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Author Topic: Daily Market Analysis By FXOpen  (Read 15531 times)

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Offline FXOpen TraderTopic starter

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Daily Market Analysis By FXOpen
« on: January 19, 2021, 06:07:03 AM »
GBP/USD and GBP/JPY: British Pound Could Correct Lower


GBP/USD gained strength above 1.3600, but it struggled to continue higher above 1.3700. GBP/JPY also corrected lower after forming a short-term top near 142.25.

Important Takeaways for GBP/USD and GBP/JPY

  • The British Pound tested the 1.3700 resistance zone before correcting lower.
  • There was a break below an ascending channel with support near 1.3638 on the hourly chart of GBP/USD.
  • GBP/JPY also corrected lower from 142.25 and declined below 141.50.
  • There was a break below a major bullish trend line with support near 141.20 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound saw a steady increase above the 1.3550 resistance against the US Dollar. The GBP/USD pair even broke the 1.3600 resistance zone to move further into a positive zone.

The pair climbed above the 1.3650 and 1.3680 resistance levels, but it struggled to gain momentum above 1.3700. A high was formed near 1.3710 on FXOpen and the pair recently started a downside correction.


There was a break below the 1.3650 and 1.3620 support levels. There was also a close below the 1.3620 level and the 50 hourly simple moving average. Moreover, there was a break below an ascending channel with support near 1.3638 on the hourly chart of GBP/USD.

The pair traded as low as 1.3565 and it is currently consolidating losses. An initial resistance on the upside is near the 1.3600 zone. It is close to the 23.6% Fib retracement level of the recent decline from the 1.3710 high to 1.3565 low.

The first key resistance is forming near the 1.3620 level. The next major resistance is near the 1.3640 level and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the 1.3710 high to 1.3565 low.

If there is an upside break above 1.3620 and 1.3640, GBP/USD could easily drift towards the 1.3700 zone. On the downside, the 1.3565 level is a decent support. If there is a downside break below the recent low, the pair could continue to move down towards the 1.3500 support level in the near term.

GBP/JPY Technical Analysis

The British Pound formed a short-term top near the 142.25 before it started a downside correction against the Japanese Yen. The GBP/JPY pair traded below the 141.80 support level to start the recent decline.

There was a clear break below the 141.50 support level and the 50 hourly simple moving average. There was also a break below a major bullish trend line with support near 141.20 on the hourly chart. The pair cleared the 50% Fib retracement level of the upward move from the 140.34 low to 142.25 high.


It is now trading well below the 141.20 level. It is testing the 76.4% Fib retracement level of the upward move from the 140.34 low to 142.25 high.

The next major support is near the 140.60 level, below which the pair could dive towards the 140.00 support zone in the coming sessions. On the upside, the previous support near 141.30 might act as a resistance.

The first major resistance is near the 141.50 level and the 50 hourly simple moving average. If GBP/JPY climbs above 141.30 and 141.50, it could revisit the 142.25 zone in the coming sessions.



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Re: Daily Market Analysis By FXOpen
« Reply #1 on: January 19, 2021, 06:09:07 AM »
Important Week for Global Policy Rates


The week ahead of us is critical for the currency market. On Wednesday, we have the inauguration day in the United States, as Joe Biden will officially become the new President. The Biden’s administration economic agenda is based on three pillars – fiscal stimulus, infrastructure spending, bringing back the Obamacare program – and the markets will closely monitor the developments in these three areas.

One day later, FX traders have the first major central bank meeting of the year, as the European Central Bank (ECB) announces its decision this coming Thursday. The central bank made it clear that the Euro is too high and that the higher EURUSD exchange rate weighs on inflation, but that did not stop the EURUSD rate from reaching 1.23.

In the meantime, the exchange rate eased from the highs, trading below 1.21 – is this the start of a new cycle for the EURUSD pair?


Fed vs. ECB

The pandemic caught the ECB already having the interest rate in negative territory. In the aftermath of the European sovereign crisis in 2012, the ECB lowered the deposit facility below zero, where it still is at present. As such, the central bank was forced to use other unconventional tools to ease the policy during the pandemic.

So did the Fed. But the Fed opted to avoid negative rates and to focus more on stimulating the business environment by printing huge amounts of new dollars. In 2020 alone, the Fed printed over 30% of all the dollars ever created. Yet, this did not translate into inflation, although it is too early to tell at this point if inflation will be a theme in the years ahead.

The Fed’s actions sent the dollar lower, and the ECB and other central banks had little or no power to stop the dollar’s decline. As such, the Euro and the other G10 currencies, all appreciated against the dollar.

Now that the crisis is adverted, as suggested by the available vaccines and the vaccination programs around the world, the market may choose to revert the dollar decline theme seen during the pandemic. If that is the case, this week, we should see the first signs of a trend change.

Global policy rates are close to zero and are expected to remain so for the foreseeable future. Only in 2023 and beyond the major central banks are forecasted to lift the rates. However, even then, the ECB’s deposit facility rate is predicted to remain below zero.

Therefore, judging by the interest rate differential that exists and will keep existing in the years ahead, the market may see a sharp reversal in the EURUSD exchange rate.


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Re: Daily Market Analysis By FXOpen
« Reply #2 on: January 19, 2021, 02:34:38 PM »
BTC and XRP – Prices continue to rise


BTC/USD

The price of Bitcoin has been moving sideways since last week as it came up to $40,000 area but then fell to $33,813 at its lowest point yesterday. This occurred after recovery and now we are seeing another minor one with the price reaching $37,486. Currently, it is being traded slightly lower but is still in an upward trajectory.


Looking at the 4 hour chart, you can see that the price made it slightly below the 0.382 Fib level on Sunday’s low but managed to pull back up above it. This could indicate that support has been found but we are still yet to see if it manages to exceed the local high at the 0.618 Fib level.

The primary scenario is one in which we are seeing an ABC correction of a higher degree and so far this has played out. The downfall below the 0.5 Fibonacci level has confirmed the previously assumed ABC to the upside which is the B wave from the higher degree count.

This is why from here we would be expecting the continuation to the downside, but that might not come as expected. The C wave which was projected to the downside should have been developing a five-wave impulse but has instead made a three-wave decrease followed by a recovery.

Now if the price continues increasing this count might get invalidated but this would potentially still be the part of the correctional count which is set to push the price lower.

XRP/USD

The price of Ripple has been increasing and came up by 13.87% from its yesterday’s low at $0.2714 to $0.309 where it is now being traded.


On the 4-hour chart, you can see that the price broke out from the descending triangle on the upside after the third interaction with the horizontal support level was made. As the price found support there we have seen a bounce that led the price for a breakout and a higher high was made compared to the previous local one.

This could be the start of the 5th wave from the five-wave impulse that started in December last year after the price made the end of the significant downside move. The price hasn’t made it inside the territory of the 1st wave which makes this scenario valid and now if we are seeing the development of the 5th wave it is set to push the price of Ripple higher then on the 7th of January where the ending point of the 3rd wave is.

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Re: Daily Market Analysis By FXOpen
« Reply #3 on: January 20, 2021, 07:04:42 AM »
EUR/USD Recovering Losses, USD/JPY Remains At Risk


EUR/USD started a downside correction from well above 1.2300 and recently found support near 1.2055. USD/JPY is showing bearish signs and it could decline heavily below 103.50.

Important Takeaways for EUR/USD and USD/JPY

  • The Euro remained well bid above 1.2050 and started a fresh increase.
  • There was a break above a major bearish trend line with resistance near 1.2120 on the hourly chart of EUR/USD.
  • USD/JPY is declining and showing bearish signs below the 104.00 resistance.
  • There is a key bearish trend line forming with resistance near 103.98 on the hourly chart.

EUR/USD Technical Analysis

In the past few days, there was a steady decline in the Euro from well above 1.2200 against the US Dollar. The EUR/USD pair even broke the 1.2120 support level, but it remained well bid above 1.2050.

A low was formed near 1.2053 on FXOpen before the pair is currently recovering losses. There was a break above the 1.2100 resistance level and the 50 hourly simple moving average, opening the doors for a steady increase.


There was also a break above a major bearish trend line with resistance near 1.2120 on the hourly chart of EUR/USD. The pair even broke the 50% Fib retracement level of the downward move from the 1.2222 swing high to 1.2053 low.

An immediate resistance is near the 1.2058 level. It is close to the 61.8% Fib retracement level of the downward move from the 1.2222 swing high to 1.2053 low. The main resistance is near the 1.2175, above which EUR/USD is likely to accelerate higher.

Conversely, the pair could start a fresh decline below the 1.2135 support. The first major support is near the 1.2115 zone. If there is a downside break below the 1.2115 support zone, the pair could continue to move down. In the stated case, there are high chances of a retest of the 1.2053 swing low in the near term.

USD/JPY Technical Analysis

The US Dollar seems to be trading in a broad range below the 104.20 and 104.50 resistance levels against the Japanese Yen. The USD/JPY pair formed a high near 104.08, and recently started a fresh decline.

There was a break below the 103.85 support level the 50 hourly simple moving average. The pair also declined below the 50% Fib retracement level of the upward move from the 103.63 low to 104.08 high.


It is now trading near a key support at 103.75. It is close to the 76.4% Fib retracement level of the upward move from the 103.63 low to 104.08 high. If there is a downside break below the 103.75 level, the pair could move towards the main 103.50 support zone.

The stated 103.50 support holds the key, below which the pair could decline heavily in the near term. On the upside, the first major resistance is near the 103.85 level.

There is also a key bearish trend line forming with resistance near 103.98 on the hourly chart. A clear break above the trend line is must for a steady increase.

The next key resistance could be near 104.20, above which USD/JPY could revisit 104.50. Any more gains may possibly increase the chances of a test of the 105.00 level in the near term.

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Re: Daily Market Analysis By FXOpen
« Reply #4 on: January 21, 2021, 03:24:15 PM »
Litecoin and EOS – Bears are in control


LTC/USD

The price of Litecoin has been in a decline since Tuesday when it was sitting at $166.11 and made a downfall to $130 level today, which was a decrease of 21.74%. Now the price is being traded slightly higher but is still in a downward trajectory.


Looking at the hourly chart, you can see that the price made a breakout below the ascending channel that formed since the 11th of January when the price fell to the $112.33 area. From there a recovery was made all the way up above the $160 level but now another impulsive descending move has been seen which is most likely the continuation of the corrective decrease. If this is the three-wave corrective decline from the 10th of January the move to the downside would be expected to continue and surpass the prior low at $112 and could potentially continue all the way down to $82.9.

However, there is a possibility that this is going to be a triangle formation of the higher degree in which this three-wave move could be its first sub-wave. In that case, the price could make another significant recovery before this move to the $82.9 horizontal level. The price has found support at 0.236 Fib level at least a temporary one, so now we are going to see what happens as if it manages to stay up the recovery might come.

EOS/USD

From its Tuesday’s high at $2.926 the price of EOS has decreased by 12.18% as it came down to $2.579 at its lowest wick today. Now the price is looking like it has stabilized above the $2.62 level and is establishing support.


On the hourly chart, you can see that the price has made a breakout from the ascending channel like in the case of Litecoin but the pattern isn’t as similar as the price of EOS made a more significant decrease from the 10th of January till the 11th then it has now since Tuesday. We have seen a decrease of over 37% till the 11th of January and if this descending move is the continuation of that move, the price could be expected to go significantly lower. But another round of hard-selling like it occurred then isn’t likely to play out.

More likely we are going to see a further decrease to some of the horizontal support levels out of which the first one in line would be the 11th January low, but the next one is just below the $2 mark. The price could make another impulsive move to the vicinity of the lower horizontal level, but like in the case of Litecoin that might not come in a straight line.

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Re: Daily Market Analysis By FXOpen
« Reply #5 on: January 22, 2021, 06:57:54 AM »
AUD/USD and NZD/USD Approaching Next Key Break


AUD/USD is trading well above 0.7700, but is facing hurdles near 0.7780 and 0.7800. NZD/USD is also showing positive signs, but there is a crucial resistance forming near 0.7225-0.7240.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar started a fresh increase above the 0.7720 resistance levels against the US Dollar.
  • There is a major contracting triangle forming with support near 0.7740 on the hourly chart of AUD/USD.
  • NZD/USD also climbed higher, but it is facing a strong resistance near 0.7225 and 0.7240.
  • A key bullish trend line is forming with support near 0.7185 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

After forming a support base near 0.7660, the Aussie Dollar started a fresh increase against the US Dollar. The AUD/USD pair broke the 0.7700 resistance level to move into a positive zone.

The pair even broke the 0.7720 resistance and settled above the 50 hourly simple moving average. A high is formed near 0.7782 on FXOpen and the pair is currently correcting lower.


There was a break below the 0.7760 support level. The pair even traded below the 50% Fib retracement level of the upward move from the 0.7720 swing low to 0.7782 high. It is now testing the 0.7745 support level and the 50 hourly simple moving average.

There is also a major contracting triangle forming with support near 0.7740 on the hourly chart of AUD/USD. The triangle support is close to the 61.8% Fib retracement level of the upward move from the 0.7720 swing low to 0.7782 high.

If there is a downside break below the triangle support, there is a risk of more losses. The next major support on the downside is near the 0.7720 level.

On the upside, the 0.7770 level is an immediate resistance. A clear break above the 0.7770 and 0.7780 levels may possibly open the doors for a larger increase towards 0.7800 and 0.7840 in the coming sessions.

NZD/USD Technical Analysis

The New Zealand Dollar also followed a similar path above the 0.7120 support against the US Dollar. The NZD/USD pair broke the 0.7200 resistance to move back into a positive zone.

However, the pair is facing a strong resistance near the 0.7225 and 0.7240 levels. A high is formed near 0.7225 and the pair is currently correcting lower. It traded below the 0.7200 level, but it is well above the 50 hourly simple moving average.


It is trading just below the 50% Fib retracement level of the upward move from the 0.7177 swing low to 0.7225 high. On the downside, there is a key bullish trend line forming with support near 0.7185 on the hourly chart of NZD/USD.

The trend line is close to the 76.4% Fib retracement level of the upward move from the 0.7177 swing low to 0.7225 high. If there is a downside break below the trend line support, there is a risk of more losses towards the 0.7150 and 0.7120 support levels.

Conversely, the pair could remain well bid above the 0.7180 support zone. On the upside, the 0.7225 and 0.7240 levels are crucial hurdles. A clear break and close above the 0.7240 level could set the pace for a strong increase towards the 0.7300 level.

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Re: Daily Market Analysis By FXOpen
« Reply #6 on: January 25, 2021, 07:10:54 AM »
GBP/USD and EUR/GBP: British Pound Remains Strong



GBP/USD extended its rise above the 1.3680 and 1.3700 resistance levels. EUR/GBP is correcting lower and it is approaching a major support near 0.8875.

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound remained well bid above 1.3600 and it climbed above 1.3680.
  • There is a key contracting triangle forming with resistance near 1.3715 on the hourly chart of GBP/USD.
  • EUR/GBP started a fresh decline after it failed to clear the main 0.8920 resistance zone.
  • Earlier, there was a break above a short-term bearish trend line with resistance near 0.0.8860 on the hourly chart.

GBP/USD Technical Analysis

After forming a base above the 1.3500 and 1.3520, there was a fresh increase in the British Pound against the US Dollar. The GBP/USD pair broke the 1.3580 and 1.3600 resistance levels to move into a positive zone.

The pair gained momentum above 1.3600 and it even spiked above the 1.3680 resistance. There was also a break above the 1.3700 zone and the pair settled above the 50 hourly simple moving average.

A new multi-month high was formed near 1.3746 on FXOpen before the pair started a downside correction. It traded below the 1.3680 support level and the 50 hourly simple moving average, but the bulls protected the 1.3640 level.


A low is formed near 1.3636 and the pair is currently rising. It is trading above the 1.3680 level, the 50 hourly simple moving average, and the 50% Fib retracement level of the downward move from the 1.3746 high to 1.3636 low.

It seems like there is a key contracting triangle forming with resistance near 1.3715 on the hourly chart of GBP/USD. An immediate resistance is near the 1.3700 zone or the 61.8% Fib retracement level of the downward move from the 1.3746 high to 1.3636 low.

A successful break above the 1.3700 and 1.3715 levels could open the doors for a new high above the 1.3746 in the near term. Conversely, the pair could break the triangle support and continue lower towards the main 1.3620 support level.

