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

868 followers
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Dear traders,
Let us remind you, that our summer #promotion will expire on August 31, 2018.
During this offer, #FXOpen broker covers 100% of the commission to all company's clients for making deposits to their trading accounts via any payment system available (except for Bank Wire Transfer).
Do not miss the chance to refund commission fees charged by payment systems!
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#Etherereum crashed by 18 percent since our last update. Measured to the lows the decline was around 24 percent. The clearing of the 0.05 – 0.0524 BTC area acted as a catalyst to further losses. We are quoted at 0.04556 BTC right now, significantly below the 0.05542 BTC price recorded last week.

Ether is still in a downtrend versus bitcoin. The number to watch is the swing high at 0.05845 BTC. A decisive breakout above here would both end the downtrend and start a new rally in prices. Below this however we have the former strong support area at 0.05 – 0.0524 BTC. This area should now turn to resistance. Other resistance levels above 0.05845 BTC can be found at 0.063 BTC, 0.06734 BTC, 0.07168 BTC and 0.07292 BTC. A break above 0.07292 BTC may lead to more gains. The 0.06 and 0.07 BTC round figures may also act as weak resistance.

On the lower end there’s not as many visible support levels. This week’s low at 0.04205 BTC may as weak support. This is followed by the 2016 high at 0.0372 BTC, which wasn’t broken until the next year. The 0.03 BTC round figure may act as some support, followed by more support around the 16-month low at 0.0237 BTC per coin. During 2017 #ETHBTC had a large rally in the span of a few weeks, leaving us with no important former lows and highs that could act as potential support/resistance levels.

On the longer-term weekly charts ETH is now bearish. The monthlies are still clinging onto a bullish bias. But as we’ve said before, these charts take a very long time to turn.

Read also #DSHBTC analysis on our blog:
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#BTCUSD hit new lows for this month before stabilizing. We are trading at $6,403 at the moment, not far from the $6,488 dollars quoted last week.

In that article we said that the $5,700 to $6,000 area will provide some support. This is exactly where the current downmove decided to stall. A decisive clearing of this area should open the door to the $5,000 round figure. The latest bounce seems like a dead-cat. The lack of a fundamental driver coupled with the relatively small gains shouldn’t give much hope for an extended move.

The bulls need a breakout above the $7,155 swing high to end the #downtrend. Other potential resistance levels that can be seen on the chart above are $6,622, $6,840 and $7,212 dollars per coin. A move beyond the two-month high at $8,486 dollars could start a new rally in prices. On the longer-term charts there’s no change since last week. The weekly chart is bearish while the monthly is still keeping a slight bullish bias.

Read also #LTCUSD analysis on our blog:
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The #Euro started a significant downtrend from well above the 1.1600 level against the US Dollar. The EUR/USD pair tumbled and broke many important supports like 1.1540, 1.1500, 1.1450 and 1.1400.

The pair settled below the 1.1450 pivot level and the 50 hourly simple moving average, opening the doors for more losses. An intermediate low was formed at 1.1370 from where the pair corrected higher.

However, the upside move was capped by the 1.1430-40 zone and a crucial bearish trend line with current resistance at 1.1370 on the hourly chart of #EURUSD. The pair failed and started a fresh downside move below 1.1400.

It declined and broke the last swing low at 1.1370. It even broke the 1.1350 level and recently traded to a new monthly low at 1.1319. It is currently consolidating losses with an initial resistance near the 23.6% Fib retracement level of the last slide from the 1.1429 high to 1.1319 low.

On the upside, there are many resistances near the 1.1360-70 zone. Moreover, the 50% Fib retracement level of the last slide from the 1.1429 high to 1.1319 low is placed near 1.1375 along with the 50 hourly SMA.

Therefore, if the pair corrects higher, it is likely to face sellers near the 1.1360, 1.1375 and 1.1380 resistance levels. Above this last, the pair could face a crucial barrier at 1.1400.

On the downside, the 1.1320 level is a short-term support, below which, the pair may perhaps trade below the 1.1300 level in the near term.

