistance zone. A high is formed near 1.3909 on FXOpen and the pair is now consolidating gains. An initial support on the downside is near the 1.3875 level. It is near the 23.6% Fib retracement level of the upward move from the 1.3755 swing low to 1.3909 high. The main support is now forming near the 1.3830 level. It is close to the 50% Fib retracement level of the upward move from the 1.3755 swing low to 1.3909 high. On the upside, the pair must settle above the 1.3900 level. The next major resistance is near the 1.3940 level. Any more gains could lead the pair towards the 1.4000 barrier in the near term. An intermediate resistance could be 1.3980. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted July 12, 2021 Author Share Posted July 12, 2021 Bitcoin Gives Back Its 2021 Gains – What Next? Bitcoin started the year around $30,000, and now the level acts as support. The euphoria surrounding the cryptocurrency market ended with a 50% decline in the price of Bitcoin and, in some cases, with more. In the first quarter of the year, Tesla announced that it invested $1.5 billion into Bitcoin. Moreover, it said that it would accept payments for its vehicles in Bitcoin. The announcement led to massive buying into the crypto space as numerous altcoins entered the bullish territory. As such, Bitcoin rose from $30,000 to over $60,000. Investors viewed Tesla’s announcement as a sign of further adoption of the cryptocurrencies, thus the bullish run. However, a couple of months later, Tesla announced it had sold some of its Bitcoin holdings and booked a profit just before the end of the first quarter. In fact, the company made a profit on the quarter only from selling carbon credits and some of its Bitcoin holding. Shortly after the second quarter started, Tesla, through the voice of its CEO, Elon Musk, expressed its concerns about the energy use of mining Bitcoin. As such, it stopped accepting Bitcoin as payment for Tesla cars, but it is unclear if the company sold any of its remaining Bitcoin. Tesla Q2 Earnings – Key for Future Price Action in Bitcoin It is unclear if Tesla sold any of its remaining Bitcoin or not, but investors will find out pretty soon. The Q2 2021 earnings season starts now, and investors will look for clues about the company’s crypt holding. If Tesla sold more of its Bitcoin at the higher levels, the bias is that the market will test below $30,000. From a technical perspective, the market seems to have formed a head and shoulders pattern. Even the fact that the global Bitcoin mining energy use is comparatively negligible does not matter anymore, as the market is unable to bounce. Moreover, further investments from companies such as MicroStrategy, which announced over $1.5 billion invested in Bitcoin in the second quarter alone, were not enough to lift the price of Bitcoin. To sum up, if there is one critical event for Bitcoin in the weeks ahead, it is the Tesla Q2 2021 earnings. Any changes in the company’s crypto portfolio may move the market. FXOpen Blog Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted July 14, 2021 Author Share Posted July 14, 2021 EUR/USD Remains At Risk, USD/CHF Eyes Larger Increase EUR/USD declined heavily below 1.1900 and it tested 1.1770. USD/CHF is rising and it could gain momentum if it manages to clear the 0.9200 resistance. Important Takeaways for EUR/USD and USD/CHF The Euro started a fresh decline from well above the 1.1900 zone against the US Dollar. There was a break below a major contracting triangle with support near 1.1855 on the hourly chart of EUR/USD. USD/CHF started a fresh increase after it found support near 0.9123. There was a break above a key bearish trend line with resistance near 0.9168 on the hourly chart. EUR/USD Technical Analysis The Euro struggled to gain pace above the 1.1900 level and it started a major decline against the US Dollar. As a result, the EUR/USD pair broke the 1.1850 support zone to move into a bearish zone. The pair even declined below the 1.1820 support zone and settled below the 50 hourly simple moving average. There was also a break below a major contracting triangle with support near 1.1855 on the hourly chart of EUR/USD. A low was formed near 1.1772 on FXOpen and the pair is now consolidating losses. An immediate resistance on the upside is near the 1.1795 level. It is near the 23.6% Fib retracement level of the recent drop from the 1.1875 high to 1.1772 low. If there is an upside break above the 1.1800 resistance zone, the price could recover steadily towards the 1.1825 resistance zone. The 50% Fib retracement level of the recent drop from the 1.1875 high to 1.1772 low is also near 1.1825. Any more gains might call for a test of 1.1850. On the downside, there is a major support forming near the 1.1770 zone. A downside break below the 1.1770 support could start another decline. The next major support could be near the 1.1710 level. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted July 15, 2021 Author Share Posted July 15, 2021 Crypto investors are looking for reasons to be optimistic The market has entered a consolidation zone after the anomalous activity of May 19, with fluctuations framed by a narrowing triangle formation. Currently, no significant news reports are affecting the market, and the volumes are fading. This situation is reminiscent of the calm before the storm. What will the storm be like and when will it happen? Optimists are looking for arguments that would signify a resuming growth. Analysts point to the outflow of bitcoins from cryptocurrency exchanges (see fig. 2), as evidenced by data (see fig. 1) collected by the Glassnode agency. Blue arrows on the chart indicate that previous outflows occurred against the backdrop of rising quotes. Therefore, the current outflow, according to analysts, could be a bullish harbinger. But digging deeper, we will find out that this was not always the case. A similar outflow occurred during the lull in the first half of November 2018. And in the second half, a bearish storm occurred, and BTCUSD collapsed from 6400 to 3200. Volume analysis does give cause for concern. On July 11, there was a growth attempt (see fig. 3), but the volumes were low, which indicates a possible shortage of buyers. The next day, July 12, confirms the weakness of demand, as the price decreased on growing volumes, which can be interpreted as active selling pressure. It seems that negative sentiment prevails in the market, as participants are actively selling the coin instead of buying. If so, then the price of 33,500 is too high for BTC. In such conditions, the fate of a psychological support level of 30k causes more and more concerns. FXOpen Blog Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted July 27, 2021 Author Share Posted July 27, 2021 BTC and XRP – Upward move likely ended BTC/USD The price of Bitcoin has been on the rise since the 20th of July when it fell down to $29.316 at its lowest point. From there we have seen an increase of 38.7% as it came up to $40,679 at its highest point yesterday. Today the price fell down to $36,500 area and is now moving to the upside again, but the downfall of 10% might be indicative of the completion of the prior upward movement. You can see that the price almost reached its most significant resistance zone at around $41,000 but failed to make interaction. The upward move from the 20th of July was impulsive in sections but the wave structure doesn’t imply a five-wave pattern. Instead, we could be looking at an ABC correction to the upside before the next downward move. The upward movement looks completed either way so now at least a retracement would be expected if not a start of a new downtrend. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted July 28, 2021 Author Share Posted July 28, 2021 EUR/USD and EUR/JPY: Euro Eyes More Upsides EUR/USD formed a support base above 1.1780 and corrected higher. EUR/JPY is also rising and it could gain pace above the 130.00 resistance. Important Takeaways for EUR/USD and EUR/JPY The Euro extended its decline towards the 1.1750 level before recovering higher. There was a break above a key contracting triangle with resistance near 1.1805 on the hourly chart. EUR/JPY climbed higher nicely and it even settled above the 129.50 zone. There is a major contracting triangle forming with support near 129.70 on the hourly chart. EUR/USD Technical Analysis The Euro extended its decline below 1.1800 against the US Dollar. However, the EUR/USD pair remained well bid above the 1.1750 support zone. The pair formed a base near 1.1760 and it recently started a decent upward move. It surpassed the 1.1800 resistance zone and the 50 hourly simple moving average. There was also a break above a key contracting triangle with resistance near 1.1805 on the hourly chart. The pair traded as high as 1.1841 on FXOpen and it is now correcting gains. There was a break below the 23.6% Fib retracement level of the recent wave from the 1.1770 swing low to 1.1841 high. The pair is now finding bids near the 1.1810 support zone. The next key support is near the 1.1805 level. It is near the 50% Fib retracement level of the recent wave from the 1.1770 swing low to 1.1841 high. Any more losses might call for a move towards the 1.1780 support. Any more losses might lead EUR/USD towards the 1.1750 support zone. On the upside, an initial resistance is near the 1.1830 level. The first major resistance is near the 1.1850 level. Any more gains could set the pace for a move towards the 1.1900 level. The next major resistance is near the 1.1920 level. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted July 28, 2021 Author Share Posted July 28, 2021 Bitcoin May Reach ATH On July 27, Reuters released a rebuttal from an Amazon spokesman regarding the company’s plans to implement Bitcoin. “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” the source said. On the backdrop of this new turn, the Bitcoin rate fell, but what is important, it didn’t fall lower than the July 26 level, when London’s City AM newspaper cited an unnamed insider saying Amazon had intentions to accept Bitcoin payments until the end of the year. The fact that the official clarification did not bring the price back to the starting point suggests a bullish market sentiment. Mike McGlone, Bloomberg’s Intelligence senior commodity strategist, is of the opinion that BTC quotes are more likely to return to the $60,000 mark than fall to $20,000. The price of Bitcoin fluctuates around the psychological level of $40k. The level of $36k — the base of the July 26 large-volume candlestick — is important. As long as the bulls keep the price above this level, the situation looks encouraging. FXOpen Blog Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted July 29, 2021 Author Share Posted July 29, 2021 LTC and EOS – Corrective movement seen LTC/USD The price of Litecoin has been on the rise from the 20th of July when it fell to $104 at its lowest point. From there we have seen an increase of 35.9% measured to its highest point today at $141.83. This last rise was made after a sharp impulsive decline in a slowly moving manner and even though it is still moving to the downside it barely made it past Monday’s high. These two signs – slowly moving price after a sharp decline and failure to make a significantly higher high are considered signs of weakness which is why soon a move to the downside would be expected. From the 20th of July have likely seen the completion of the five-wave impulse to Monday’s high. If this is true, then from Monday we have seen the start of the descending move with the rise from Tuesday being its 2nd sub-wave. This can be a minor three-wave flat correction with the price continuing its upward trajectory after as it made a slightly higher high compared to Monday’s one. Another possibility could be that this descending move is going to be larger but there aren’t still signs on how it can play out. Considering the fact that this move is counted as corrective this structure can be labeled as the A wave from the higher degree ABC count. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted July 30, 2021 Author Share Posted July 30, 2021 Gold Price and Crude Oil Price Eye Additional Gains Gold price started a fresh increase above the $1,820 resistance. Crude oil price is also rising and it is showing positive signs above $70.00. Important Takeaways for Gold and Oil Gold price started a fresh upward move after forming a base above $1,780 against the US Dollar. There was a break above a key bearish trend line with resistance near $1,805 on the hourly chart of gold. Crude oil price also gained pace and it broke the key $70.00 resistance zone. There is a major bullish trend line forming with support near $72.30 on the hourly chart of XTI/USD. Gold Price Technical Analysis This week, gold price formed a decent support base above the $1,792 zone against the US Dollar. The price started a fresh upward move and it surpassed the $1,800 resistance zone. The price even settled above the $1,820 level and the 50 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near $1,805 on the hourly chart of gold. Finally, the price spiked above the $1,830 resistance and it traded as high as $1,832 on FXOpen. The price is now consolidating gains near $1,828. An initial support on the downside is near the $1,823 level. It is near the 23.6% Fib retracement level of the upward move from the $1,793 low to $1,832 high. The first major support is near the $1,818 level. The main support is now forming near the $1,810 level and the 50 hourly SMA. The 50% Fib retracement level of the upward move from the $1,793 low to $1,832 high is also near $1,812. If there is a downside break, the price could test the $1,790 support. An immediate resistance on the upside is near the $1,832 level. The first major resistance is near the $1,840 level. If the price breaks the $1,840 level, it could accelerate higher. In the stated case, the price could rise towards the $1,850 zone. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 2, 2021 Author Share Posted August 2, 2021 GBP/USD Turns Green, USD/CAD Faces Hurdles GBP/USD started a fresh increase and it broke the 1.3880 resistance. USD/CAD is recovering, but it is facing hurdles near 1.2520. Important Takeaways for GBP/USD and USD/CAD The British Pound started a steady increase above the 1.3850 and 1.3880 resistance levels. There is a key bullish trend line forming with support near 1.3875 on the hourly chart of GBP/USD. USD/CAD started a steady decline below the 1.2550 and 1.2520 support levels. There was a break above a short-term declining channel with resistance near 1.2455 on the hourly chart. GBP/USD Technical Analysis After forming a base above the 1.3620 level, the British