EUR/GBP Technical Analysis

The Euro started a fresh increase from the 0.8830 low against the British Pound. The EUR/GBP pair broke the 0.8850 and 0.8860 resistance levels to move into a positive zone.

There was also a break above a short-term bearish trend line with resistance near 0.0.8860 on the hourly chart. The pair surged above the 0.8900 level, but it struggled to clear a major hurdle near the 0.8920 zone.


A high is formed near 0.8918 and the pair is currently declining. It broke the 0.8900 level and tested the 38.2% Fib retracement level of the upward move from the 0.8830 swing low to 0.8918 high.

On the downside, there is a major support waiting near the 0.8875 level and the 50 hourly simple moving average. It is also close to the 50% Fib retracement level of the upward move from the 0.8830 swing low to 0.8918 high.

Any more losses could lead the pair towards the 0.8850 support level in the near term. Conversely, the pair could start a fresh increase from the 0.8875 support zone.

On the upside, the 0.8900 level is a short-term resistance for the Euro bulls. However, the main hurdle is still near 0.8920, above which EUR/GBP could rally towards the 0.9000 resistance.

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Re: Daily Market Analysis By FXOpen
« Reply #7 on: January 25, 2021, 01:56:32 PM »
Decisive Week for the Dollar as the Fed’s Meeting Looms Large



Financial markets started the new year on the same note as the previous year ended – higher stocks, lower dollar. The extent of the advance in the stock market, or the decline in the dollar, led many market participants to wonder if the Fed’s monetary policy did not lead to financial bubbles?

After all, a survey shows that over 25% of the market participants still believe that Bitcoin will double from the current levels. Or, 18% believe that the price of Tesla will double over the next twelve months. That is, in the context of Bitcoin already rising from $10,000 to $40,000 in the last months and Tesla already being up over 650% in 2020.



Will the Dollar Weakness Stop?

To many, the weakness in the dollar is responsible for such extreme price action. If we are to see a change in the trend, as suggested by the 56% of the market participants that expect a higher dollar against Bitcoin for the next twelve months, then the risk may come from Wednesday Fed’s decision.

On Wednesday, the Fed is expected to keep the monetary policy unchanged – the federal funds rate at the lower boundary and the QE program running at $120 billion/month. However, this week, the focus will shift from the FOMC Statement to the Fed’s press conference.

More precisely, it will be more important what the Fed thinks about the future economic outlook. In the face of the rapid pace of vaccinations (i.e., the United States already vaccinated 6% of its population), the risk is that the Fed will deliver a slightly hawkish outlook for the future economic recovery. If that is the case, the dollar may turn in the expectation of the future tapering of the quantitative easing program.

Last week the ECB delivered a slightly hawkish statement too. It said that it may or may not use the full envelope of the PEPP program, despite the fact that many European countries face the worse of the pandemic right now.

As such, one should not discount a hawkish Fed too. If that happens, the USD will make a U-turn because the reflation trade that went on for months now seems to be extremely stretched.

As we saw in 2020, the dollar’s direction matters for the equity markets and other markets too. For stocks to remain close to all-time highs, the correlation with the dollar must break.

Will we see such a divergence on Wednesday? Or will the reflation trade continue after the Fed’s first meeting of the year?

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Re: Daily Market Analysis By FXOpen
« Reply #8 on: January 26, 2021, 12:05:19 PM »
BTC and XRP – Bearish scenario expected



BTC/USD

From yesterday’s open the price of Bitcoin has increased by 12.44% coming from its lowest point of $31,030 to $34,891 at its highest but has since then made a downfall. The price fell back to the same levels as on yesterday’s low and is now starting to make another recovery attempt. Currently it is sitting at around $32,221.


Looking at the hourly chart, you can see that the price made a recovery from the 22nd of January when it fell to $28,785 at its lowest wick. The decrease to those levels was the completion of the 3rd wave from the corrective structure that started developing after the all-time high.

We could have seen the completion of the correction, but the wave structure is still looking more corrective than impulsive on the recovery that followed. This is why more likely, we are seeing the corrective wave continuation in the form of the second wave X from the WXYXZ complex count.

As you can see the price made a descending triangle from its all-time high and since it made interaction with its resistance level, now we are going to have a validation of the assumed scenario as if the price is in a prolonged correction now the Z wave is shortly going to start developing. That means that now a breakout to the downside would be shortly expected.

If this starts developing the price of Bitcoin could fall back to the $24,000 area where the next significant horizontal support level in line with the downside. This would be a downfall of just over 30% which would be a highly significant one.

XRP/USD

The price of Ripple has been moving sideways from the 22nd of January when it spiked down to $0.24 area from where it made a recovery to $0.28 level. Since the price has been in this horizontal range we have seen further support and resistance testing with the price currently sitting at $0.26645.


As you can see from the hourly chart, the price has previously made a breakout to the upside from the descending triangle in which it was since the 8th of January but failed to continue moving to the upside. The assumed scenario was the five-wave impulse to the upside but since the price spiked inside the territory of the 1st wave this is starting to get invalidated. Instead, more likely we have seen a three-wave upside corrective move before further downside continuation.

However, the quick spike on the 22nd could have been the completion of the 4th wave although unlikely at this point. In the upcoming period, we are going to see if the invalidation gets confirmed and that is going to be indicated from the breakout direction of the current horizontal range.

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Re: Daily Market Analysis By FXOpen
« Reply #9 on: January 27, 2021, 06:32:58 AM »
EUR/USD and EUR/JPY: Euro Eyeing Upside Break



EUR/USD is holding the 1.2100 support area, but it is also struggling to clear 1.2200. Similarly, EUR/JPY is facing a strong resistance near 126.15, above which it could start a strong increase.

Important Takeaways for EUR/USD and EUR/JPY

  • The Euro is consolidating in a range above the 1.2100 support zone.
  • There is a major contracting triangle forming with resistance near 1.2170 on the hourly chart of EUR/USD.
  • EUR/JPY is facing a major resistance near the 126.15 and 1.2620 levels.
  • There is a key contracting triangle forming with resistance near 126.15 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro climbed above the 1.2150 resistance zone against the US Dollar. However, the EUR/USD pair faced a major resistance near the 1.2200 and 1.2210 levels.

There were a couple of attempts to clear 1.2200, but the bulls failed to gain strength. As a result, there was a sharp decline below 1.2150. The pair broke the 1.2120 support, but it found a strong support near 1.2100.


A low was formed near 1.2107 before the pair bounced back to 1.2175. A high is formed near 1.2175 on FXOpen and it is currently correcting lower.

The pair is testing the 23.6% Fib retracement level of the recent wave from the 1.2107 swing low to 1.2175 high. The first major support on the downside is near the 1.2150 level and the 50 hourly simple moving average.

The next major support is near the 1.2140 level. It is close to the 50% Fib retracement level of the recent wave from the 1.2107 swing low to 1.2175 high. On the upside, an immediate resistance is near the 1.2175 level.

There is also a major contracting triangle forming with resistance near 1.2170 on the hourly chart of EUR/USD. A clear break above the triangle resistance could push the pair towards the main 1.2200 resistance zone.

If EUR/USD clears the 1.2200 resistance zone, there could be a strong increase. In the stated case, the pair could easily rise towards 1.2250 or 1.2265.

EUR/JPY Technical Analysis

The Euro also followed a similar path after it faced seller near 1.2640 against the Japanese Yen. The EUR/JPY pair broke the 126.00 support level, but it remained stable above the 125.70 level.

A low is formed near 125.69 and the pair is currently rising. There was a clear break above the 126.00 level and the 50 hourly simple moving average. The pair also climbed above the 50% Fib retracement level of the recent decline from the 126.39 high to 125.69 low.


It is now facing resistance near the 126.12 level. It represents the 61.8% Fib retracement level of the recent decline from the 126.39 high to 125.69 low.

There is also a key contracting triangle forming with resistance near 126.15 on the hourly chart. A clear break above the triangle resistance and 126.20 could open the doors for more upsides. The next major resistance is near 126.40, above which the bulls might aim a test of the 127.00 level.

Conversely, the pair could drop below the 126.00 level and the 50 hourly SMA. In the stated case, it could test the triangle support at 125.90. Any more losses could open the doors for a drop towards the 125.50 level in the near term.

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Re: Daily Market Analysis By FXOpen
« Reply #10 on: January 28, 2021, 02:46:38 PM »
LTC and EOS – Correction might have ended but downside potential still present



LTC/USD

The price of Litecoin has been on the rise since yesterday as it came from $118.1 to $132.15 which is an increase of 11.89%. Now it is being traded slightly lower but is still in an upward trajectory.


On the hourly chart, we can see that this recovery came after a decline of around 20.35% from its high on January 25th when it reached $147.8. This was the continuation of the descending move that started on the 7th of January and is part of the corrective structure of a higher degree count. The price found support on the 0.618 Fib extension level and is now looking for support on the 0.5.

If the support is present on those levels we could see the recovery continuing to move to the upside. But if the price doesn’t find support further downside movement could be seen. In either way, since this is the part of the higher degree correction we would expect further downside as there is still more room to go. If the price is to make a five-wave impulse that could be the C wave of the ABC correction we could see Litecoin being traded at around $75 area. However, we could be seeing a different correctional count in which case projecting the length of the first descending impulse we come up with the target of around $91.35.

EOS/USD

From yesterday’s low at $2.465 the price of EOS has increased by 13.61% as it came up to the $2.801 level at its highest point today. The price spiked impulsively to the upside but has since made a minor retracement to the $2.7134 level where it’s currently being traded.


Looking at the hourly chart we can see that the price made a higher low yesterday and has attempted to make a higher high but failed to do so on the current rise. However, considering the impulsiveness seen this might change soon. From its high on the 10th of January made at $3.925 a strong descending move was made which could have been the starting point of the correctional higher degree move.

With the price currently testing the prior high which is the horizontal resistance, it might get rejected causing further downside continuation. In that case, we are to see an immediate retracement which will push the price further down breaking the horizontal support of $2.4237. But if it continues increasing from there it could indicate that the correction ended on the 22nd of January in which case yesterday’s low would be the 2nd wave out of the next five-wave impulse to the upside.

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Re: Daily Market Analysis By FXOpen
« Reply #11 on: January 29, 2021, 06:35:16 AM »
Gold Price Struggles, Oil Price Consolidates Well above $50



Gold price made an attempt to surpass the $1,860 resistance, but there was a major rejection. Crude oil price seems to be consolidating gains above $51.50 and $51.20.

Important Takeaways for Gold and Oil

  • Gold price is still trading below the main $1,860 and $1,880 resistance levels against the US Dollar.
  • There is a major bearish trend line forming with resistance near $1,855 on the hourly chart of gold.
  • Crude oil price seems to be facing a strong resistance near the $53.50 and $54.00 levels.
  • There is likely an expanding triangle forming with support near $52.00 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price settled below the main $1,900 pivot level to move into a bearish zone against the US Dollar. The price even settled below the $1,880 level and the 50 hourly simple moving average.

On the downside, the price is finding strong bids above the $1,830 and $1,835 levels. Recently, there was a sharp recovery above the $1,850 level and the 50 hourly simple moving average. However, the price failed to clear the $1,860 resistance level.


A high was formed near $1,863 on FXOpen before there was a fresh decline. A low is formed near $1,835 and the price is currently consolidating losses.

There was a break above the 23.6% Fib retracement level of the downward move from the $1,863 swing high to $1,838 low. It is now facing resistance near the $1,845 level and the 50 hourly simple moving average.

The next major resistance is near the $1,850 level. The 50% Fib retracement level of the downward move from the $1,863 swing high to $1,838 low is at $1,850. There is also a major bearish trend line forming with resistance near $1,855 on the hourly chart of gold.

On the downside, there is a connecting bullish trend line forming with support near $1,838. The first key support is near the $1,830 level. The next major support is at $1,820, below which the price might test the $1,800 support level.

Oil Price Technical Analysis

Crude oil price remained in a strong uptrend well above the $50.00 resistance zone against the US Dollar. The price settled nicely above $52.00 and it even made a few attempts to gain strength above the $54.00 level.

The recent high was formed near $53.47 before the price trimmed most gains. It broke the $53.00 support and tested the $52.00 level.


A low is formed near $51.98 and the price is currently consolidating. It tested the 23.6% Fib retracement level of the recent decline from the $53.47 high to $51.98 low. The first major resistance is near the $52.55 level and the 50 hourly simple moving average.

The next key resistance is near the $52.75 level or the 50% Fib retracement level of the recent decline from the $53.47 high to $51.98 low.

Moreover, it seems like there is likely an expanding triangle forming with support near $52.00 on the hourly chart of XTI/USD. If there are more downsides below the triangle support, the price could test the $51.50 support.

The next key support is near the $51.20 level. On the upside, the $53.50 and $54.00 levels are major hurdles. A clear break above $54.00 may possibly lead the price towards the $55.00 level.

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Re: Daily Market Analysis By FXOpen
« Reply #12 on: February 01, 2021, 06:45:20 AM »
GBP/USD Facing Key Resistance, USD/CAD Remains Supported



GBP/USD gained momentum above the 1.3700 resistance, but it struggled near 1.3745. USD/CAD is holding the 1.2750 support, but it is struggling below 1.2820.

Important Takeaways for GBP/USD and USD/CAD

  • The British Pound is holding gains above the 1.3650 and 1.3680 levels.
  • There is a connecting bullish trend line forming with support near 1.3690 on the hourly chart of GBP/USD.
  • USD/CAD struggled to stay above 1.2820 and corrected lower.
  • There is a major bullish trend line forming with support near 1.2770 on the hourly chart.

GBP/USD Technical Analysis

After forming a base above the 1.3620 level, the British Pound started a fresh increase against the US Dollar. The GBP/USD pair broke the 1.3700 resistance level to move into a positive zone.

There was also a break above 1.3720 and the 50 hourly simple moving average. However, the pair seems to be facing a strong resistance near the 1.3745 and 1.3750 levels. The recent high was formed near 1.3751 on FXOpen before the pair corrected lower.


A low is formed near 1.3691 and the pair is currently rising. It broke the 50% Fib retracement level of the recent decline from the 1.3751 high to 1.3691 low.

On the upside, an initial resistance is near the 1.3738 level. It is close to the 76.4% Fib retracement level of the recent decline from the 1.3751 high to 1.3691 low. The main resistance is still near the 1.3750 zone.

To start a strong increase, the pair must clear the 1.3745 and 1.3750 resistance levels. If the bulls succeed, the pair could rise towards the 1.3850 level.

On the downside, the first key support is near the 1.3700 area. There is also a connecting bullish trend line forming with support near 1.3690 on the hourly chart of GBP/USD. If there is a break below 1.3700 and 1.3690, the pair could decline towards the 1.3620 support zone in the near term.

USD/CAD Technical Analysis

The US Dollar followed a bullish path above the 1.2800 level against the Canadian Dollar. The USD/CAD pair even broke the 1.2820 and 1.2850 resistance levels, but it struggled near the 1.2880 level.

There were two attempts by the bulls to clear 1.2880, but there was no upside break. A high was formed near 1.2874 and the pair decline below the 1.2820 support level. A low was formed near 1.2737 and the pair corrected higher.


It broke the 1.2800 resistance level, plus the 50% Fib retracement level of the downward move from the 1.2874 high to 1.2737 swing low. However, the pair faced a strong resistance near the 1.2820 level and the 50 hourly simple moving average.

It also failed to clear the 61.8% Fib retracement level of the downward move from the 1.2874 high to 1.2737 swing low. The pair is currently declining and trading near the 1.2780 level.

On the downside, there is a major bullish trend line forming with support near 1.2770 on the hourly chart. If USD/CAD breaks the trend line support, there is a risk of a larger decline in the coming sessions.

The next major support is near the 1.2700 level. On the upside, the first major resistance is near the 1.2820 level and the 50 hourly simple moving average. The next key resistance is near the 1.2880 level. A clear break above the 1.2820 resistance level may possibly increase the chances of a run above 1.2880 in the near term.

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Re: Daily Market Analysis By FXOpen
« Reply #13 on: February 01, 2021, 02:25:06 PM »
The USD Shows Signs of Strength Ahead of the NFP Report Next Friday



The trading week started on a strong note for the USD. The greenback gained against the Euro and the CHF, despite the fact that the Euro area manufacturing PMI came out way above the 50 level.

It appears that the weakness in the EURUSD pair, the most important pair as it weighs almost 50% in the dollar index, comes more from a weak Euro rather than from a strong dollar. Nevertheless, if the EURUSD pair keeps the bearish trend, the other dollar markets will eventually follow.