Read also #USDCHF technical analysis on our blog:
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Dear Traders,

Due to increasing volatility of the Turkish Lira, #FXOpen increased margin requirements for #EURTRY and #USDTRY up to 25 times their normal level starting from August 12th, 2018.

We will additionally inform you when margin requirements return back to their normal values.

Please, remember, that abnormal market conditions increase the risk of slippage.
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If there’s a #commodity that changed the world we live in, that’s oil. Since its discovery, oil shaped up industries disrupted businesses and was the source of the progress we now take for granted. In this article, we'll cover the correlation between the price of #oil and the #CAD.
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The British #Pound failed to recover above the 1.2900-1.2920 resistance zone against the US #Dollar. The #GBPUSD pair declined heavily and broke many support levels such as 1.2880, 1.2840, 1.2800 and 1.2750.

The pair traded close to the 1.2700 support and formed a new monthly low at 1.2722. The pair settled below the 1.2800 pivot level and the 50 hourly simple moving average.

At present, the pair is consolidating losses and is #trading above the 1.2750 level. It recently traded above the 23.6% Fib retracement level of the last decline from the 1.2911 high to 1.2722 low. However, the upside move was capped by the 1.2780-90 zone.

The pair is currently following a short term bearish trend line with resistance near 1.2765 on the hourly chart. A break above this could push the pair above the 1.2780 level in the near term.

The next major hurdle for buyers is sitting near the 1.2800-1.2810 resistance zone since there is a major bearish trend line and resistance zone formed near 1.2810 on the same chart. Moreover, the 50% Fib retracement level of the last decline from the 1.2911 high to 1.2722 low is positioned at 1.2817.

The last but not the least, the 50 hourly #SMA is near the 1.2800 level to prevent gains in the near term. Therefore, if the pair break the 1.2765 and 1.2780 resistance levels, it could face a strong resistance near 1.2800.

On the downside, the 1.2750 and 1.2720 levels are decent supports. Below these, the pair may well break the 1.2700 support to extend losses towards the 1.2650 level.

Read also #USDCAD technical analysis on our blog:
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Ether continues the downtrend vs BTC. The altcoin traded as low as 0.054 BTC last Friday before recovering somewhat. We are currently quoted not far from the lows at 0.05561 BTC.

Technically #ETHBTC remains in a bearish trend on the daily charts. To end it the bulls need to stage a breakout above the 0.05845 BTC swing high. A break beyond 0.063 BTC is needed for a new rally. Below current prices we have support at the March low of 0.05240 #BTC followed by the 0.05 round figure. This is a another possible area where the downtrend may stall. On the longer-term charts the picture is still the same. We are in a range on the weekly charts and slightly bullish on the monthlies.

Read also #DSHBTC technical analysis on our blog:
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There were a couple of swing moves above the 128.55 support area in the #Euro against the Japanese #Yen. However, the #EURJPY pair failed to settle above the 129.00 resistance and the 50 hourly simple moving average.

As a result, there was a major downside move initiated and the pair tumbled below the 128.55 support area. The decline was such that the pair settled below the 128.20 support and the 50 hourly #SMA.

It traded as low as 127.80 and it is currently consolidating losses. On the upside, an initial resistance is near a bearish trend line with resistance at 128.00. Above this, the pair could test the 23.6% Fib retracement level of the last drop from the 129.00 high to 127.80 low.

However, the most important resistance is near the 128.55 level, which was a support earlier. There is also a bearish trend line positioned around the same trend line and the 61.8% Fib retracement level of the last drop from the 129.00 high to 127.80 low.

Moreover, the 50 hourly SMA is also near the 128.60 level. Therefore, there are many hurdles on the upside for the Euro buyers near the 128.20 and 128.50 levels.

On the downside, a break below the recent low of 127.80 could open the doors for more declines. The next supports are at 127.50 and 127.20.

Read also #GBPJPY technical analysis on our blog:
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#FXOpen invites traders to join "PAMM School" - a free Forex competition for demo accounts. The prize fund of the contest is 4,000 USD. At the end of the contest, the top 20 traders will receive #PAMM STP accounts and the right to join a competition on live PAMM accounts "Heroes of PAMM". The #contest starts on September 3 and will last until September 28, 2018. Registration is already open.
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