Pound started a decent increase against the US Dollar. The GBP/USD pair broke the 1.3750 resistance level to move into a positive zone. The bulls gained pace above the 1.3850 level and the 50 hourly simple moving average. The pair even broke the 1.3950 resistance level. A high was formed near 1.3981 on FXOpen and it is currently correcting lower. There was a break below the 1.3950 support level. The pair traded below the 50% Fib retracement level of the recent move from the 1.3843 swing low to 1.3981 high. On the downside, the first key support is near the 1.3875 area. There is also a key bullish trend line forming with support near 1.3875 on the hourly chart of GBP/USD. The trend line is close to the 76.4% Fib retracement level of the recent move from the 1.3843 swing low to 1.3981 high. If there is a break below 1.3875 and 1.3860, the pair could decline towards the 1.3825 support zone. Any more losses might call for a test of the 1.3720 support. On the upside, an initial resistance is near the 1.3940 level. The first major resistance is near the 1.3980 level. The main resistance is now near the 1.4000 zone, above which the pair is likely to accelerate higher towards the 1.4050 and 1.4100 levels. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 2, 2021 Author Share Posted August 2, 2021 The US Economic Growth Exceeds Expectations The new trading month started with the market participants focusing on Friday’s NFP report. Because the Federal Reserve of the United States has a dual mandate, one that focuses on both price stability and job creation, the way the labor market performs is viewed as decisive for the future path of monetary policy. While inflation has reached the Fed’s target, there is still a lot of room for improvement in the labor market. Fed’s definition of full employment leaves room for more strength before the rates could be lifted. In the middle of last week, the Fed signaled that it is in no rush to lift the rates. Most likely, it remains intentionally behind the curve, wanting to see more strength in the labor market before acting. But inflation and economic growth may trigger action from the Fed sooner than the market expects. We’ve seen the Gross Domestic Product released last week coming out much stronger than the expectations. US GDP Grows Much Faster Than Forecasters Expected The chart above shows a projection for the US GDP made by various institutions in the last quarter of 2020. All of them, including the FOMC, IMF, and OECD, have underestimated the growth of the US economy. As it turned out, the actual growth path out of the economic recession is much steeper, with positive spillover effects for the main US trade partners. Because the United States is the largest economy in the world, a stronger economic recovery there is enough to add one percentage point or more to global growth. Before the passage of the America Rescue plan, most forecasters expected that the economy would grow by 3/4%-4.2% in the four quarters of 2021. But the data released last week shows that the economy grows at an annualized rate of 6.4%, much higher than expected. The solid growth should support the equity markets and keep the US dollar offered. Because most central banks in the developed world have adopted similar monetary policies, which are still loose, the market is dominated by risk-on/risk-off gyrations. Until we see central banks lifting rates, the chances are that the markets will remain correlated. FXOpen Blog Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 4, 2021 Author Share Posted August 4, 2021 EUR/USD Eyes More Upsides, USD/CHF Turns Red EUR/USD started a decent increase and it broke the 1.1850 resistance zone. USD/CHF is declining and it could extend losses below 0.9020. Important Takeaways for EUR/USD and USD/CHF The Euro started a fresh increase from well below 1.1800 against the US Dollar. There is a key bullish trend line forming with support near 1.1840 on the hourly chart of EUR/USD. USD/CHF failed to stay above the 0.9120 support and extended its decline. There is a major bearish trend line forming with resistance near 0.9070 on the hourly chart. EUR/USD Technical Analysis The Euro formed a support base above 1.1780 and started a fresh increase against the US Dollar. The EUR/USD pair broke the 1.1820 resistance zone to move into a positive zone. The pair even surpassed the 1.1850 resistance zone and it settled above the 50 hourly simple moving average. Finally, there was a spike above the 1.1900 level. A high was formed near 1.1908 on FXOpen before the pair started a downside correction. There was a break below the 1.1900 and 1.1880 levels. The pair declined below the 23.6% Fib retracement level of the upward move from the 1.1772 swing low to 1.1908 high. It is now consolidating above the 1.1850 support zone. The next major support is near the 1.1840 level. It is near the 50% Fib retracement level of the upward move from the 1.1772 swing low to 1.1908 high. There is also a key bullish trend line forming with support near 1.1840 on the hourly chart of EUR/USD. A downside break below the 1.1840 support could start another decline. The next major support could be near the 1.1780 level. On the upside, an initial resistance is near the 1.1875 level and the 50 hourly simple moving average. The main resistance is near 1.1900. If there is an upside break above the 1.1900 resistance zone, the price could rise steadily towards the 1.1950 resistance zone. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 5, 2021 Author Share Posted August 5, 2021 ForexCup Trading Championship 2021, a contest for traders to win $50,000, is now live! FXOpen, a trusted global CFD and Forex broker is proud to announce the launch of the ForexCup Trading Championship 2021. The contest with the main prize of $50,000 runs from January 1 to December 31, 2021, and is available to all traders with active FXOpen accounts. The ForexCup Trading Championship is a one-of-a-kind contest designed to engage investors, traders, and portfolio managers in fair and reliable global competition. For an entire year, participants will compete for the title of the best and for a hefty cash prize of 50,000 U.S. dollars, which will go to whoever demonstrates the most profit at the end of the year 2021. The contest is available to anyone who has an active FXOpen ECN account. The only requirement is to have a minimum trading deposit and follow the contest rules. Participants can choose any instruments available within their jurisdictions: spot FX, Index, Commodity, Stock, Metal or Crypto CFDs. Three personalized crystal trophies are prepared for the first three places, and the trader who takes the first place will receive a cash prize of $50,000 without any additional conditions. Forex Trading Championship is a brand-new name among other trading competitions, but it has a big legacy. With the support of renowned partners, including global Forex and ECN broker FXOpen, the championship provides an opportunity for you to compete with the best and put your trading strategies to the test! “We launched the ForexCup Trading Championship to provide our clients the unique opportunity to test not only themselves but to measure and compare their trading skills against their peers, to take the coveted position of Top Trader. Ultimately, we hope this will identify and inspire the next generation of Forex enthusiasts,” Gary Thomson asserts, the Chief Operating Officer of FXOpen UK. Anyone interested can sign up now or read more about Forex Trading Championship rules and philosophy here. FXOpen Company News Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 6, 2021 Author Share Posted August 6, 2021 Google Green-lights Crypto Ads On August 3, Google rolled out its new policy, allowing advertisers to officially offer their cryptocurrency and wallet exchange services online. The latest set of rules is quite tough. To weed out shadow advertising and crypto fraud, Google requires advertisers to register with the Financial Crime Enforcement Network (FinCEN). ICOs, banned from advertising back in 2018, are still a no-go. Thanks to this step, the corporation is expected to boost its revenue in the developing sector of digital currencies. Meanwhile, Ethereum masterminds have begun a countdown to the Thursday launch of the London update on their website. The update will affect how the network handles transaction fees. Ahead of the update, ETHUSD is showing more positive dynamics compared to BTCUSD. On July 31, the BTCUSD market had very small trading volumes (see fig. 1) around the 42k level, and the next day, the price showed bearish dynamics with growing volumes. This indicates a weak demand for the coin at a price of 42k and the dominance of supply. The current decline can be stopped by the level of 36k (or something close to it), where, on July 26, the bitcoin price was growing aggressively under pressure from buyers. FXOpen Blog Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 6, 2021 Author Share Posted August 6, 2021 Gold Price and Crude Oil Price Show Bearish Signs Gold price started a fresh decline from well above $1,825. Crude oil price is also declining and it broke the main $70.00 support zone. Important Takeaways for Gold and Oil Gold price failed to clear the $1,830 level and it started a fresh decline against the US Dollar. There was a break below a major bullish trend line with support near $1,815 on the hourly chart of gold. Crude oil price also started a fresh decline from well above the $72.00 zone. There is a connecting bearish trend line forming with resistance near $69.25 on the hourly chart of XTI/USD. Gold Price Technical Analysis This week, gold price failed once again to clear the $1,830 resistance against the US Dollar. The price traded as high as $1,831 on FXOpen before it started a fresh decline. There