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FXOpen Company - When Money Makes Money
FXOpen Company - When Money Makes Money

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FXOpen is pleased to announce a summer promotion that will let #traders save money. From June 25 to August 31, the broker will be covering 100% of the commission to all company's clients for making #deposits to their accounts via any payment system available (except for Bank Wire Transfer). Learn more:
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We finally got a decisive break of support in #ETHBTC. Earlier the pair tried to start a new downtrend but was rebuffed twice as bulls rallied us back above the 0.07 BTC mark. Yesterday we got a sharp break below the previous low at 0.06734 BTC and unlike previous times we kept going. Today a new two-month low of 0.06232 #BTC was hit. We are currently quoted just above here at 0.06198 BTC.

The trend on the daily charts is now down. To end it the bears will have to push us above the 0.07168 BTC swing high. A rally beyond 0.07292 BTC is needed to push us into bullish territory.

Below there’s weak support at yesterday’s low of 0.06232 BTC. Further down we have the former swing high at 0.05906 BTC. Lower still there’s the March low at 0.05240 BTC followed by the 0.05 round figure. This is a another possible area where the downtrend may stall or stop. On the longer-term charts the picture is little changed. We are still range-bound on the weeklies but bullish on the monthlies.

Read also #DSHBTC analysis in our blog post:
Ether Enters Downtrend
Ether Enters Downtrend
blog.fxopen.com
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After a decent uptrend, the Euro faced a strong selling interest near the 132.00 level against the Japanese #Yen. The #EURJPY pair started a major downward move and declined below the 131.50, 131.20 and 131.00 support levels.

The pair traded towards the 130.50 support area and formed a low at 130.60. At present, the pair is correcting higher and is trading near the 23.6% Fib retracement level of the last decline from the 131.95 high to 130.60 low.

However, there is a crucial resistance formed near 131.10/20. More importantly, there is a major declining channel with resistance near 131.15 on the hourly chart.

Above the channel resistance, the 50 hourly simple moving average is positioned near the 131.20 level. Above this, the 50% Fib retracement level of the last decline from the 131.95 high to 130.60 low is the next resistance at 131.29.

Therefore, the pair has to break the channel resistance, the 50 hourly SMA, and finally the 131.30 resistance to start a fresh upward wave. If it fails to move above these resistances, there could be more losses towards the 130.60 and 130.50 support levels. The most important support is near 130.00, where buyers are likely to take a stand.

Read also #GBPJPY technical analysis in our blog post:
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The Euro recovered nicely this past week and moved above the 1.1700 resistance against the US #Dollar. However, the #EURUSD pair failed to move above the 1.1740-45 resistance area and declined once again.

The pair started a major downward move and broke the 1.1720 support area. More importantly, there was a break below a key bullish trend line with support at 1.1730 on the hourly chart.

Later, there was a break below the 50% Fib retracement level of the last wave from the 1.1613 low to 1.1744 high. The pair is now placed well below the 1.1700 level and the 50 hourly simple moving average.

It is currently testing the 76.4% Fib retracement level of the last wave from the 1.1613 low to 1.1744 high near 1.1644. Should there be a downside break below 1.1640, the pair is likely to decline further towards the last swing low of 1.1615.

On the flip side, if there is an upward correction, the pair might face resistance near 1.1680. Above this, the previous support at 1.1700 is likely to act as a resistance.

Overall, the recent downside break in EUR/USD has opened the doors for more losses below 1.1640. If the current trend remains intact, there is even a risk of more declines below the 1.1600 level.

Today, the Euro Zone CPI report for June 2018 is scheduled for the release. The market forecast is +0.1% (MoM), less than the last +0.5%. If the actual result misses the forecast, there could an increase in selling pressure on EUR/USD. If the CPI registers more than 0.2% rise, there could be a recovery towards the 1.1700 resistance.

Read also #USDJPY Technical Analysis in our blog post:
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Bitcoin finally ended the downtrend started back in May of this year. The #crypto rallied by 4.5% yesterday. Today we’re gaining more ground with #BTCUSD quoted at $6,712. Bitcoin looks set to test the important resistance at $6,840 dollars per coin. A decisive breakout above here would start a new BTC rally.

Above here there’s weak resistance at the previous swing low of $7,046 dollars. Resistance higher up can be found at the $7,775 swing high. This is followed by more levels at $8,590 and 8,880 dollars. The $10,000 round figure is another notable resistance level. A breakout above here could lead to more gains.

On the lower end the first major support stands at the 2018 low of $5,766 dollars. A break below here would restart the #downtrend. Further down we have strong support around the $5,000 round figure. Besides being a major round figure, $5,000 was also a notable 2017 swing high. It’s unlikely that this support will be broken on the first try. If the $5,000 mark breaks the losses could intensify.

On the longer-term charts there’s no change from our last week’s article. The weekly chart is still in a downtrend while the monthlies are holding onto the bullish bias.

Read also #LTCBTC analysis on our blog:
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The British #Pound tested the 1.3100 support area this past week against the US #Dollar, where buyers emerged. The #GBPUSD pair started a solid upward move and broke the 1.3180 and 1.3200 resistance levels.

During the upside move, the pair also broke the 50% Fib retracement level of the last drop from the 1.3284 high to 1.3102 low. More importantly, there was a break above a key bearish trend line with resistance at 1.3195 on the same chart.