Two Central Banks to Release Their Decisions This Week

Last week we saw the Federal Reserve of the United States (Fed) announcing its interest rate decision. It left the monetary policy unchanged, and at the press conference Jerome Powell, the Fed’s chair, failed to guide markets as to what comes next. The focus was on forward guidance and on any hint from the Fed of a possible tapering of the quantitative easing program currently running at $120 billion ($80 billion asset purchasing and $40 billion mortgage-backed securities).

But the Fed chose to avoid the subject and thus, the markets moved forward. As the chart above shows, the Fed is not the one with the most aggressive balance sheet expansion. The Swiss National Bank (SNB) and the Bank of Japan (BOJ) lead the pack, followed by the European Central Bank (ECB) in the third place. The implications are that the Fed still has room to go, or that the dollar declined too much as if we compare the balance sheet of the four central banks, the dollar should be higher.

This week it is the Reserve Bank of Australia (RBA) and the Bank of England (BOE)’s turn to announce their policy. The British pound (GBP) has been on a strong recovery since the Brexit deal was announced in late December last year. Also, the Australian dollar (AUD) is one of the best-performing currencies during the health crisis.

As always, the first trading week of the month brings the NFP report on Friday. The focus on this week’s report is to see if the U.S. economy continues to lose jobs. If we see a reversal, fueled by the increased vaccination rate, the market may trade in anticipation of a stronger economic recovery than initially expected.

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Re: Daily Market Analysis By FXOpen
« Reply #14 on: February 02, 2021, 12:59:10 PM »
BTC and XRP – Corrections might have ended but further confirmation still needed



BTC/USD

The price of Bitcoins has been moving sideways in the last couple of days after it made a spike to the upside to $38,637 at its highest point. This increase of around 31.9% came after the price tested the descending triangles support level and was the impulsive move that made a breakout from the triangles on the upside.


As you can see from the hourly chart after a breakout was made the price fell back and retested the triangle’s resistance level for support, which was a pullback to $32,213. Support was present at those levels which is why we have seen further increase but the price didn’t manage to move back up for a higher high compared to the local one.

Even though the breakout was made this increase could still be part of the same correctional structure that started on the 10th of January after the all-time high was made. If this is true then the price is now headed further down for the formation of the Z wave of the complex correction count.

Another possibility would be that the correction ended on the 27th of January in which case this impulse was to be the first wave from the next starting impulse. As the price is now in a downward trajectory we are going to see which count gets validated. If the price continues moving down and enters the territory of the descending triangle then it would be the first bearish one, but if it finds support and continues increasing, further price appreciation would look more likely.

XRP/USD

The price of Ripple has spiked to the $0.755 level yesterday coming from $0.3895 at its lowest point on Sunday, which was an increase of 93.84%. But after the increase ended the price was set in a downfall of 54%, coming to $0.3465 at its lowest point today. Since then recovery has been seen with the price moving sharply to the upside and is currently being traded just slightly below the $0.4 level.


On the hourly chart, you can see that the price fell below the 0.618 Fibonacci level but now managed to pull back above it. The previous upside move was the ending of the five-wave impulse that started before the new year which is why we have seen a retracement. If this impulse was the first wave after the larger correction ended, the price of Ripple is now headed further to the upside but considering the amount of the decrease we have seen since yesterday we are yet to see if the bullish interest is still present.

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Re: Daily Market Analysis By FXOpen
« Reply #15 on: February 03, 2021, 07:32:44 AM »
EUR/USD Remains at Risk, USD/CHF Gains Bullish Momentum



EUR/USD failed to continue higher and declined below 1.2100. USD/CHF is gaining bullish momentum and it is trading nicely above 0.8900.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro started a fresh decline below the 1.2120 and 1.2080 support levels against the US Dollar.
  • There is a key bearish trend line forming with resistance near 1.2065 on the hourly chart of EUR/USD.
  • USD/CHF started a strong increase and climbed above the 0.8900 resistance zone.
  • There is a short-term expanding triangle forming with support near 0.8950 on the hourly chart.

EUR/USD Technical Analysis

The Euro failed on many occasions to clear the 1.2200 resistance zone against the US Dollar. As a result, the EUR/USD pair started a fresh decline below the 1.2150 and 1.2120 support levels.

The pair even broke the 1.2080 support level and the 50 hourly simple moving average. It cleared the key 1.2055 support zone and traded as low as 1.2011 on FXOpen.


EUR/USD is currently correcting higher and trading above 1.2025. It is testing the 50% Fib retracement level of the recent decline from the 1.2086 high to 1.2011 low. On the upside, the first resistance is near the 1.2055 level and the 50 hourly simple moving average.

There is also a key bearish trend line forming with resistance near 1.2065 on the hourly chart of EUR/USD. The trend line is close to the 61.8% Fib retracement level of the recent decline from the 1.2086 high to 1.2011 low.

A successful break above the 1.2065 resistance and the 50 hourly simple moving average is must for a steady recovery in the near term.

Conversely, the pair could start a fresh decline from 1.2055. An initial support is near the 1.2025 level. The next major support is near the 1.2000 zone. Any more losses could lead the pair towards the 1.1950 zone.

USD/CHF Technical Analysis

The US Dollar started a steady increase from the 0.8850 support zone against the Swiss franc. The USD/CHF pair broke many important hurdles near 0.8900 to move into a positive zone.

It even cleared the 0.8950 resistance and the 50 hourly simple moving average. The pair traded close to the 0.9000 level and traded as high as 0.8994. It is currently correcting gains and trading below the 0.8980 level.


USD/CHF is testing the 50% Fib retracement level of the recent increase from the 0.8948 swing low to 0.8994 high. The next major support on the downside is near the 0.8960 level or the 50 hourly simple moving average.

There is also a short-term expanding triangle forming with support near 0.8950 on the hourly chart. As long as USD/CHF is above the triangle support, it could climb back towards the 0.9000 resistance level in the near term. The next key resistance could be near the 0.9040 level.

On the downside, the main support is near the 0.8945 level. If the pair fails to stay above the 0.8955 and 0.8945 support levels, there is a risk of a larger decline.

In the stated case, USD/CHF could decline towards the 0.8920 support. There is also a major bullish trend line forming with support near the 0.8900 on the same chart, where the bulls are likely to take a strong stand.

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Re: Daily Market Analysis By FXOpen
« Reply #16 on: February 03, 2021, 01:28:46 PM »
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Re: Daily Market Analysis By FXOpen
« Reply #17 on: February 04, 2021, 02:38:30 PM »
LTC and EOS – Pullback or the begging of a downtrend?



LTC/USD

The price of Litecoin has been in a decline from today’s open at $159 which was its highest point so far. It made a decrease of 9.67% at its lowest today but is currently being traded slightly high at is sitting at around $149.11.


On the hourly chart, you can see that today’s open the high made after a breakout from the descending triangle in which the price was since the 10th of January. The price fell from its high of $185.8 to the horizontal support level at $122 on three occasions and after the third test, a higher high was made and then finally a breakout to the upside on Tuesday. As the price continued making a higher high it exceeded the $155 horizontal level which was the mid-range of the correctional structure in the descending triangle but failed to go above the midpoint high at $166.7 before making a pullback.

If the prior correction ended with the breakout being the continuation of the uptrend of the higher degree, then the current retracement would be only a local one.  In that case from the 27th of January when another retest of the significant horizontal level at the $120 zone was made we have seen the start of the next five-wave impulse with the breakout wave being its 3rd. Now as the price is going to the downside it should find support on the ending point of the assumed 1st wave which is at $146. This was tested today with the price action showing a wick on the hourly chart it appears that support is present at those level.

However if the price continues to move further to the downside it could mean that this increase seen with a breakout to the upside was the continuation of the corrective count.

EOS/USD

From its highest point on Monday at $3.2787, the price of EOS has fallen by 11.75% on the same day and enter a recovery since. It reached $3.15 yesterday which could have been the end of the recovery as it started decreasing again and is currently being traded just above $3.


As you can see from the hourly chart the price made a breakout below its ascending trendline that dates from the 27th of January. This ascending trendline is the 3rd wave from the upward move that starts on the 22nd of January, but it is still unclear whether or not it is an impulse or a corrective count. Judging by the wave personality it looks more corrective at this point which is why I’ve labeled it as an ABC. This is soon going to be validated as if the price continued moving to the downside below the $2.88 zone it could very well mean that we have seen the correctional ABC count.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.

Cryptocurrency CFDs are not available to trade in all jurisdictions.



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Re: Daily Market Analysis By FXOpen
« Reply #18 on: February 05, 2021, 05:31:52 AM »
AUD/USD and NZD/USD Signaling More Losses



AUD/USD is slowly moving lower and it is now trading well below 0.7650. NZD/USD is also declining and it seems like it could revisit the 0.7100 support zone.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar started a fresh decline below the 0.7700 and 0.7650 support levels against the US Dollar.
  • There is a key bearish trend line forming with resistance near 0.7615 on the hourly chart of AUD/USD.
  • NZD/USD is also moving lower and it is now trading below the 0.7200 support level.
  • There was a break below a major bullish trend line with support near 0.7160 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

After struggling to gain momentum above the 0.7750 level, the Aussie Dollar started a fresh decline against the US Dollar. The AUD/USD pair broke the 0.7700 support level to move into a bearish zone.

The pair even cleared the 0.7650 support level and settled below the 50 hourly simple moving average. A low was formed near 0.7563 on FXOpen before the pair corrected higher. It recovered above the 0.7600 level, but there was no clear break above 0.7650.


As a result, the pair started a fresh decline below the 0.7620 support. The pair even traded below the 50% Fib retracement level of the upward move from the 0.7563 low to 0.7647 high.

There is also a key bearish trend line forming with resistance near 0.7615 on the hourly chart of AUD/USD. It is now testing the 0.7585 support, which is close to the 76.4% Fib retracement level of the upward move from the 0.7563 low to 0.7647 high.

If there is a downside break, the pair could test the 0.7550 support. Any more losses may possibly open the doors for a push towards the 0.7500 level.

On the upside, the 0.7615 level is a major resistance along with the 50 hourly simple moving average. A clear break above the 0.7615 and 0.7620 levels may possibly open the doors for a fresh increase towards 0.7700 in the coming sessions.

NZD/USD Technical Analysis

The New Zealand Dollar also followed a similar path after it failed to clear the 0.7220 resistance against the US Dollar. The NZD/USD pair broke the 0.7200 support level to start the current decline.

The pair broke the 0.7180 support level and settled well below the 50 hourly simple moving average. There was also a break below a major bullish trend line with support near 0.7160 on the hourly chart of NZD/USD.


The pair is now trading below the 76.4% Fib retracement level of the upward move from the 0.7135 low to 0.7225 high. It is testing the last swing low at 0.7135 and it is likely to continue lower.

The next key support is near the 0.7110 level. It is close to the 1.236 Fib extension level of the upward move from the 0.7135 low to 0.7225 high. Any more losses could push the pair below the 0.7100 support level.

Conversely, the pair could attempt to correct higher above the 0.7155 and 0.7160 resistance levels. The main resistance is near the 0.7200 zone. A clear break and close above the 0.7200 level could increase the chances of more gains above the 0.7220 resistance.

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Re: Daily Market Analysis By FXOpen
« Reply #19 on: February 08, 2021, 06:13:19 AM »
GBP/USD and GBP/JPY: British Pound Eyes More Upsides



GBP/USD remained strong above 1.3700, but it is facing hurdles near 1.3750. GBP/JPY is gaining momentum and it is trading well above 144.00.

Important Takeaways for GBP/USD and GBP/JPY

  • The British Pound settled above the 1.3700 resistance zone against the US Dollar.
  • There is a rising channel forming with support near 1.3718 on the hourly chart of GBP/USD.
  • GBP/JPY gained momentum after it broke 143.80 and 144.00.
  • There was a break below a major declining channel with resistance near 143.30 on the hourly chart.

GBP/JPY Technical Analysis


The British Pound started a strong increase from the 142.80 swing low against the Japanese Yen. The GBP/JPY pair traded above the 143.20 and 143.50 resistance levels to move into a positive zone.

There break below a major declining channel with resistance near 143.30 on the hourly chart. The pair settled nicely above the 144.00 level and the 50 hourly simple moving average. The pair even cleared the 144.50 resistance zone and it traded close to the 145.00.

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Re: Daily Market Analysis By FXOpen
« Reply #20 on: February 08, 2021, 03:57:23 PM »
Weak NFP Report Responsible for USD Bullish Trend Reversal



The U.S. dollar traded with a bullish tone since the start of the trading year. While the move higher is not visible on all markets, the most relevant is the EURUSD as the pair eased from 1.23 to 1.20 in less than a month. Because the Euro has the bigger weight in the dollar index, it led to the dollar rallying against other currencies and even against gold.

However, last Friday the USD reversed course. The February NFP report showed that the U.S. economy added 49k jobs in January. While that was positive, as well as the fact that the unemployment rate dropped to 6.3%, the market sold the USD because the December data was revised lower.

Read Full on FXOpen Company Blog...

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Re: Daily Market Analysis By FXOpen
« Reply #21 on: February 09, 2021, 11:17:43 AM »
BTC and XRP – Bullish momentum confirmed



BTC/USD

The price of Bitcoin has broken out from its prior resistance and impulsively came to $48,200 at its highest point today. From its lowest point on Sunda when it was sitting around $37,430, this is an increase of 28%. Currently, a minor retracement is being made with the price sitting at $46,604 but is still in an upward trajectoty.



This breakout indicates that the prior correctional formation from the 10th of January has ended and now we have a clear confirmation with the bullish momentum indicating a strong uptrend continuation. After the five-wave move inside the ascending channel was ended we have seen a minor pullback but an immediate breakout to the upside. This was most likely the 3rd sub-wave of the higher degree 3rd wave which is why further upside movement would now be expected.

As the price is to develop its five-wave pattern further higher highs could be seen in the upcoming days with potentially exceeding the $60,000 mark by the end of its development. However not that an impulsive breakout has seen a local correction might form as the 4th wave should develop before further upside. It is still unclear where the 4th wave could land but most likely we are going to see a retest of the prior all-time high before uptrend continuation.


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Re: Daily Market Analysis By FXOpen
« Reply #22 on: February 10, 2021, 06:49:49 AM »
EUR/USD Showing Positive Signs, USD/JPY Turns Red



EUR/USD started a fresh increase after testing the 1.1950 support zone. USD/JPY declined below the 105.00 support and tested the 104.50 zone.

Important Takeaways for EUR/USD and USD/JPY

  • The Euro found support near the 1.1950 region and it started a fresh increase above 1.2050.
  • There is a key bullish trend line forming with support near 1.2100 on the hourly chart of EUR/USD.
  • USD/JPY declined heavily below the 105.20 and 105.00 support levels.
  • There was a break below a major bullish trend line with support at 105.30 on the hourly chart.

EUR/USD Technical Analysis


This past week, the Euro declined below the 1.2050 and 1.2000 support levels against the US Dollar. The EUR/USD pair traded close to the 1.1950 zone, where it found support.

A low was formed near 1.1952 on FXOpen before the pair started a fresh increase. It climbed back above the 1.2000 level and the 50 hourly simple moving average. There was also a break above the 50% Fib retracement level of the downward move from the 1.2155 swing high to 1.1952 low.

It is now trading above the 76.4% Fib retracement level of the downward move from the 1.2155 swing high to 1.1952 low. There is also a key bullish trend line forming with support near 1.2100 on the hourly chart of EUR/USD.

An immediate resistance is near the 1.2120 level. The main resistance is near the 1.2155, above which EUR/USD is likely to accelerate higher towards the 1.2200 resistance area.

Conversely, the pair could start a fresh decline below the 1.2100 support and the trend line. The first major support is near the 1.2075 level and the 50 hourly simple moving average.

If there is a downside break below the 50 hourly simple moving average, the pair could dive towards the 1.2000 handle in the near term. Any more losses might call for a retest of the 1.1950 support level.



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Re: Daily Market Analysis By FXOpen
« Reply #23 on: February 11, 2021, 05:15:34 PM »
LTC and EOS – Resistance seen but for how long?



LTC/USD

The price of Litecoin has been increasing in the past week, and from last Thursday when it was sitting at $141.27 at its lowest, we have seen an increase of 37.8$ measured to its highest point yesterday at $194.31. Since then the price made a pullback to $170.54 but is again back in an upward trajectory, currently sitting at $188.