was a break below the $1,820 and $1,810 support levels. The price even broke the $1,805 support and the 50 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $1,815 on the hourly chart of gold. The price spiked below $1,800 before the bulls appeared. The price is now consolidating losses, with an immediate resistance near the $1,810 level. The first key resistance is near the $1,810 level and the 50 hourly simple moving average. It is near the 38.2% Fib retracement level of the downward move from the $1,831 high to $1,797 low. The main resistance is near the $1,815 level. A close above $1,815 could set the pace for a larger increase. An initial support on the downside is near the $1,795 level. The first major support is near the $1,785 level. If there is a downside break, the price could test the $1,750 support in the near term. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 9, 2021 Author Share Posted August 9, 2021 GBP/USD and EUR/GBP Target Additional Losses GBP/USD started a steady decline from the 1.4000 resistance zone. EUR/GBP also declined and it broke the key 0.8500 support zone. Important Takeaways for GBP/USD and EUR/GBP The British Pound failed to surpass the 1.4000 resistance zone and started a fresh decline. There is a major bearish trend line forming with resistance near 1.3915 on the hourly chart of GBP/USD. EUR/GBP started a fresh decline from well above the 0.8550 pivot level. There is a key bearish trend line forming with resistance near 0.8500 on the hourly chart. GBP/USD Technical Analysis The British Pound made many attempts to clear the 1.3400 resistance level against the US Dollar, but it failed. As a result, the GBP/USD pair started a steady decline below the 1.3950 level. The pair even broke the 1.3920 support level and it settled below the 50 hourly simple moving average. Finally, there was a break below the 1.3900 support and the pair traded as low as 1.3855 on FXOpen. It is now consolidating losses above the 1.3850 support. An immediate resistance on the upside is near the 1.3875 level. The 23.6% Fib retracement level of the downward move from the 1.3948 swing high to 1.3855 low is also near the 1.3875 level. The first major resistance is now forming near the 1.3900 zone and 50 hourly simple moving average. It is close to the 50% Fib retracement level of the downward move from the 1.3948 swing high to 1.3855 low. Moreover, there is a major bearish trend line forming with resistance near 1.3915 on the hourly chart of GBP/USD. Therefore, a proper break above the 1.3900 resistance and the trend line could open the doors for a steady increase. An immediate support on the downside is near the 1.3850 level. A downside break below the 1.3850 level might call for more losses. The next major support is near the 1.3800 level. Any more losses could lead the pair towards the 1.3740 level in the near term. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 9, 2021 Author Share Posted August 9, 2021 Solid Jobs Report Sends the US Dollar Higher The US dollar reversed the recent losses and closed the last week higher. Responsible for the move was the July NFP report. The market expected a positive report, but the outcome exceeded expectations. The US economy added over 940k new jobs in July. Moreover, the data for the previous month was revised higher by over 100k jobs. All the elements in the report pointed to a strong recovery of the US economy. Besides the better headline number, the Unemployment Rate declined to 5.4% – another positive development. Sure enough, the US economy still needs to recover about 5 million jobs lost during the pandemic. But solid reports like the one from last Friday bring the Fed closer to fulfill its employment mandate, and thus the tightening of the financial conditions may be just around the corner. The Fed, as a central bank, has a dual mandate. It aims at price stability and maximum employment. The price stability mandate is monitored by the changes in inflation. Inflation is already above Fed’s target, even though it is unclear how long is the period the Fed looks at averaging inflation to 2%. What remains is improvements in the labor market – and the July NFP report shows such improvements. The bias is now that the Fed will announce the tapering of its asset purchases sooner than expected, and so the US dollar ticked higher on the news. The Technical Picture Also Favors a Stronger Dollar From a technical analysis perspective, the US dollar may be at the end of a cycle. The Dollar index formed a double top at the 100 level, but it recently found both horizontal and dynamic support in the 90 area. A quick look at the rising trend reveals the fact that the Dollar index has kept the series of higher lows intact, just like it is supposed to do in a rising trend. Hence, as long as the index holds above 89, the bias remains bullish. Moving forward, traders will look for clues about what the Fed