The pair moved into a bullish zone above 1.3200 and settled above the 50 hourly simple moving average. It is currently testing the 76.4% Fib retracement level of the last drop from the 1.3284 high to 1.3102 low at 1.3240.

It could correct a few pips in the near term, but dips remain supported near the 1.3220 and 1.3200 levels. The previous resistance near 1.3195-1.3200 and the 50 hourly SMA are likely to act as strong barriers for sellers.

On the upside, a push above the 1.3240 and 1.3250 resistance levels may perhaps drift the pair towards the last swing high at 1.3284. Above this, the pair is likely to test the 1.236 Fib extension level of the last drop from the 1.3284 high to 1.3102 low at 1.3327.

Overall, the current price action indicates more gains in GBP/USD as long as the pair is above the 1.3200 pivot level.

Read #NZDUSD technical analysis on our blog:
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Gold price remained in a #downtrend this week from well above the $1,260 pivot level against the US Dollar. The price declined and broke many supports such as $1,254 and $1,250.

#XAUUSD traded towards the $1,240 level and formed a low near $1,241. It is currently correcting higher and it already moved above the $1,244 resistance. It also broke the 23.6% Fib retracement level of the last decline from the $1,256 high to $1,241 low.

However, there is a significant resistance formed near $1,248 and the 50 hourly simple moving average. There is also a crucial bearish trend line formed with resistance near $1,247-47 on the hourly chart of gold.

The trend line resistance is positioned just below the 50% Fib retracement level of the last decline from the $1,256 high to $1,241 low. Therefore, a break and close above $1,248-50 won’t be easy. If buyers succeed, the price could move back in a bullish zone towards the next resistance at $1,255.

On the flip side, if the $1,248 resistance and 50 hourly SMA continue to prevent upsides, the price may perhaps drop again and resume its downtrend. Supports on the downside are seen near $1,244 and $1,241.

Read also #XTIUSD technical analysis in our blog post:
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#Ether is quoted at 0.06946 BTC right now, desperately trying to climb back above the 0.07 BTC figure. Two days ago a new multi-week low of 0.06734 BTC was hit but as you can see on the chart below we bounced back quickly from here. While the support is now technically broken, we can’t call for a downtrend yet. For that to happen we need to see a decisive breakdown of a level not just a quick and shallow break.

A break of 0.06734 BTC is now needed for a new downtrend. Weak support below here can be found at 0.06606 BTC followed by the former swing high at 0.05906 BTC.

On the upper end, we need to see a break above 0.08015 BTC for a new rally. Higher up there’s resistance at 0.08542 BTC followed by the 0.08829 swing high. Higher still we have the 0.09 and 0.1 BTC round figures as potential resistance levels. A breakout above may open to door to this year’s high at 0.121 BTC. On the weekly charts #ETHBTC is also range-bound. The monthlies are still looking bullish.

Read also #DSHBTC analysis in our blog post:
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The Euro was in a major #uptrend from the 1.1620 swing low against the US Dollar. The #EURUSD pair surged above the 1.1650, 1.1700 and 1.1750 resistance levels.

The upside move was strong since the pair traded close to the 1.1800 resistance. A high was formed at 1.1790 and the pair started a downside correction. During the decline, the Euro broke a key support area at 1.1750.

More importantly, there was a break below a major bullish trend line with support at 1.1752 on the hourly chart. The pair settled below the 1.1750 support and the 50 hourly simple moving average.

It traded as low as 1.1691 and corrected above the 50% Fib retracement level of the last decline from the 1.1790 high to 1.1691 low. However, the broken support at 1.1750 and the 50 hourly SMA acted as resistance and prevented gains.

Additionally, the 61.8% Fib retracement level of the last decline from the 1.1790 high to 1.1691 low also acted as a resistance. The pair is moving lower once again and is currently trading near 1.1725.

On the downside, the 1.1680-1.1700 zone is a decent support area. Below this, the pair may perhaps revisit the 1.1650 support area. On the upside, the 1.1750 resistance holds a lot of importance.

Only a successful close above the mentioned resistance and 50 hourly SMA could put the pair back in an uptrend. If not, the pair is likely to retest the 1.1690 low and it may well trade towards 1.1650.

Read #USDCHF technical analysis on our blog:
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Bitcoin hit a high of $6,806 yesterday, only $34 dollars away from the previous swing high at $6,840 dollars. As noted in our last article, we needed a breakout above this level to end the downtrend. As that didn’t occur, #BTCUSD remains in a downtrend on the daily charts.

The $6,840 dollars figure remains to be the important swing high. A breakout above it would both end the #downtrend and trigger a new uptrend in prices. We are currently quoted at $6,460 dollars, down 3.6 percent on the day.

Below there’s some support at this year’s low of $5,766 dollars. A stronger level however can be found at the $5,000 round figure. Besides being a major round figure, $5,000 was also a notable swing high last year that stalled the bubble by one month. It’s unlikely that this support will be broken on the first try. When and if $5,000 breaks the losses could intensify.

On the upside there’s strong resistance at $6,840 dollars followed by a weaker level at the previous swing low of $7,046 dollars. Resistance higher up can be found at the $7,775 swing high. This is followed by more levels at $8,590 and 8,880 dollars. The $10,000 round figure is another notable resistance level. A breakout above could lead to more gains. There’s no change in trend on the longer-term charts, the weeklies are in a downtrend while the monthlies are still looking bullish.

Read #LTCUSD Analysis in our blog post:
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