On the hourly chart, we can see that the price broke the prior high made on the 10th of January when the price of Litecoin was sitting at $185.58. This confirmed the impulsiveness behind the move and that the previous correction ended at $118. We have seen the development of the 3rd sub-wave of the higher degree impulse which is why further upside would be expected. However if yesterday’s high was the end of the 3rd wave, now the price might be set for a local correction.

Wave 4 should develop optimally to the 0.382 Fibonacci level which would bring the price of Litecoin to $165. But when the price tested prior resistance for support and confirms the bullish interest it is likely to continue moving past yesterday’s high and end around $230 before the completion of this five-wave move.


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Re: Daily Market Analysis By FXOpen
« Reply #24 on: February 12, 2021, 08:15:38 AM »
Gold Price Starts Fresh Decline, Oil Price Correcting Gains



Gold price failed to clear the $1,855 resistance and started a fresh decline. Crude oil price is correcting gains and it might test the $57.00 support zone.

Important Takeaways for Gold and Oil

  • Gold price started a fresh increase, but it failed near $1,855 and $1,860 resistance levels against the US Dollar.
  • There was a break below a major bullish trend line with support near $1,838 on the hourly chart of gold.
  • Crude oil price traded to a new multi-month high near $58.75 before correcting lower.
  • There was a break below a key bullish trend line with support near $58.20 on the hourly chart of XTI/USD.

Gold Price Technical Analysis


Gold price started a decent recovery wave from the $1,785 zone against the US Dollar. The price climbed above the $1,820 and $1,840 resistance levels.

However, the price struggled to clear the $1,855 and $1,860 resistance levels. A high was formed near $1,855 before the price started a fresh decline. There was a break below the $1,840 level and the 50 hourly simple moving average.

The price traded below the 38.2% Fib retracement level of the upward move from the $1,784 swing low to $1,855 high. There was also a break below a major bullish trend line with support near $1,838 on the hourly chart of gold.

The price is now approaching the $1,820 support zone. The 50% Fib retracement level of the upward move from the $1,784 swing low to $1,855 high is also near the $1,820 level.

If there is a downside break below the $1,820 support level, the price might continue to move down towards the $1,800 level. Any more losses could lead the price towards the $1,784 swing low.

On the upside, the price is likely to face resistance near the $1,830 level. The next major resistance is probably forming near the $1,840 level and the 50 hourly simple moving average.



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Re: Daily Market Analysis By FXOpen
« Reply #25 on: February 15, 2021, 06:39:49 AM »
GBP/USD and EUR/GBP: British Pound Gains Momentum



GBP/USD is gaining bullish momentum above the 1.3800 and 1.3840 resistance levels. EUR/GBP is declining and it broke a major support at 0.8745.

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound started a strong increase above the 1.3800 resistance zone.
  • There was a break above a major contracting triangle with resistance near 1.3790 on the hourly chart of GBP/USD.
  • EUR/GBP started a fresh decline after it failed to clear the main 0.8800 resistance zone.
  • There was a break below a key bullish trend line with support near 0.8760 on the hourly chart.

GBP/USD Technical Analysis



After forming a base above the 1.3750 and 1.3780, there was a fresh increase in the British Pound against the US Dollar. The GBP/USD pair broke the 1.3800 and 1.3840 resistance levels to move further into a positive zone.

Moreover, there was a break above a major contracting triangle with resistance near 1.3790 on the hourly chart of GBP/USD. The pair strength and it was able to clear the 1.3850 resistance level.

There was also a break above the 1.3880 level and the pair settled nicely above the 50 hourly simple moving average. A new multi-month high is formed near 1.3901 on FXOpen and the pair is currently consolidating gains.

An initial support on the downside is near the 1.3880 level. The first key support is near the 1.3870 level. It is close to the 23.6% Fib retracement level of the upward move from the 1.3775 low to 1.3901 high.

The next key support is near the 1.3850 level. Any more losses may possibly lead the pair towards the 1.3840 level. It coincides with the 50% Fib retracement level of the upward move from the 1.3775 low to 1.3901 high.

On the upside, the 1.3900 level is a short-term resistance. A close above the 1.3900 level will most likely set the pace for a move towards the 1.4000 level in the near term.

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Re: Daily Market Analysis By FXOpen
« Reply #26 on: February 15, 2021, 10:51:30 AM »
Equity Indices Remain Bid as America Awaits New Fiscal Stimulus



Last week brought little or no movements on the financial markets. The VIX index, which measures volatility, dropped to levels not seen so far during the pandemic.

The lack of important economic data contributed to this environment. With a few exceptions, like the CPI or the inflation data in the United States, all other data was second- or third-tier. Effectively, it means that the focus was on the stock market’s price action. This week will likely be the same as it starts with a holiday (i.e., Presidents’ Day in the United States) and no important data until next Friday when the European PMIs are released.



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Re: Daily Market Analysis By FXOpen
« Reply #27 on: February 16, 2021, 12:23:00 PM »
BTC and XRP – New highs expected



BTC/USD

The price of Bitcoin has continued its upward trajectory from last Monday and came up from $37,691 at its lowest point to $49,808 at its highest point on Sunday which was an increase of 32.15%. From Sunday’s high, we have seen a pullback to the $46,000 zone but the price is now once again in an upward trajectory. Currently, it is sitting just slightly above $49,000 mark and is testing its horizontal resistance.



On the hourly chart, you can see that this rise is the next developing 5th wave from the higher degree impulse and from the lower degree one as well. This is why further upside would be expected but is most likely the ending wave from the rise that started on the 27th of January.

The price has been forming an ascending triangle from the 9th of February when the 3rd impulse wave was formed out of the lower degree. Now as the price has reached the apex of the triangle and then retraced back it appears that it made the completion of the 4th wave corrective structure.

If this is true now another impulse to the upside has started with the price leading towards a new all-time high, potentially above $52,000.

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Re: Daily Market Analysis By FXOpen
« Reply #28 on: February 17, 2021, 04:49:37 AM »
EUR/USD and EUR/JPY: Euro Holding Key Supports



EUR/USD declined from the 1.2170 zone, but it is holding the 1.2080 support. EUR/JPY climbed higher towards 128.50 and it is currently correcting gains.

Important Takeaways for EUR/USD and EUR/JPY

  • The Euro spiked above the 1.2150 resistance, but it struggled to clear 1.2170.
  • There was a break below a connecting bullish trend line with support near 1.2135 on the hourly chart of EUR/USD.
  • EUR/JPY started a strong increase above the 126.50 and 127.80 resistance levels.
  • There is a major bullish trend line forming with support near 127.70 on the hourly chart.

EUR/USD Technical Analysis

In the past few days, the Euro remained stable above the 1.2050 and 1.2080 support levels against the US Dollar. The EUR/USD pair even made an attempt to gain strength above the 1.2150 resistance level.

The pair spiked above 1.2150 and settled above the 50 hourly simple moving average. However, it failed to continue higher above the 1.2170 level. A high was formed near 1.2169 on FXOpen before the pair started a fresh decline.



There was a break below a connecting bullish trend line with support near 1.2135 on the hourly chart of EUR/USD. The pair even broke the 1.2100 support and the 50 hourly simple moving average.

It found support near the 1.2080 zone and traded as low as 1.2083. It is currently consolidating losses above the 1.2080 support level. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the 1.2169 high to 1.2083 low at 1.2100.

The next major resistance is near the 1.2125 level and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the 1.2169 high to 1.2083 low. Any more gains could open the doors for a fresh increase above 1.2150.

If EUR/USD fails to recover, it could break the 1.2080 support level. The next major support is near the 1.2050 level, below which the pair could dive towards the 1.2000 support level.

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Re: Daily Market Analysis By FXOpen
« Reply #29 on: February 18, 2021, 01:35:24 PM »
LTC and EOS – Correction soon to come?



LTC/USD

The price of Litecoin continued increasing since last week. From its lowest point last Thursday when it was sitting at $175.78 we have seen an increase of 36.57% measured to its highest point today at $240. Currently, it is being traded just below $230, but the price is in an upward trajectory overall.



Looking at the hourly chart, you can see that the price of Litecoin was in an upward trajectory from the 27th of January when it made the second test of the horizontal support level which was the lower level of the descending triangle in which it was correcting.  As a breakout was made in early February it set the price for a higher high than in January. This is the development of the next five-wave move to the upside.

There is still more room to go before the end of this five-wave impulse but it is still unclear where the price increase could end. If the 3rd wave ended on the $194.31 level then currently we are seeing the development of the final wave’s 3rd sub-wave. In that case, another leg up would be expected of the lower degree. But if the 3rd wave of the higher degree count ended on yesterday’s high, then the price of Litecoin has more increasing potential.

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Re: Daily Market Analysis By FXOpen
« Reply #30 on: February 19, 2021, 05:38:01 AM »
Gold Price Extends Decline, Oil Price Trimming Gains



Gold price struggled to clear $1,850 and started a fresh decline below $1,800. Crude oil price traded to a new multi-month high at $62.21 before starting a downside correction.

Important Takeaways for Gold and Oil

  • Gold price failed to gain momentum and declined below $1,800 against the US Dollar.
  • There is a key bearish trend line forming with resistance near $1,795 on the hourly chart of gold.
  • Crude oil price traded to a new multi-month high near $62.21 before correcting lower.
  • There was a break below a major bullish trend line with support near $61.20 on the hourly chart of XTI/USD.

Gold Price Technical Analysis



Gold price failed to clear the $1,850 and $1,855 resistance levels against the US Dollar. As a result, there was a fresh decline below the $1,825 and $1,820 support levels.

The price gained bearish momentum below the $1,800 support and it even settled well below the 50 hourly simple moving average. It traded as low as $1,760 on FXOpen and it is currently consolidating losses.

An initial resistance on the upside is near the $1,775 level. It is close to the 23.6% Fib retracement level of the recent decline from the $1,826 swing high to $1,760 low.

The first major resistance is near the $1,780 level or the 50 hourly simple moving average. The next major resistance is near the $1,795 level. There is also a key bearish trend line forming with resistance near $1,795 on the hourly chart of gold.

The trend line resistance is close to the 50% Fib retracement level of the recent decline from the $1,826 swing high to $1,760 low. Therefore, the price might struggle to clear the $1,795 and $1,800 resistance levels in the near term.

On the downside, the first major support is near the $1,760 level. The next major support is near the $1,750 level. Any more losses might call for a move towards the $1,720 support level.

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Re: Daily Market Analysis By FXOpen
« Reply #31 on: February 22, 2021, 06:35:31 AM »
GBP/USD Climbs above 1.4000, USD/CAD Turns Red



GBP/USD gained momentum above the 1.3900 resistance and it even broke 1.4000. USD/CAD is declining and it traded below the 1.2650 support zone.

Important Takeaways for GBP/USD and USD/CAD

  • The British Pound started a steady increase above the 1.3950 and 1.4000 resistance levels.
  • There is a key rising channel forming with support near 1.4000 on the hourly chart of GBP/USD.
  • USD/CAD started a steady decline below the 1.2700 and 1.2650 support levels.
  • There is a major bearish trend line forming with resistance near 1.2710 on the hourly chart.

GBP/USD Technical Analysis

After forming a base above the 1.3800 level, the British Pound extended its increase against the US Dollar. The GBP/USD pair broke the 1.3900 resistance level to move further into a positive zone.

The bulls gained pace above the 1.3920 level and the 50 hourly simple moving average. As a result, there was a clear break above the key 1.4000 resistance level. The pair traded to a new yearly high at 1.4051 on FXOpen and it is currently correcting lower.



There was a break below the 1.4020 support level. The pair traded below the 23.6% Fib retracement level of the recent wave from the 1.3952 swing low to 1.4051 high.

On the downside, the first key support is near the 1.4000 area. There is also a key rising channel forming with support near 1.4000 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent wave from the 1.3952 swing low to 1.4051 high.

If there is a break below 1.4010 and 1.4000, the pair could decline towards the 1.3980 support zone or the 50 hourly simple moving average. Any more losses might call for a test of 1.3920.

On the upside, an initial resistance is near the 1.4040 level. The main resistance is now near the 1.4050 zone, above which the pair is likely to accelerate higher towards the 1.4100 and 1.4120 levels.

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Re: Daily Market Analysis By FXOpen
« Reply #32 on: February 22, 2021, 01:49:11 PM »
Bitcoin Surge Continues as More Institutional Investors Turn to Digital Assets



The price of Bitcoin reached $57,000 over the weekend. The extent of the current bull run is so aggressive that earlier forecasts that Bitcoin will reach 200k and more in less than a year do not sound improbable anymore.

If that is going to be the case, it remains to be seen. What is important now is that the price of Bitcoin is disconnected completely from reality in the sense that the technology itself has no use and that the asset is purely speculative.

Why Do People Turn to Cryptocurrencies?

Distrust in the financial system appears to be the main reason. People are sick-entire of the same old “medicine” applied to broken economies (i.e., printing more money to solve for either excessive debt or economic recessions.

And they are right. Unfortunately, so are the policymakers. No one wished for two economic recessions less than ten years apart, but here we are. Moreover, the current one is far more impactful when compared to the 2008-2009 Great Financial Crisis for the simple reason that the health crisis affected the entire world and not just parts of it.

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Re: Daily Market Analysis By FXOpen
« Reply #33 on: February 23, 2021, 02:52:31 PM »
BTC and XRP – Correction or the end of the increase altogether?



BTC/USD

From its all-time high at $58,360, the price of Bitcoin has made a decrease of 22.8% today as it fell to $45,058 at its lowest spike. Currently, it is being traded at $47,251 and the price is in a steep downward trajectory.



Looking at the hourly chart, we can see that the price ended its 3rd wave out of the impulse that started on the 27th of January. This is why the seen decrease is still considered correctional in nature but is still unclear where this downfall could end. If this is the developing 4th wave would have seen its first sub-wave which is why now a short-term recovery would be expected.

But after a short-term recovery, we can see its 3rd sub-wave making a lower low, potentially somewhere around its all-time high of $40,000. But if the price goes to those levels it could indicate the possibility that the upward move has ended altogether.  If this is true then we have seen the completion of the five-wave impulse at the $58,000 area in which case now a longer-term correction could play out.

For the signs of confirmation, we are going to look at what happens at the current levels as if this is the 4th wave the price should start an immediate recovery. But if it continues moving to the downside further in a straight line the second scenario would look more likely.

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Re: Daily Market Analysis By FXOpen
« Reply #34 on: February 24, 2021, 05:35:31 AM »
EUR/USD and USD/CHF Showing Signs of More Upsides



EUR/USD settled above 1.2100 and it is now facing hurdles near 1.2200. USD/CHF is rising and it is likely to accelerate higher above 0.9065.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro started a fresh increase above the 1.2100 and 1.2120 resistance levels against the US Dollar.
  • There is a key bullish trend line forming with support near 1.2140 on the hourly chart of EUR/USD.
  • USD/CHF started a steady increase and climbed above the 0.9000 resistance zone.
  • There was a break above a major rising channel with resistance near 0.9045 on the hourly chart.

EUR/USD Technical Analysis

The Euro remained stable above the 1.2000 support and it started a fresh increase against the US Dollar. The EUR/USD pair broke the 1.2100 and 1.2120 resistance levels to move into a positive zone.

The pair even broke the 1.2150 resistance and settled above the 50 hourly simple moving average. It traded as high as 1.2179 on FXOpen and it is currently consolidating gains. It corrected below 23.6% Fib retracement level of the recent wave from the 1.2091 low to 1.2179 high.



However, the pair found a strong support near the 1.2135 level. It coincides with the 50% Fib retracement level of the recent wave from the 1.2091 low to 1.2179 high.

There is also a key bullish trend line forming with support near 1.2140 on the hourly chart of EUR/USD. The pair is now trading nicely above 1.2140 and the 50 hourly simple moving average. If there is a downside break below the trend line support, there could be a sharp decline below 1.2120.

The next key support is near the 1.2100 level, below which EUR/USD could decline towards the 1.2040 support. Conversely, the pair could rise further above 1.2180.

A successful break above the 1.2180 and 1.2200 resistance levels could lead the pair towards the 1.2250 and 1.2280 levels in the near term.

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Re: Daily Market Analysis By FXOpen
« Reply #35 on: February 25, 2021, 12:42:51 PM »
LTC and EOS – Further downside more likely



LTC/USD

The price of Litecoin has been in a decline from Saturday’s high when it came up to  $247. From there we have seen a downfall of 35.8% measured to its lowest point of the week made on Tuesday at $158.56. We have seen a minor recovery as the price made a rise to the $190 area but has since pulled back again and is currently sitting just below $180.