will do next. Is the July NFP report strong enough to trigger earlier tapering? If yes, the US dollar’s rally should continue unabated. FXOpen Blog Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 11, 2021 Author Share Posted August 11, 2021 EUR/USD Could Recover, USD/JPY Gains Momentum EUR/USD started a major decline and it traded below 1.1750. USD/JPY is rising and it even broke the 110.50 resistance zone. Important Takeaways for EUR/USD and USD/JPY The Euro started a major decline below the 1.1800 and 1.1780 levels. There is a key bearish trend line forming with resistance near 1.1725 on the hourly chart of EUR/USD. USD/JPY started a fresh increase above the main 110.00 resistance zone. There is a major bullish trend line forming with support near 110.50 on the hourly chart. EUR/USD Technical Analysis After a failed attempt to clear 1.1850, the Euro started a major decline against the US Dollar. The EUR/USD pair broke the 1.1800 support zone to move into a bearish zone. The pair settled below the 1.1800 level and the 50 hourly simple moving average. It even broke the 1.1750 support level and traded as low as 1.1709 on FXOpen. It is now consolidating gains above the 1.1700 support zone. An immediate resistance is near the 1.1725 level. There is also a key bearish trend line forming with resistance near 1.1725 on the hourly chart of EUR/USD. The first key resistance is near the 1.1750 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.1895 swing high to 1.1709 low. Any more gains could start a decent increase towards the 1.1800 resistance. The 50% Fib retracement level of the recent decline from the 1.1895 swing high to 1.1709 low is also near the 1.1800 level. A close above 1.1800 could open the doors for a steady increase towards 1.1850. If not, the pair might continue to move down below 1.1710. An intermediate support is near the 1.1700 level. The next major support is near the 1.1680 level, below which the pair could drop towards the 1.1640 support in the near term. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 13, 2021 Author Share Posted August 13, 2021 AUD/USD and NZD/USD Target Additional Losses AUD/USD started a fresh decline from well above the 0.7400 level. NZD/USD also declined below the 0.7020 and 0.7000 support levels. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar started a major decline after it failed to clear 0.7440 against the US Dollar. There is a major bearish trend line forming with resistance near 0.7365 on the hourly chart of AUD/USD. NZD/USD also started a fresh decline from well above the 0.7050 level. There was a break below a key contracting triangle with support near 0.7015 on the hourly chart of NZD/USD. AUD/USD Technical Analysis After struggling to clear the 0.7440 resistance, the Aussie Dollar started a major decline against the US Dollar. The AUD/USD pair broke the 0.7400 and 0.7380 support levels to move into a bearish zone. The pair even broke the 0.7350 support and the 50 hourly simple moving average. Recently, there was a recovery wave, but the pair failed to clear the 0.7400 resistance zone. It is now trading below the 0.7345 level and traded as low as 0.7332 on FXOpen. It is now consolidating losses above the 0.7335 level. An immediate resistance is near the 0.7355 level and the 50 hourly simple moving average. It is near the 38.2% Fib retracement level of the recent decline from the 0.7389 swing high to 0.7332 low. The next major resistance is near the 0.7360 level. It is close to the 50% Fib retracement level of the recent decline from the 0.7389 swing high to 0.7332 low. There is also a major bearish trend line forming with resistance near 0.7365 on the hourly chart of AUD/USD. To move into a positive zone, the pair must settle above 0.7360 and the 50 hourly SMA. An initial support on the downside is near the 0.7335 level. The next major support is near the 0.7320 level. If there is a downside break below the 0.7320 support, the pair could extend its decline towards the 0.7250 level. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 16, 2021 Author Share Posted August 16, 2021 GBP/USD Faces Resistance While GBP/JPY Dives Below 152.00 GBP/USD started a fresh increase after a drop to 1.3800. Conversely, GBP/JPY is declining and it broke the key 152.00 support zone. Important Takeaways for GBP/USD and GBP/JPY The British Pound traded as low as 1.3790 before it started an upside correction against the US Dollar. There was a break above a key bearish trend line with resistance near 1.3855 on the hourly chart of GBP/USD. GBP/JPY topped near 153.30 and started a major decline. There was a break below a major bullish trend line with support near 153.00 on the hourly chart. GBP/USD Technical Analysis This past week, there was a steady decline in the British Pound below the 1.3900 level against the US Dollar. The GBP/USD pair even broke the 1.3850 and 1.3820 support levels. It traded as low