Looking at the hourly chart, you can see that the price of Litecoin has fallen back to the 0.236 Fib level which was the horizontal resistance point of the prior high made on the 10th of January. It dipped below it which could serve as an early indication that the previous uptrend ended, but it managed to go back above it and is currently testing it for support. If the support gets validated at these levels we could see further uptrend continuation of the impulse wave that started on the 27th of January.

However, if the price continues moving to the downside again and makes it into the lower range it would be a stronger indication that the price of Litecoin has ended its previous impulsive move and is now headed towards a correction of the higher degree out of which the downfall from last Saturday was only its 1st sub-wave.

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Re: Daily Market Analysis By FXOpen
« Reply #36 on: February 26, 2021, 06:33:03 AM »
EUR/JPY and GBP/JPY Approaching Important Supports



The Euro and British Pound started a steady increase in the past few days against the Japanese Yen. Both EUR/JPY and GBP/JPY are correcting gains, but approaching important supports.

Important Takeaways for EUR/JPY and GBP/JPY

  • The Euro gained pace above 129.00 before correcting lower against the Japanese Yen.
  • There was a break below a connecting bullish trend line with support at 129.10 on the hourly chart of EUR/JPY.
  • GBP/JPY spiked above the main 150.00 resistance before correcting lower.
  • There was a break below a major bullish trend line with support at 148.75 on the hourly chart.

EUR/JPY Technical Analysis



After forming a base above the 127.50 level, the Euro started a steady increase against the Japanese Yen. The EUR/JPY pair broke many hurdles near the 128.50 level to move into a positive zone.

There was also a break above a key contracting triangle with resistance near 128.00 on the hourly chart of EUR/JPY. The pair surged above the 129.00 level and the 50 hourly simple moving average. It traded to a new monthly high at 129.97 on FXOpen and it is currently correcting gains.

There was a break below the 129.50 support. The pair broke the 38.2% Fib retracement level of the upward move from the 127.70 swing low to 129.97 high. There was also a break below a connecting bullish trend line with support at 129.10 on the same chart.

The pair is now approaching the 128.80 support level and the 50 hourly simple moving average. The 50% Fib retracement level of the upward move from the 127.70 swing low to 129.97 high is also near the 128.82 level.

If there is a downside break below the 128.80 support, the pair could continue to move down towards the 128.40 support. Conversely, it might start a fresh increase from 128.80.

An initial resistance on the upside is near the 129.20 level. The main resistance sits at 129.50, above which the pair could rise towards the 130.00 level.

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Re: Daily Market Analysis By FXOpen
« Reply #37 on: March 01, 2021, 07:29:38 AM »
GBP/USD and EUR/GBP: British Pound Corrects Gains



GBP/USD rallied above the 1.4200 level before correcting lower. EUR/GBP is declining, but it is might find bids near the 0.8635 zone in the near term.

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound surged above the 1.4200 level and recently corrected lower.
  • There was a break below a major bullish trend line with support at 1.4140 on the hourly chart of GBP/USD.
  • EUR/GBP climbed above the 0.8700 level before it faced sellers and corrected lower.
  • There was a break below a key bullish trend line with support near 0.8660 on the hourly chart.

GBP/USD Technical Analysis



After a successful close above the 1.4000 level, the British Pound started a strong increase against the US Dollar. The GBP/USD pair a few key hurdles near 1.4080 and 1.4100 to move further into a positive zone.

The pair climbed above the 1.4200 level and traded close to 1.4240 on FXOpen. Recently, there was a downside correction, and the pair declined below the 1.4100 support zone and the 50 hourly simple moving average.

There was also a break below a major bullish trend line with support at 1.4140 on the hourly chart of GBP/USD. The pair even broke the 1.4000 support and traded as low as 1.3887. It is currently consolidating and trading above the 1.3950 level.

There was a break above the 23.6% Fib retracement level of the downward move from the 1.4181 high to 1.3887 low. The first major resistance on the upside is near the 1.4040 level and the 50 hourly simple moving average.

The 50% Fib retracement level of the downward move from the 1.4181 high to 1.3887 low is also near the 1.4040 level. A successful break above the 1.4040 level and the 50 hourly SMA could open the doors for a fresh increase. In the stated case, the pair could revisit the 1.4150 level.

On the downside, the 1.3950 level is a decent support. The next major support sits near the 1.3900 level, below which the pair could slide towards the 1.3820 level.

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Re: Daily Market Analysis By FXOpen
« Reply #38 on: March 01, 2021, 01:03:42 PM »
Rising Yields Spark Dollar’s Rally



Financial market participants were taken by surprise last week. The US dollar, on a steady decline since April of last year, has pared losses and started to rally.

It gained across the board, trading higher against the euro, the pound, or the Australian dollar. The move higher in the dollar comes against all forecasts at the end of last year. Investment banks across the world forecasted a lower dollar to be the theme for the entire 2021, but that trend lasted only for the first two months of the year.

The move higher in the dollar was sparked by a dramatic increase in the US 10y yields. The Treasury yield is already at the end-2021 forecast, with only two months ended in the trading year.



Higher Yields, Higher Dollar

The rising yields pose a threat to the reflation theme and the risk-on environment. Whenever yields are rising, the rise brings an unwanted tightening in financial conditions.

At this point, investors are speculating that the tightening of financial conditions during a pandemic will trigger more action from some central banks. However, the Fed looks trapped due to higher inflation and the Treasury issuance plan. Therefore, the chances are that other central banks, in particular the ECB and the RBA, will likely ease, further fueling the move higher in the dollar.

The EURUSD and the AUDUSD pairs lows over two big figures last week, and the trend lower continues. At the time of writing this article, the EURUSD traded close to 1.20, after only last Thursday it was as high as 1.2240. The move lower is almost vertical, and the same is seen on the AUDUSD pair.

In other words, this is a higher dollar move triggered by financial tightening and the risk-on environment changed. Should we see, yields continuing to rise, the dollar’s strength will continue as well.

This is the NFP week, and trading is tricky until the jobs data is released next Friday. However, this time the release may not be so relevant for markets unless the yields give away some of the recent games.

Also, investors will focus on what the RBA will do tomorrow, as well as the signals from the ECB. Any signs of further easing should trigger a new leg lower in the EURUSD and AUDUSD pairs.

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Re: Daily Market Analysis By FXOpen
« Reply #39 on: March 02, 2021, 01:12:48 PM »
BTC and XRP – Breakout seen but first resistance encountered



BTC/USD

From Sunday’s low at around  $43,070, the price of Bitcoin came up $49,579 at its highest point today which was a recovery of 15%. Since today’s high, we have seen a minor pullback but the price is still in an upward trajectory overall.



This recovery of 15% was a breakout from the descending triangle that formed from the 25th of February and was the 3rd sub-wave from the correctional move that started on the 21st. The price found support on the 0.5 Fib level on Sunday which led to the price increase and ultimately to a breakout but now new resistance has been encountered above the prior local high at the significant horizontal level.

We could have seen the completion of the 4th corrective wave from the higher degree count with the wave structure implying that the descending triangle from which it broke was the C wave from the lower degree count. If this is true, then the current rise is the next starting impulse that is going to push the price of Bitcoin above its prior all-time high onto the next one.  But first, there must be a validation which would come in a form of a breakout from the currently interacted horizontal resistance level. This is why now the pullback might continue to the 0.382 Fib level where if the price finds support, further uptrend continuation would be expected.

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Re: Daily Market Analysis By FXOpen
« Reply #40 on: March 03, 2021, 07:59:45 AM »
EUR/USD Facing Hurdles, USD/JPY Gains Bullish Momentum



EUR/USD declined towards 1.2000 before recovering higher. USD/JPY is following a strong uptrend and it even broke the 106.50 resistance zone.

Important Takeaways for EUR/USD and USD/JPY

  • The Euro tested the 1.2000 support zone and it is now recovering higher.
  • There was a break above a steep bearish trend line with resistance near 1.2020 on the hourly chart of EUR/USD.
  • USD/JPY climbed above the 106.00 and 106.50 resistance levels.
  • There is a major bullish trend line forming with support at 106.70 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro topped near the 1.2245 before starting a fresh decline against the US Dollar. The EUR/USD pair broke the 1.2150 and 1.2120 support levels to move into a bearish zone.

The pair even broke the 1.2080 support level and the 50 hourly simple moving average. Finally, there was a spike below the 1.2000 support and the pair traded as low as 1.1991 on FXOpen.



Recently, the pair started an upside correction above 1.2020. There was a break above a steep bearish trend line with resistance near 1.2020 on the hourly chart of EUR/USD. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2245 swing high to 1.1991 low.

It is now trading above the 1.2060 level and the 50 hourly simple moving average. An immediate resistance is near the 1.2100 level.

The first key resistance is near the 1.2120 level. It is close to the 50% Fib retracement level of the downward move from the 1.2245 swing high to 1.1991 low. A clear break above the 1.2100 and 1.2120 levels could open the doors for a move towards the 1.2200 level.

Conversely, the pair could start a fresh decline below the 1.2060 support. The first major support is near the 1.2050 level and the 50 hourly simple moving average.

If there is a downside break below the 50 hourly simple moving average, the pair could dive towards the 1.2000 support in the near term. Any more losses might call for a retest of the 1.1965 support level.

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Re: Daily Market Analysis By FXOpen
« Reply #41 on: March 04, 2021, 11:05:54 AM »
LTC and EOS – Looking for support



LTC/USD

The price of Litecoin has been on the rise since the start of the month and came up from $154 to $197.24 at its highest point so far which was an increase of 28%. Since yesterday’s high we have seen a pullback to the $182 level above which it is currently being traded.



On the hourly chart, you can see that the price of Litecoin is making an interaction with the 0.5 Fib level measured from the 27th of January until the 20th of February which was the five-wave impulse to the upside that developed after a prolonged correction in January. The price made another minor breakout from the start of March from the descending trendline and is now inside another ascending channel.

If the previous upside impulse was the next five-wave impulse to the upside, the price has made a corrective decrease afterward. This would bring the current rise as the next sub-wave of the upward impusle that is set to exceed February’s high of $246. But another possibility could be that the higher degree impulse ended in February with the seen five-wave move in which case the currently seen rise is the 2nd sub-wave of the higher degree correction. This is why now depending on the wave structure behind the move we are going to see which scenario is in play.

If the price makes another three-wave move it would mean that the rise since the start of the month is corrective, but if it continues moving to the upside in a five-wave manner that would be an early indication that we are going to see a further uptrend continuation and new yearly highs for the price of Litecoin above the February’s one.

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Re: Daily Market Analysis By FXOpen
« Reply #42 on: March 05, 2021, 07:29:51 AM »
Gold Price Slides Below $1,700, Oil Price Approaches $65



Gold price started a fresh decline below the $1,750 and $1,720 support levels. Crude oil price is still in a positive zone and it is approaching the $65.00 resistance.

Important Takeaways for Gold and Oil

  • Gold price started a steady decline and it even broke the $1,700 support against the US Dollar.
  • There is a major declining channel forming with resistance near $1,715 on the hourly chart of gold.
  • Crude oil price traded to a new multi-month high near $64.96.
  • There was a break above a key bearish trend line with resistance near $61.50 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price struggled to stay above the $1,750 support and started a strong decline against the US Dollar. As a result, there was a break below the $1,720 and $1,715 support levels.

The price even declined below the $1,700 support and settled below the 50 hourly simple moving average. It traded as low as $1,687 on FXOpen and it is currently consolidating losses.



An initial resistance on the upside is near the $1,700 level. It is close to the 38.2% Fib retracement level of the recent decline from the $1,722 swing high to $1,687 low. The first major resistance is near the $1,710 level.

An intermediate resistance is near $1,705. It is close to the 50% Fib retracement level of the recent decline from the $1,722 swing high to $1,687 low. There is also a major declining channel forming with resistance near $1,715 on the hourly chart of gold.

The trend line is close to the 50 hourly simple moving average at $1,716. A close above the trend line resistance and a follow up move above $1,720 is needed for a fresh surge.

On the downside, the first major support is near the $1,688 level. The next major support is near the $1,675 level. Any more losses might call for a move towards the $1,650 support level.

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Re: Daily Market Analysis By FXOpen
« Reply #43 on: March 08, 2021, 07:06:34 AM »
GBP/USD Turns Red While GBP/JPY Could Rise Further



GBP/USD surged above 1.4150 before starting a fresh decline below 1.4000. GBP/JPY is rising and it remains supported for more gains above 150.50

Important Takeaways for GBP/USD and GBP/JPY

  • The British Pound started a fresh decline below the 1.4000 support zone against the US Dollar.
  • There was a break below a rising channel with support near 1.3925 on the hourly chart of GBP/USD.
  • GBP/JPY climbed higher steadily above the 149.00 and 150.00 resistance levels.
  • There is a major bullish trend line forming with support near 149.70 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound topped near the 1.4200 level against the US Dollar. The GBP/USD pair started a fresh decline and traded below many key supports near the 1.4100 level.

The pair even broke the 1.4000 support level and settled below the 50 hourly simple moving average. Recently, there was a break below a rising channel with support near 1.3925 on the hourly chart of GBP/USD.



The pair even spiked below the 1.3800 level. A low is formed near 1.3778 on FXOpen and the pair is currently consolidating losses. An initial resistance is near the 1.3885 level.

The 23.6% Fib retracement level of the recent decline from the 1.4016 high to 1.3778 low is also near the 1.3885 level. The next major resistance is near the 1.3890 level and the 50 hourly simple moving average.

The 50% Fib retracement level of the recent decline from the 1.4016 high to 1.3778 low is the next barrier near 1.3900. A close above the 1.3900 level may possibly lift the pair higher towards the 1.4000 resistance zone.

If not, there is a risk of more downsides below the 1.3800 support zone. The next major support is near the 1.3740 level, below which the pair could decline towards the 1.3680 level.

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Re: Daily Market Analysis By FXOpen
« Reply #44 on: March 09, 2021, 10:42:12 AM »
Decisive Week Ahead for the ECB and the Euro



The first week of the month ended up with the Non-Farm Payrolls (NFP) in the United States showing a strong rebound of the US labor market. The NFP report revealed that the job market added double the number of jobs that the economists forecasted. As such, the perspective of a faster than expected recovery is not an illusion anymore but a fact.

On top of that, the White House announced that the US will have a vaccine available for every adult by the end of April this year. This puts the US economy in front when it comes to the economic recovery after the pandemic, as the vaccines appear to be effective and the rest of the world lags in its vaccination efforts.

Unsurprisingly, the US dollar gained across the board. The USDJPY closed the week above 108, the EURUSD pair fell to 1.19, and even the AUDUSD dropped three big figures from its 0.80 highs.

While the previous week was exciting, as all NFP weeks are, the week ahead is even more interesting. The name of the game this week is what the European Central Bank (ECB) will do at its Thursday meeting.


ECB in Focus This Week

The euro area economies did not perform so well as the United States economy did. Just the opposite. In Europe, the COVID-19 pandemic hit the economies multiple times, with two or three pandemic waves resulting in more deaths than expected. As a consequence, most of the economies were closed for most of last year and in 2021 as well.

So, when the US is thinking of the economic growth ahead, Europe barely deals with the pandemic. The European Commission failed to secure vaccines for its population, and the speed of administering the existing ones is much slower than anything we have seen in other countries (e.g., United States, United Kingdom, Israel). Like it or not, the difference will be seen in the economic performances in the period ahead, and Europe is poised to lag its rivals.

More problematic for the ECB is the tightening of long-term yields in the United States. The move higher in the US yields, which are the benchmark for risk-free rates in the world, triggered a similar move in other jurisdictions – e.g., the Bund yields in Germany are on the rise too.



Higher yields signal economic recovery. While in the US, higher yields are a logical market reaction to the improved economic picture and the fast vaccination rate, in Europe, higher yields bring a challenge. When yields are rising, financial conditions tighten. This is a problem for the ECB, as it does not want tightening conditions while the economy continues to underperform.

Hence, Thursday’s ECB meeting is crucial for the ECB and the euro. On the one hand, the ECB must act to wind down the unwanted tightening. On the other hand, the EURUSD exchange rate keeps trading in a tight correlation with the equity markets in the United States. Should the ECB expand the asset-buying program (i.e., PEPP), the EURUSD may fall much lower than the current levels.

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Re: Daily Market Analysis By FXOpen
« Reply #45 on: March 09, 2021, 03:33:21 PM »
BTC and XRP – Bullish sentiment continues



BTC/USD

From last Friday when the price of Bitcoin has been traded at $46,371, we have seen an increase of 17.6% measured to its highest point today at the $54,530 level. After a minor pullback, the price back close to the levels of today’s high and is still on an upward trajectory.



This upside movement is counted as the starting impulse to the upside after a correction ended on the 28th of February. The first two waves should have ended which is why now we are seeing the development of the next 3rd one.

If this is the five-wave impulse the price increase should continue after the completion of this rise which is set to exceed the high on the 3rd. But there is still a possibility that it would end on the 3rd wave in which case that would mean that we have seen the 2nd sub-wave of the higher degree correctional count.

In the first case, a new all-time high would be expected, while in the second the price would go above its low of February 28th which would be the first sub-wave of the higher degree descending move. The pivot point would be the pullback that is expected after the current rise ends, as it manages to stay above the $52,600 area it would validate the 4th wave. But if it continues moving down and even falls below the $50,000 area that would be a clear sign that the price of Bitcoin is headed for a lower low as the 4th wave count would be invalidated.

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Re: Daily Market Analysis By FXOpen
« Reply #46 on: March 10, 2021, 04:08:34 AM »
EUR/USD Remains at Risk, USD/CHF Correcting Gains



EUR/USD started a fresh decline below the 1.2000 and 1.1920 support levels. USD/CHF traded towards the 0.9375 level before correcting gains.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro started a fresh drop below the 1.2000 and 1.1920 support levels against the US Dollar.
  • There is a key bearish trend line forming with resistance near 1.1890 on the hourly chart of EUR/USD.
  • USD/CHF followed a bullish path and it broke the 0.9300 resistance zone before correcting lower.
  • There was a break below a connecting bullish trend line with support near 0.9295 on the hourly chart.

EUR/USD Technical Analysis

The Euro failed to extend gains above 1.2120 and started a fresh decline against the US Dollar. The EUR/USD pair broke the key 1.2000 pivot zone to move into a bearish zone.

The pair even broke the 1.1920 support level and settled below the 50 hourly simple moving average. The bears were able to push the pair below 1.1880 and a low is formed near 1.1836 on FXOpen.



It is currently correcting higher and trading above 1.1850. It even tested the 23.6% Fib retracement level of the recent decline from the 1.2112 high to 1.1836 low. There is also a key bearish trend line forming with resistance near 1.1890 on the hourly chart of EUR/USD.

If there is a break above the trend line resistance, the pair could correct higher towards the 1.1940 level. The next major resistance is near the 1.1975 level. It is close to the 50% Fib retracement level of the recent decline from the 1.2112 high to 1.1836 low.

If there is no upside break, the pair might continue to move down below 1.1850. The next key support is near the 1.1835 level, below which EUR/USD could decline towards the 1.1800 support. Any more losses could open the doors for a move towards the 1.1750 level.

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Re: Daily Market Analysis By FXOpen
« Reply #47 on: March 11, 2021, 01:56:24 PM »
LTC and EOS – Did we see an upward correction ending?



LTC/USD

The price of Litecoin has been on a decline from its yesterday’s high made at $208 and has decreased by 7.64% today, coming down to $192. Since the price is in a downward trajectory and has made an entry below its prior higher high, further downside could be expected in the upcoming period.



On the hourly chart, we can see that the price of Litecoin has been on the rise since the start of March after a period of continuous decline. As on the 20th of February, we have seen the completion of the impulsive five-wave move to the upside. This is why a steep descending move was made as a corrective wave. This is why now we could have seen the continuation of the higher degree corrective move as the ABC to the upside from the start of the month.

The first indication that this was an upward ABC instead of the next five-wave impulse is the fact that the price failed to stay above the 0.382 Fib level which was the ending point of the 1st wave to the upside. If this is true then the price of Litecoin is now headed further to the downside below its low made on the 28th of February at $154.


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Re: Daily Market Analysis By FXOpen
« Reply #48 on: March 12, 2021, 05:39:07 AM »
Gold Price Back Above $1,700, Oil Price Correcting Gains



Gold price started a decent recovery and climbed above $1,720. Crude oil price traded to a new yearly high at $67.81 before correcting lower.

Important Takeaways for Gold and Oil

  • Gold price found support near $1,680 and started a short-term recovery against the US Dollar.
  • There was a break above a major bearish trend line at $1,700 on the hourly chart of gold.
  • Crude oil price extended its rally and it traded to a new multi-month high near $67.81.
  • Recently, there was a break below a connecting bullish trend line at $64.20 on the hourly chart of XTI/USD.

Gold Price Technical Analysis



Gold price formed a strong support base above the $1,680 level against the US Dollar. As a result, there was a decent recovery wave above the $1,700 and $1,705 resistance levels.

There was also a break above a major bearish trend line at $1,700 on the hourly chart of gold. It opened the doors for a move above the $1,720 level. The price even cleared the $1,730 level and settled above the 50 hourly simple moving average.

A high is formed near $1,740 on FXOpen and the price is currently correcting lower. There was a break below the $1,730 level. The price is now testing the $1,720 support and the 50 hourly simple moving average.

There is also a connecting bullish trend line with support near $1,721 on the same chart. If there is a downside break below $1,720, the price could revisit $1,700. Any more losses might call for a test of the $1,680 support.

On the upside, an initial resistance is near the $1,730 level. It is close to the 50% Fib retracement level of the recent decline from the $1,740 swing high to $1,719 low.

The first major resistance is near the $1,735 level. The 76.4% Fib retracement level of the recent decline from the $1,740 swing high to $1,719 low is also near $1,735. A convincing break above $1,730 and $1,735 might open the doors for a push above the $1,740 and $1,750 levels.

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Re: Daily Market Analysis By FXOpen
« Reply #49 on: March 15, 2021, 06:33:33 AM »
GBP/USD Correcting Gains, EUR/GBP is Facing Key Resistance



GBP/USD is facing resistance near 1.4000 and it is correcting gains. EUR/GBP is consolidating above 0.8550 and it could start a decent increase if it clears 0.8600.

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound is struggling to settle above the 1.4000 resistance zone.
  • There was a break below a key bullish trend line with support at 1.3925 on the hourly chart of GBP/USD.
  • EUR/GBP is forming a strong support base above 0.8550 level.
  • There was a break above a connecting bearish trend line at 0.8575 on the hourly chart.

GBP/USD Technical Analysis

After a sharp rally, the British Pound failed to stay above 1.4100 against the US Dollar. The GBP/USD pair declined and it even settled below the 1.4000 support zone.

It even dived towards the 1.3800 level and broke the 50 hourly simple moving average. Recently, there was a strong upward move above the 1.3900 level, but the pair struggled to clear the 1.4000 resistance zone.



A high is formed near 1.4004 on FXOpen before the pair dipped again. There was a break below a key bullish trend line with support at 1.3925 on the hourly chart of GBP/USD.

It traded as low as 1.3862 before recovering higher. There was a break above the 50% Fib retracement level of the downward move from the 1.4004 high to 1.3862 low.

However, the pair is facing resistance near the 1.3950 level and the 50 hourly simple moving average. The 61.8% Fib retracement level of the downward move from the 1.4004 high to 1.3862 low is also acting as a resistance.

The main resistance is still near 1.4000, above which the pair could rally again. On the downside, the 1.3900 level is a decent support. The next major support sits near the 1.3850 level, below which the pair could slide towards the 1.3800 level. Any more losses might call for a test of the 1.3720 support zone.

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Re: Daily Market Analysis By FXOpen
« Reply #50 on: March 15, 2021, 03:28:21 PM »
Rising Yields Put Pressure on the Fed at Wednesday’s Meeting



The main event of the week for financial markets is the Fed’s FOMC meeting on Wednesday. Besides the regular statement, the Fed will reveal its economic projections, and the market will focus on the dots plot that shows the federal funds rate forecast for the next three years.

The event is particularly important for traders because the dollar is at crossroads. If the Fed signals a liftoff before 2024, the markets will take it as a hawkish signal that would trigger a wave of dollar buying. On the other hand, if the dots plot do not show any increase until 2024, the Fed signals its willingness to keep accommodative conditions despite the recent fiscal stimulus.

Challenges for the Fed



The big challenge for the Fed comes from the long-term yields, which rose recently. While the move higher is insignificant on the long-term charts, it does signal an unwanted tightening of financial conditions.

Moreover, the move higher in the yields generated a dollar rally at the end of February, tempered only by the new round of fiscal stimulus from Biden’s administration. Should the yields rise further, the investors may turn their attention to the dollar again. Yields typically rise during the economic recovery, and the new fiscal stimulus package leads to faster recovery.

Ahead of Wednesday’s meeting, the dollar remains offered – the EURUSD is back above 1.19, the AUDUSD is above 0.77, and the GBPUSD trades close to 1.40. If the Fed hints at no rate hike until 2024, the dollar may take another dive. On the other hand, if the Fed is pressured by the rising yields and hints at a rate hike as early as 2023, the dollar may rally, sending the EURUSD below its recent 1.1840 support.

All in all, traders are guaranteed to see high volatility and quick price action as the Fed unveils its economic projections.

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Re: Daily Market Analysis By FXOpen
« Reply #51 on: March 16, 2021, 02:03:43 PM »
February 2021 TOP 10 PAMM Accounts Overview



Although the winter is over, the early spring has not made things much brighter around the world. However, PAMM account managers continue to trade actively, adapting their strategies to the changing market. Investors’ goals are still the same — they want to invest their money in the most promising PAMM accounts with minimum risk and maximum profit.

On March 1, 2021, FXOpen launched a new round of “Money Managers” competition, where participants can not only show their skills in PAMM account management but also win up to 5,000 USD in prizes. Registration is open until May 1.

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Re: Daily Market Analysis By FXOpen
« Reply #52 on: March 16, 2021, 03:10:12 PM »
BTC and XRP – Support found



BTC/USD

The price of Bitcoin has fallen today to $53,548 at its lowest point from which we have seen an increase of 5.4% as a minor recovery was made to $56,388. Currently, the price is sitting at $55,893 as a pullback is being made but the price is still in an upward trajectory overall.



Looking at the hourly chart, you can see that the price has fallen back to the 0.382 Fibonacci level measured from the upward impulse from the start of the month to its new all-time high made on the 13th of March. This could be and most likely is the 4th wave out of the five-wave impulse to the upside from the next starting impulse wave to the upside. If that is true, then the price cannot fall inside the territory of the 1st wave which would be below the 0.5 Fib level at $52,361.

Now as we have seen a bounce off of the significant horizontal level at $54,497 it could mark the completion of this 4th wave which is why the increase seen today would be the 1st sub-wave of the next move to the upside that is set to push the price of Bitcoin above its prior all-time high an on to the new one. However, this has to be validated as the price could now be headed further down. The point of validation would be an increase above the 0.236 Fib level or the invalidation if the price continues moving below the 0.382 support.


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Re: Daily Market Analysis By FXOpen
« Reply #53 on: March 17, 2021, 05:06:48 AM »
EUR/USD and EUR/JPY: Euro is Facing Hurdles



EUR/USD started a fresh decline after it failed to surpass 1.2000. EUR/JPY is correcting gains and it is likely to struggle near the 130.00 zone.

Important Takeaways for EUR/USD and EUR/JPY

  • The Euro topped near the 1.2000 level and started a fresh decline.
  • There is a key declining channel forming with resistance near 1.1930 on the hourly chart of EUR/USD.
  • EUR/JPY tested the 130.50 and recently declined to test the 129.50 support.
  • There is a major bullish trend line forming with support near 129.65 on the hourly chart.

EUR/USD Technical Analysis

Recently, the Euro made an attempt to climb above the 1.2000 resistance against the US Dollar, but it failed. The EUR/USD pair started a fresh decline and broke the 1.1960 support zone.

The pair even broke the 1.1945 support level and the 50 hourly simple moving average. It traded as low as 1.1882 on FXOpen before the pair started consolidating losses. It climbed above 1.1900, but there was no bullish momentum.



An initial resistance is near the 1.1915 level. It is close to the 50% Fib retracement level of the recent decline from the 1.1951 high to 1.1882 low. The next major resistance is near the 1.1925 level and the 50 hourly simple moving average.

There is also a key declining channel forming with resistance near 1.1930 on the hourly chart of EUR/USD. The channel resistance is near the 61.8% Fib retracement level of the recent decline from the 1.1951 high to 1.1882 low.

Therefore, the pair is likely to face a strong resistance near the 1.1925 and 1.1930 levels. A clear break above 1.1930 might start a fresh increase towards the 1.2000 resistance.

If not, there are chances of more losses in EUR/USD below the 1.1880 support zone. The next major support is near the 1.1850 level, below which the pair could dive towards the 1.1800 support level.

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Re: Daily Market Analysis By FXOpen
« Reply #54 on: March 18, 2021, 04:21:58 PM »
LTC and EOS – At key pivot points



LTC/USD

From Tuesday’s low at $192.55, the price of Litecoin has been on the rise again and came up to $208 at its highest point today, which was an increase of 8.4%. Currently, it is being traded at $204.34 as the minor pullback is being made but the price is still in an upward trajectory overall.



On the hourly chart, you can see that the price fell back to 0.382 Fibonacci level on Tuesday where it found support and bounce back to the upside. However, the recovery we have seen isn’t that significant which is why there is still a possibility that it is corrective in nature and is the part of the higher degree downfall that is set to push the price of Litecoin below the $200 area again.

All said is applicable on the higher time frame and could be viewed as a fractal, as from the start of the month we have seen a recovery that could be corrective and would lead to a lower low compared to the one made on the 28th of February. This is why now we could either be seeing the start of the 5t wave in a bullish scenario or the second sub-wave of the higher degree five-wave move to the downside.

The pivot point is the 0.382 Fibonacci level whose breakout to the downside would invalidate the bullish count, but today’s bounce from it indicates that it is still the main expected outlook.

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Re: Daily Market Analysis By FXOpen
« Reply #55 on: March 19, 2021, 06:14:15 AM »
AUD/USD and NZD/USD Showing Signs of a Breakdown



AUD/USD started a fresh decline from well above 0.7800 and declined below 0.7750. NZD/USD is also declining and it seems like it could break the 0.7150 support zone.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar started a fresh decline below the 0.7820 and 0.7800 support levels against the US Dollar.
  • There was a break below a couple of bearish continuation patterns near 0.7800 and 0.7755 on the hourly chart of AUD/USD.
  • NZD/USD declined sharply after it failed to surpass the 0.7270 resistance area.
  • There is a crucial bullish trend line forming with support near 0.7160 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

After a decent upward move above 0.7800, the Aussie Dollar faced sellers near 0.7850 against the US Dollar. The AUD/USD pair traded as high as 0.7848 on FXOpen and recently started a fresh decline.

There was a break below a few important supports near 0.7800. There was also a break below a couple of bearish continuation patterns near 0.7800 and 0.7755 on the hourly chart of AUD/USD.



The pair even broke the 0.7780 support level and the 50 hourly simple moving average. A low is formed near 0.7724 on FXOpen and the pair is currently struggling to recover. An initial resistance on the upside is near the 0.7753 level.

It is close to the 23.6% Fib retracement level of the downward move from the 0.7848 high to 0.7724 low. The next major resistance is near the 0.7770 level or the 50 hourly simple moving average.

The main resistance is forming near the 0.7785 level. The 50% Fib retracement level of the downward move from the 0.7848 high to 0.7724 low is also near 0.7785. If there is no recovery above 0.7770 or 0.7785, there is a risk of more losses.

An initial support is near the 0.7725 level. If there is a downside break below 0.7725 and 0.7710, the pair could accelerate lower. In the stated case, it could even decline below 0.7700 and test 0.7650.

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Re: Daily Market Analysis By FXOpen
« Reply #56 on: March 22, 2021, 04:28:59 AM »
GBP/USD Struggles Below 1.3900, USD/CAD Could Extend Gains



GBP/USD started a fresh decline after it failed to surpass the 1.4000 resistance. USD/CAD is rising and it is showing a lot of positive signs above the 1.2800 level.

Important Takeaways for GBP/USD and USD/CAD

  • The British Pound started a fresh decline after it was rejected near the 1.4000 area.
  • There was a break below a major bullish trend line with support near 1.3910 on the hourly chart of GBP/USD.
  • USD/CAD traded towards the 1.2375 support zone before starting an upside correction.
  • There was a break above a major bearish trend line with resistance near 1.2455 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound made another attempt to clear the 1.3990 and 1.4000 resistance levels against the US Dollar. The GBP/USD pair failed to gain strength and started a fresh decline below the 1.3950 support zone.