as 1.3790 on FXOpen before it started an upside correction. There was a decent recovery wave above the 1.3800 level. The price surpassed the 1.3850 resistance level and the 50 hourly simple moving average. There was also a break above a key bearish trend line with resistance near 1.3855 on the hourly chart of GBP/USD. The pair is now trading nicely above the 1.3850 level. It traded as high as 1.3874 and it is now consolidating gains. An immediate support is near the 1.3855 level. It is close to the 23.6% Fib retracement level of the recent increase from the 1.3790 low to 1.3874 high. The next major support is near the 1.3840 level and the 50 hourly simple moving average. The 50% Fib retracement level of the recent increase from the 1.3790 low to 1.3874 high is also near 1.3832. If there is a break below the 1.3830 support, the pair could test the 1.3800 support. If there are additional losses, the pair could decline towards the 1.3660 level. On the upside, the pair is facing a major resistance near the 1.3880 and 1.3900 levels. A clear break above the 1.3900 resistance could set the pace for a larger increase. The next key resistance is near 1.4000. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 18, 2021 Author Share Posted August 18, 2021 EUR/USD and EUR/JPY: Euro Eyes Recovery EUR/USD extended its decline and tested the 1.1700 support zone. EUR/JPY is currently attempting an upside correction above the 128.40 resistance. Important Takeaways for EUR/USD and EUR/JPY The Euro extended its decline below the 1.1750 and 1.1720 support levels. There was a break below a key contracting triangle with support near 1.1765 on the hourly chart. EUR/JPY also gained bearish momentum below the 129.00 support zone. There is a major bearish trend line forming with resistance near 128.40 on the hourly chart. EUR/USD Technical Analysis The Euro started a major decline after it struggled to clear the 1.1800 resistance against the US Dollar. The EUR/USD pair broke the 1.1750 support zone to move into a bearish zone. There was also a break below a key contracting triangle with support near 1.1765 on the hourly chart. The pair traded below the 1.1720 support and settled below the 50 hourly simple moving average. A low is formed near 1.1702 on FXOpen and the pair is now correcting losses. There was a break above the 1.1715 level. An immediate resistance is near the 1.1725 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.1804 high to 1.1702 low. The main resistance is still forming near the 1.1740 and 1.1750 levels. It is near the 50% Fib retracement level of the recent decline from the 1.1804 high to 1.1702 low. A clear break above the 1.1750 resistance could push EUR/USD towards 1.1800. On the downside, the 1.1700 level is a major support. Any more losses might lead EUR/USD towards the 1.1650 support zone. The next major support sits near the 1.1620 level. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 20, 2021 Author Share Posted August 20, 2021 Gold Price Eyes More Gains, Crude Oil Price Faces Hurdles Gold price started a fresh increase after it tested the $1,680 support. Crude oil price declined and tested the $62.50 support zone. Important Takeaways for Gold and Oil Gold price started a major increase after a sharp decline to $1,680 against the US Dollar. A key bullish flag is forming with resistance near $1,790 on the hourly chart of gold. Crude oil price started a fresh decline from well above the $70.00 zone. There is a major bearish trend line forming with resistance near $66.00 on the hourly chart of XTI/USD. Gold Price Technical Analysis Recently, gold price saw a sharp decline below the $1,750 support against the US Dollar. The price even broke the $1,720 and $1,700 support levels. However, the bulls were active near the $1,680 zone. A support base was formed above $1,680 and the price started a strong increase. There was a clear break above the $1,720 resistance zone. The bulls were able to push the price above the $1,750 level and the 50 hourly simple moving average. A high was formed near $1,795 on FXOpen and the price is now consolidating gains. It traded below the $1,780 level. However, the bulls are protecting the 23.6% Fib retracement level of the upward move from the $1,717 swing low to $1,795 high. There is also a key bullish flag forming with resistance near $1,790 on the hourly chart of gold. If there is an upside break above the channel resistance, the price could even surpass the $1,800 resistance. The next major resistance could be near the $1,825 level. Conversely, the price might correct lower further below $1,778. An initial support on the downside is near the $1,765 level. The first major support is near the $1,758 level. It is near the 50% Fib retracement level of the upward move from the $1,717 swing low to $1,795 high. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
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