There was a clear break below the 1.3920 support level and the 50 hourly simple moving average. There was also a break below the 1.3850 support level. Moreover, there was a break below a major bullish trend line with support near 1.3910 on the hourly chart of GBP/USD.



The pair traded as low as 1.3817 on FXOpen and it is currently consolidating losses. An initial resistance on the upside is near the 1.3850 level. It is close to the 23.6% Fib retracement level of the downward move from the 1.3959 high to 1.3817 low.

The first major resistance is near the 1.3880 level. The 50% Fib retracement level of the downward move from the 1.3959 high to 1.3817 low is also near 1.3880 level.

The main resistance is now forming near 1.3910 and the 50 hourly simple moving average. A successful close above the 1.3880 and 1.3900 levels could open the doors for a decent increase in the coming sessions.

Conversely, the pair might continue to move down below the 1.3820 and 1.3800 support levels. Any more losses may possibly open the doors for a push towards the 1.3740 support level.

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Re: Daily Market Analysis By FXOpen
« Reply #57 on: March 23, 2021, 04:36:02 AM »
Crude Oil Price Drops from the Highs, But Bullish Pressure Remains



One of the most spectacular market rallies this year formed on the oil market. After the dip below the zero level in April 2020, the price of oil rallied to $68 in March 2021.

The move higher comes in line with rising global demand as the global trade volume reaches pre-pandemic levels. However, the price of oil is higher now than the pre-pandemic levels and triggers expectations of higher inflation ahead.

Oil and Inflation – Why Should Traders Care?


The problem with higher oil prices is that they trigger higher inflation expectations. As such, central banks are forced to intervene because they all use inflation as part of their mandate. More precisely, higher inflation above a central bank’s target leads to the central bank rising the interest rates. Hence, the currency market is the first one to be impacted by a move in the price of oil. Because traders try to anticipate the moves well ahead, the volatility in the currency market increases with the volatility in the oil market.

Last week’s drop of over 7% on a single trading day spooked some investors, but the price of oil found strong support at the $60 level. Moving forward, the focus shifts to the OPEC+ meeting scheduled at the start of April.

While the global oil demand increased in the last months as more economies reopen after lockdowns generated by the pandemic, there is still room to go. At current levels, demand is still less than pre-pandemic levels, so the price of oil may make new highs if the supply does not meet demand.

Speaking of supply, if OPEC does not increase production in the second quarter of the year, the risk is that the price of oil will make new highs. The vaccination pace in advanced economies is strong enough to trigger rapid economic recovery, creating a positive environment for further advances in the price of oil.

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Re: Daily Market Analysis By FXOpen
« Reply #58 on: March 23, 2021, 02:46:10 PM »
BTC and XRP – Correction possibly over



BTC/USD

The price of Bitcoin has been moving sideways from the 17th of March when it came up to $59,600 until the 20th when it paid another revisit to those levels. However, after a failure to break the $60,000 mark to the upside we have seen a rejection that caused a breakout from the symmetrical triangles and a low to $52,924.



Now we are seeing a minor recovery with the price currently being traded at $54,528 and has bounced nicely forming a V shape. The descending move was a five-wave impulse which is why we could have seen the completion of the WXY correction.

In that case, the price is now making its first attempts to establish an uptrend as the 1st wave from the next impulsive wave to the upside started. However, there could still be a possibility of another lower low to the significant $51,940 level.

If we have seen the completion of the 4th wave correction, then the price of Bitcoin is now headed towards the new all-time high, potentially in the zone between $72,000 and $68,000.

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Re: Daily Market Analysis By FXOpen
« Reply #59 on: March 24, 2021, 06:04:31 AM »
EUR/USD Turns Red, USD/JPY Is Correcting Gains



EUR/USD started a fresh decline and traded below the key 1.1880 support zone. USD/JPY is correcting gains and it is now trading below the 108.80 support.

Important Takeaways for EUR/USD and USD/JPY

  • The Euro failed to continue higher above 1.1950 and started a fresh decline.
  • There is a key bearish trend line forming with resistance near 1.1915 on the hourly chart of EUR/USD.
  • USD/JPY started a downside correction from well above the 109.00 level.
  • There is a major bearish trend line forming with resistance near 108.65 on the hourly chart.

EUR/USD Technical Analysis

In the past few days, the Euro struggled to gain bullish momentum above 1.1950 against the US Dollar. The EUR/USD pair formed a swing high near 1.1946 on FXOpen and recently started a fresh decline.

There was a break below a few important supports near the 1.1890 and 1.1880 levels. The pair even settled below the 1.1880 support zone and the 50 hourly simple moving average. A low is formed near 1.1836 and the pair is currently consolidating losses.



An initial resistance is near the 1.1860 level. It is close to the 23.6% Fib retracement level of the recent decline from the 1.1946 swing high to 1.1836 low.

The first major resistance is now forming near the 1.1890 and 1.1880 levels. The 50% Fib retracement level of the recent decline from the 1.1946 swing high to 1.1836 low is also near 1.1891. Moreover, there is a key bearish trend line forming with resistance near 1.1915 on the hourly chart of EUR/USD.

Therefore, the pair must clear 1.1880 and 1.1920 to start a strong increase in the coming sessions. Conversely, the pair could continue to move down below the 1.1836 low. The first major support is near the 1.1820 level.

If there is a downside break below the 1.1820 support, the pair could dive towards the 1.1750 support in the near term. Any more losses might call for a test of the 1.1715 support level.

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Re: Daily Market Analysis By FXOpen
« Reply #60 on: March 25, 2021, 03:06:45 PM »
LTC and EOS – Decrease seen but for how long?



LTC/USD

From the start of the week, the price of Litecoin has been in a decline, coming from its Monday’s high at $197.68 to $170.92 at its lowest point today, which was a decrease of 13.53% It is now stabilizing around $173 after a steep downfall made from yesterday when the price decreased by 12.7% as the price recovered close to the levels of Monday’s high before moving to the downside again.



Looking at the hourly chart, you can see that the bearish count has been validated in which from the start of March we have seen an ABC correction to the upside. In that case, the descending move from the 13th of March is the 3rd wave from the higher degree correction and is now forming as a five-wave move. It appears that could end very soon around the 0.618 Fibonacci level at tje $167 area, but there would be a possibility that the descending might continue to the 0.786 one.

This is because by projecting the length of the first wave from the higher degree correction when the price of Litecoin was $245 and went to $155, we come up with a price target of $143.

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Re: Daily Market Analysis By FXOpen
« Reply #61 on: March 26, 2021, 03:27:21 AM »
Gold Price Stuck Below $1,750, Oil Price Facing Hurdles



Gold price started consolidating in a range above the $1,720 support. Crude oil price is now trading below $60.00 and $60.50 resistance levels.

Important Takeaways for Gold and Oil

  • Gold price is trading in a range above the $1,720 support against the US Dollar.
  • There are two connecting bearish trend lines forming with resistance near $1,738 on the hourly chart of gold.
  • Crude oil price is holding the key $57.50 and $57.40 support levels.
  • There is a major bearish trend line forming with resistance near $59.80 on the hourly chart of XTI/USD.

Gold Price Technical Analysis



Gold price made an attempt to surpass the $1,750 resistance against the US Dollar, but it failed. As a result, there was a fresh decline, but the bulls were active above the $1,720 support.

It seems like the price is forming a strong support base above the $1,720 zone. The recent low was formed near $1,722 on FXOpen before the price started an upward move. It broke the 23.6% Fib retracement level of the recent decline from the $1,745 swing high to $1,722 low.

An immediate resistance is near the $1,730 level and the 50 hourly simple moving average. The next key resistance is near the $1,733 level. It is close to the 50% Fib retracement level of the recent decline from the $1,745 swing high to $1,722 low.

There are also two connecting bearish trend lines forming with resistance near $1,738 on the hourly chart of gold. To start a strong increase, the price must clear trend lines and $1,740.

The main resistance is still near $1,750, above which the price could start a strong rally. Conversely, the price could fail to continue higher and it might decline below the $1,725 level.

The main support is near the $1,720 zone. A clear break below the $1,720 support may possibly start a strong decline towards $1,700 or even $1,680 in the near term.

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Re: Daily Market Analysis By FXOpen
« Reply #62 on: March 29, 2021, 05:36:11 AM »
GBP/USD and GBP/JPY: British Pound Eyes Additional Gains



GBP/USD found support near 1.3670 and it is now correcting higher. GBP/JPY is rising and it remains supported for more gains above 150.00

Important Takeaways for GBP/USD and GBP/JPY

  • The British Pound declined below 1.3800, but it found support near 1.3670 against the US Dollar.
  • There was a break above a major bearish trend line with resistance near 1.3740 on the hourly chart of GBP/USD.
  • GBP/JPY is trading nicely above the 105.00 and 105.20 resistance levels.     
  • There was also a break above a key bearish trend line with resistance near 149.20 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound saw a bearish wave below the 1.3850 support zone against the US Dollar. The GBP/USD pair even broke the 1.3720 support level.

However, the pair found support near the 1.3670 zone. A low was formed near 1.3670 on FXOpen and the pair recently started a fresh increase. It broke the 1.3700 and 1.3720 resistance levels.



There was also a break above a major bearish trend line with resistance near 1.3740 on the hourly chart of GBP/USD. The pair is now trading nicely above the 1.3750 level and the 50 hourly simple moving average.

It is testing the 38.2% Fib retracement level of the key decline from the 1.4001 high to 1.3670 low. The first major resistance on the upside is near the 1.3825 level.

The next major resistance is near 1.3835 level or the 50% Fib retracement level of the key decline from the 1.4001 high to 1.3670 low. A clear upside break above the 1.3825 and 1.3835 resistance levels could open the doors for a larger increase.

If there is a fresh decline, the previous resistance near 1.3740 or the 50 hourly simple moving average might provide support. If there are additional losses, the pair could decline towards the 1.3700 level.

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Re: Daily Market Analysis By FXOpen
« Reply #63 on: March 29, 2021, 01:51:50 PM »
Strong Dollar Breaks the Reflation Theme – All Eyes on the U.S. Yields



2020 proved to be a challenging year for currency traders looking to forecast how the U.S. dollar will react to the pandemic. The Federal Reserve of the United States (Fed) immediately lowered the fed funds rate to the lower boundary (i.e., close to zero) and vouched to leave it there for as long as necessary.

On top of that, the Fed restarted the quantitative easing program, buying bonds to lower the yields on the short and long end of the curve. Furthermore, it opened USD swap lines with other central banks in the advanced world to provide liquidity and advert the strong dollar theme.

It worked.

The dollar initially appreciated as the world looked for safety in the face of the pandemic, but then the Fed’s plan entered into effect. Slowly at first, more aggressively after, the dollar started to lose ground across the dashboard.

Everything appreciated in dollar terms – the euro, the Australian dollar, the British pound, equities, and commodities alike. The bearish trend on the dollar was so strong that all investment houses forecasted an even lower dollar in 2021.


They were right.

The so-called reflation trade, where U.S. equities advance, the dollar declines, and risk-on dominates, was the theme for most of the first quarter of the year. However, the dollar started to show some strength recently on the back of a faster economic recovery, impressive vaccination campaign, and a U.S. administration that delivers.

What’s Next for the U.S. Dollar?

As we head into the second quarter of the year, the dollar trades with a mixed tone. On the one hand, it gained against the euro since the year started.

At the start of January, the EURUSD pair traded above 1.23, and last Friday closed below 1.18. Because the euro has the biggest weight in the dollar index, the move lower in the EURUSD exchange rate led to a reversal in the DXY.



Gold made a new all-time high in 2020 – it traded above $2,000 last summer but is in retreat ever since. It is barely holding above $1,700 at the moment, and fears of higher inflation in the United States and the developed world are not enough to fuel a rally in the yellow metal.

The problem for the reflation trade and gold comes from the fixed-income market. The U.S. yields are rising, and whenever this happened in the past, gold weakened.

Put it simply, rising yields mean that investors flee the safety of bonds in search of higher returns in riskier assets. Effectively, it means that confidence is back and, thus, gold suffers as investors do not look for protection anymore.

Higher yields also bode well for the dollar. Hence, before betting on a lower dollar, investors should first monitor the fixed-income market and interpret where the yields will go.

All in all, the second quarter will be extremely interesting. If the yields continue to rise, the dollar will have a hard time weakening.

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Re: Daily Market Analysis By FXOpen
« Reply #64 on: March 30, 2021, 02:25:35 PM »
BTC and XRP – Looking bullish



BTC/USD

The price of Bitcoin has been on the rise since the 25th of March when it fell to $50,420 level. From there a recovery of 17.38% was measured to its highest point so far at $59,236. Currently, it is being traded slightly lower but is still on an upward trajectory.



The low on the 25th was the end of the corrective stage in which the price was since the 13th of March and as the third wave ended we have seen the start of the next impulsive move to the upside.

As its first wave looks like it has already developed now we could be already seeing the start of 3rd sub-wave from the five-wave impulse. The price would be now expected to continue moving upward above its last all-time high and potential somewhere around $68,000-$72,000 zone.

It is still soon to project the ending point so we are going to watch closely how the price action develops and reevaluate our projection accordingly. There could be a possibility that we are seeing an even higher degree impulse wave, increasing the room for growth.

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Re: Daily Market Analysis By FXOpen
« Reply #65 on: March 31, 2021, 05:30:25 AM »
EUR/USD Dives, USD/CHF Likely To Continue Higher



EUR/USD started a fresh decline below the 1.1800 and 1.1780 support levels. USD/CHF is rising and it is likely to continue higher above 0.9450.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro started a fresh drop below the 1.1850 and 1.1800 support levels against the US Dollar.
  • There is a major bearish trend line forming with resistance near 1.1755 on the hourly chart of EUR/USD.
  • USD/CHF is trading in a bullish zone above the 0.9350 resistance zone.
  • There is a key ascending channel forming with support near 0.9405 on the hourly chart.

EUR/USD Technical Analysis



The Euro failed to stay above the 1.1900 zone and started a fresh decline against the US Dollar. The EUR/USD pair broke the key 1.1850 pivot zone to move into a bearish zone.

The pair even broke the 1.1820 support level and settled below the 50 hourly simple moving average. The bears were able to push the pair below 1.1800 and a low is formed near 1.1709 on FXOpen.

It is currently showing a lot of bearish signs and it seems like there are high chances of more losses below the 1.1700 support zone. The next major support could be near the 1.1660 level, below which the pair may possibly test the 1.1620 support.

On the upside, an initial resistance is near the 1.1730 level. It is close to the 23.6% Fib retracement level of the recent decline from the 1.1804 high to 1.1709 low.

There is also a major bearish trend line forming with resistance near 1.1755 on the hourly chart of EUR/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the 1.1804 high to 1.1709 low.

The 50 hourly simple moving average is also near 1.1760. If there is a break above the trend line resistance, the pair could correct higher towards the 1.1800 zone. The next major resistance is near the 1.1850 level.

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Re: Daily Market Analysis By FXOpen
« Reply #66 on: April 01, 2021, 02:56:45 PM »
LTC and EOS – More upside expected



LTC/USD

The price of Litecoin has been on the rise from the 25th when it was being traded at $169. We have seen an increase of 18.7% as the price came up to $200 at its highest point today. Currently it is being traded slightly lower but is still in an upward trajectory overall.



Looking at the hourly chart, we can see that the price came up to the 0.382 Fibonacci level and made an attempt to break out above it but failed to do so. The first attempt was made on the 29th from which we have seen some sideways movement below the level before finally another attempt was made today. The price would now be expected to make pullback as the 3rd attempt for a breakout failed, but we haven’t seen a rejection just yet.

If from the 25th we have seen the development of the 4th corrective wave out of the five-wave impulse to the downside now the price would be starting the development of its 5th wave to the downside which would be set to achieve a lower low compared to the 25th one. However, there could be a possibility that the decrease ended as a three-wave move as the part of the higher degree complex correction count, in which case the ascending move would be the first sub-wave of the next starting impulse to the upside.

In either way, we are going to see from the interaction with the 0.382 Fib level what would be the scenario, as if it manages to go above it, it would enter the territory of the 1st wave and invalidated the possibility of a lower low.

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Re: Daily Market Analysis By FXOpen
« Reply #67 on: April 02, 2021, 08:53:06 AM »
Gold Price and Oil Price Eye Additional Gains



Gold price started a fresh increase after testing the $1,680 support zone. Crude oil price is trading nicely above $60.00 and it might continue to rise steadily.

Important Takeaways for Gold and Oil

  • Gold price remained well bid near the $1,680 and $1,675 levels against the US Dollar.
  • There was a break above a major bearish trend line with resistance near $1,708 on the hourly chart of gold.
  • Crude oil price is holding the key $59.50 and $60.00 support levels.
  • There was a break above a key bearish trend line with resistance near $60.55 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Earlier this week, gold price extended its decline below the $1,710 and $1,700 support levels against the US Dollar. However, the bulls were active near the $1,680 and $1,675 levels.

A low was formed near $1,677 on FXOpen before the price started a fresh increase. There was a break above the $1,695 and $1,700 resistance levels. The price climbed nicely above the 50% Fib retracement level of the downward move from the $1,745 swing high to $1,677



There was also a break above a major bearish trend line with resistance near $1,708 on the hourly chart of gold. The price is now trading well above $1,710 and the 50 hourly simple moving average.

It is now testing the 76.4% Fib retracement level of the downward move from the $1,745 swing high to $1,677 low. A successful break above the $1,730 resistance could open the doors for a larger increase in the coming sessions.

The next key resistance is near the $1,745 level. The main resistance is still near $1,750, above which the price could test $1,780. Conversely, the price could fail to continue higher and it might decline below the $1,720 level.

The main support is near the $1,705 level. A clear break below the $1,705 support may possibly start a strong decline towards $1,675 in the near term.

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Re: Daily Market Analysis By FXOpen
« Reply #68 on: April 05, 2021, 07:01:21 AM »
GBP/USD Could Accelerate Higher, EUR/GBP Remains At Risk



GBP/USD is facing resistance near 1.3850, but it might accelerate higher. EUR/GBP is facing an increase in selling pressure below 0.8550.

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound is showing positive signs, but it is facing resistance near 1.3850.
  • There is a key bullish trend line forming with support at 1.3810 on the hourly chart of GBP/USD.
  • EUR/GBP declined below the 0.8580 and 0.8550 support levels.
  • There is a connecting bearish trend line forming with resistance near 0.8510 on the hourly chart.

GBP/USD Technical Analysis



After forming a support base above 1.3720, the British Pound started a fresh increase against the US Dollar. The GBP/USD pair broke the 1.3780 and 1.3800 resistance levels to move into a positive zone.

There was also a close above the 1.3800 level and the 50 hourly simple moving average. The pair is now facing a strong resistance near the 1.3850 level. The recent high was formed near 1.3852 on FXOpen before there was a minor downside correction.

There was a break below the 1.3825 level. The pair even declined below the 23.6% Fib retracement level of the upward move from the 1.3746 swing low to 1.3852 high.

The pair is now holding the 1.3800 support zone and the 50 hourly simple moving average. There is also a key bullish trend line forming with support at 1.3810 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the upward move from the 1.3746 swing low to 1.3852 high.

If there is a downside break below the trend line, the pair could decline towards the 1.3780 and 1.3770 support levels. Any more losses might lead the pair towards the key 1.3720 support.

On the upside, the pair is facing hurdles near the 1.3850 level. A clear upside break above the 1.3850 level could open the doors for a steady increase. In the stated case, GBP/USD could rise towards the 1.6000 level in the near term.


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Re: Daily Market Analysis By FXOpen
« Reply #69 on: April 05, 2021, 01:47:30 PM »
Global Economic Activity Picks Up On Increased Vaccination Campaigns



As most of the world celebrates Easter, strong signs of economic recovery emerge. Last Friday, with most banks closed, the United States revealed the Non-Farm Payrolls (NFP) numbers for March 2021.

The release exceeded all expectations, showing that the United States economy added close to a million new jobs in only one month. Moreover, the unemployment rate edged down to 6%, a further encouraging sign that the world’s largest economy is recovering from the pandemic.



Furthermore, important revisions to previous data showed that an additional 156k jobs were created in January and February. In total, 1.7 million jobs were added by the United States economy in the first quarter of the year. Because this is the largest economy in the world, the chances are that the positive economic effects will spill over to its main trading partners, fueling a strong economic recovery around the world.
Vaccines Rollout Spurring Economic Growth

Last November, the world found out that science delivered on its efforts to find a vaccine against the COVID-19 virus. For three consecutive weeks, companies like Pfizer/BioNTech, Moderna, or AstraZeneca, released promising data on their vaccine trials.

Fast forward four months to present times, and the vaccines are rolled out around the world. While differences exist in the vaccination pace, the main idea is that the quicker the governments manage to inoculate the population, the faster the economy recovers, and life will get back to normal.



Supply and distribution disparities exist. The United Kingdom and the United States are leading the developed world, while the Euro area is lagging behind.

It all came down to how fast the nations moved to secure the vaccines and what risks they took in the early days of the pandemic. Europe lost momentum in the first quarter, but things look promising starting with April – in the first day of April, over three million people received a vaccine in Europe, a pace that will likely increase moving forward.

If we add the fiscal stimulus in the United States (i.e., $1.9 trillion) already distributed and the upcoming $3 trillion for long-term infrastructure projects, the chances are that the economic data will beat expectations in the months ahead too.

The currency market acted accordingly and rewarded investors closely watching the vaccination race – the U.S. dollar and the British pound rallied in the last months, while the euro lagged. Moving forward, 2021 might be a year dominated by a risk-on environment as the global economy recovers from the pandemic. The key stays with the vaccination campaigns – the quicker the world’s nations inoculate the population, the better for the economic growth.

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Re: Daily Market Analysis By FXOpen
« Reply #70 on: April 06, 2021, 12:51:11 PM »
BTC struggling to break $60,000 while Ripple shown a parabolic rise



BTC/USD

The price of Bitcoin has attempted to break the $60,000 last week as we have mostly seen buyers’ pressure on the level throughout the week until Sunday when a decrease was made to $56,466. From there we have seen another increase followed by a higher low and now the price has made a higher high which is a bullish sign. However, it is once again back below the first horizontal level in line at $59,420 and is shortly going to make another breakout attempt.



The uptrend continuation would be expected in either way but it is still unclear whether or not before it we are going to see a deeper retracement. The primary scenario is a bullish one and says that now the price has started developing a new lower degree five-wave move to the upside.

If this is true, then we are going to see another higher low for the 4th wave and potentially an interaction with the all-time high on its ending wave. But this would only be the 1st sub-wave of the higher degree count which is why new highs would be anticipated after a pullback to establish further support.

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Re: Daily Market Analysis By FXOpen
« Reply #71 on: April 07, 2021, 04:29:02 AM »
EUR/USD and EUR/JPY: Euro is Eyeing More Gains



EUR/USD started a fresh increase above the 1.1820 and 1.1850 resistance levels. EUR/JPY is correcting gains, but it is likely to restart its rise above 130.50.

Important Takeaways for EUR/USD and EUR/JPY

  • The Euro formed a base above 1.1720 and started a fresh increase above 1.1800.
  • EUR/JPY is also trading in a positive zone above the 130.00 support.
  • There is a major bullish trend line forming with support near 129.95 on the hourly chart.

EUR/USD Technical Analysis



After trading close to the 1.1700 level, the Euro started a fresh increase against the US Dollar. The EUR/USD pair broke the 1.1780 and 1.1800 resistance levels to move into a positive zone.

There was also a break above a couple of bullish continuation patterns near 1.1765 and 1.1820 on the hourly chart of EUR/USD. It opened the doors for more gains above the 1.1850 level and the 50 hourly simple moving average.

It traded as high as 1.1877 on FXOpen and it is now consolidating gains. An initial support is near the 1.1855 level. It is near the 23.6% Fib retracement level of the recent increase from the 1.1795 low to 1.1877 high.

Any more losses might call for a test of the 1.1840 support or the 50% Fib retracement level of the recent increase from the 1.1795 low to 1.1877 high. The next major support is near the 1.1800 level or the 50 hourly simple moving average.

On the upside, the pair is facing resistance near the 1.1880 level. The next major resistance is near the 1.1920 level. A clear break above 1.1920 might start a steady increase towards the 1.2000 resistance. The next major resistance above the 1.2000 level sits near the 1.2050 level.

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Re: Daily Market Analysis By FXOpen
« Reply #72 on: April 08, 2021, 03:25:54 PM »
LTC and EOS – Looking for support



LTC/USD

The price of Litecoin has been rising since last week and came up to its previous high at $244 on the 6th of April. From there we have seen a decline of 13.26% as it came down to $211.62. Currently, it is being traded at around $220.9 as a minor recovery has been made but the price has been moving to the downside again.



On the hourly chart, you can see that the price of Litecoin was on the rise since the 25th of March when it fell down to the 0.618 Fibonacci level. This was at first expected as a corrective 4th wave from the descending impulse wave but as it continued increasing from there above the 0.382 FIb level the count was invalidated which implied that previously we have seen a three-wave correction.

If the previosly seen descending move ended as the higher degree WXY correction then from the 25th of March we have seen the start of the next impulsive move being its first wave. No retracement back to the 0.382 Fib level could be expected as the second sub-wave of the five-wave impulse to the upside from which the price of Litecoin would be set to continue its upward trajectory. However, first, we need to see the establishment of support and the validation of the count so from the momentum and the depth of the expected descending move we are going to reevaluate this possibility.

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Re: Daily Market Analysis By FXOpen
« Reply #73 on: April 09, 2021, 09:06:24 AM »
AUD/USD and NZD/USD Remains Supported For More Upsides



AUD/USD is following a positive zone and it recently broke the 0.7620 resistance. NZD/USD is also trading in a positive zone above the 0.7030 support.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar started a fresh increase above the 0.7580 and 0.7600 levels against the US Dollar.
  • There is a key bullish trend line forming with support near 0.7630 on the hourly chart of AUD/USD.
  • NZD/USD traded as high as 0.7065 and it is currently correcting lower.
  • There is a major bullish trend line forming with support near 0.7025 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis



After testing the 0.7550 support zone, the Aussie Dollar started a fresh increase against the US Dollar. The AUD/USD pair broke a few key hurdles near the 0.7580 level to move into a positive zone.

The pair even broke the 0.7600 level and the 50 hourly simple moving average. It traded as high as 0.7676 on FXOpen and recently corrected lower. The recent swing high was formed near 0.7660 and the pair is now trading below the 0.7650 level.

It broke the 23.6% Fib retracement level of the upward move from the 0.7600 swing low to 0.7660 swing high. It is now testing the 0.7635 support level and the 50 hourly simple moving average.

There is also a key bullish trend line forming with support near 0.7630 on the hourly chart of AUD/USD. The trend line is close to the 50% Fib retracement level of the upward move from the 0.7600 swing low to 0.7660 swing high.

If there is a downside break below the trend line, the pair could dive towards the 0.7600 support zone in the near term. On the upside, the pair is facing hurdles near the 0.7650 and 0.7660 levels.

The main resistance is near the 0.7675 level. A successful close above the 0.7660 and 0.7675 levels could open the doors for a steady increase in the coming sessions. The next key resistance could be 0.7720.

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Re: Daily Market Analysis By FXOpen
« Reply #74 on: April 12, 2021, 07:53:47 AM »
GBP/USD is Diving, USD/CAD Could Start Steady Increase



GBP/USD failed to stay above 1.3800 and extended its decline. USD/CAD is showing positive signs, but it must clear 1.2570 for a decent increase in the near term.

Important Takeaways for GBP/USD and USD/CAD

  • The British Pound started a fresh decline from well above the 1.3850 support zone.
  • There is a key declining channel forming with resistance near 1.3715 on the hourly chart of GBP/USD.
  • USD/CAD found support near the 1.2525 zone and it is now recovering higher.
  • Earlier, there was a break below a key contracting triangle with support near 1.3565 on the hourly chart.

GBP/USD Technical Analysis



This past week, the British Pound failed to stay above the 1.3850 and 1.3800 support levels against the US Dollar. As a result, the GBP/USD pair started a fresh decline and it even broke the 1.3750 support zone.

There was a close below the 1.3750 level and the 50 hourly simple moving average. The pair declined below the 1.3700 level and it traded as low as 1.3670. Recently, there was an upside correction above 1.3700, but the pair struggled to clear the 1.3750 zone.

A high was formed near 1.3744 and the pair is now declining. It broke the 50% Fib retracement level of the upward move from the 1.3670 low to 1.3744 high.

There is also a key declining channel forming with resistance near 1.3715 on the hourly chart of GBP/USD. The pair is now trading near the 76.4% Fib retracement level of the upward move from the 1.3670 low to 1.3744 high.

It seems like the pair might continue to move down below the 1.3670 support zone. The next major support is near the 1.3620 level, below which the pair might test 1.3580.

On the upside, the 1.3720 zone is a major hurdle along with the 50 hourly simple moving average. A successful close above the 1.3720 and 1.3750 levels could open the doors for a decent increase in the coming sessions.

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Re: Daily Market Analysis By FXOpen
« Reply #75 on: April 13, 2021, 03:36:25 AM »
Cryptocurrencies Remain Well Bid as [censored] Goes Public This Week



Over the weekend, the price of Bitcoin extended its rally to above $60,000 again. While not making a new all-time high, Bitcoin remains well bid ahead of the main event of the week ahead – the listing of [censored], one of the largest crypto exchanges.

The cryptocurrency market increased in size dramatically in recent years. The interest surrounding cryptocurrencies is on the rise, as suggested by the number of people trading on the various exchanges.



Part of the process of becoming a listed company, [censored] made public its Q1 2021 numbers. What is interesting is that the number of active traders increased dramatically in the first months of the year, explaining the rise in Bitcoin and other cryptocurrencies.

While many traders focus on Bitcoin only, some other cryptocurrencies had an even better performance than Bitcoin. For example, Ethereum reached a new all-time high over the weekend, and the rally looks poised to continue.

Bitcoin’s detractors argue that the digital currency wastes a vast amount of energy, and thus it is an environmental disaster. Because of that, many traders flee Bitcoin to other alternatives, such as Ether, that do not have such a problem.

Yet, when it comes to institutional investors’ adoption, Bitcoin remains the preferred choice. Moving forward, the price of Bitcoin remains well bid, and so the rally is poised to continue.

Two days from now, [censored], one of the largest crypto exchanges in the world, goes public. Companies usually choose to go public during a rising market. Often companies postpone the listing process when markets are falling. But now, the main indices are close to all-time highs, and so the timing of going public boats well for [censored] and cryptocurrency traders.

Judging by the interest surrounding cryptocurrencies, the chances are that [censored]’s listing will be a bullish event for the main cryptocurrencies too. As such, Bitcoin and Ethereum remain well bid, with buyers likely to step in on every dip.

[censored][/color]-goes-public-this-week?utm_source=bitcoinforum_forum&utm_campaign=forum&utm_campaign=classics_wihout_borders_vm]FXOpen Blog[/B]





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Re: Daily Market Analysis By FXOpen
« Reply #76 on: April 14, 2021, 03:34:18 AM »
EUR/USD Gains Traction, USD/JPY Is Extending Losses



EUR/USD started a decent increase after forming a base above the 1.1850 level. USD/JPY is declining and it broke the 109.00 support zone.

Important Takeaways for EUR/USD and USD/JPY

  • The Euro is showing positive signs above the 1.1880 and 1.1900 levels.
  • There was a break above a key declining channel with resistance near 1.1915 on the hourly chart of EUR/USD.
  • USD/JPY started a fresh decline below the 109.20 and 109.00 support levels.
  • There is a major bearish trend line forming with resistance near 109.50 on the hourly chart.

EUR/USD Technical Analysis



After a decent upward move, the Euro settled above the 1.1850 resistance zone against the US Dollar. Recently, the EUR/USD pair formed a support base above 1.1850 and started a fresh increase.

It broke a few important hurdles near the 1.1880 and 1.1900 levels. There was also a break above a key declining channel with resistance near 1.1915 on the hourly chart of EUR/USD. The pair gained pace above the 1.1940 level and settled above the 50 hourly simple moving average.

A high is formed near 1.1960 on FXOpen and the pair is now consolidating gains. An initial support on the downside is near the 1.1940 level.

The 23.6% Fib retracement level of the recent wave from the 1.1877 low to 1.1960 high is also near the 1.1940 level. The next major support on the downside is near the 1.1920 level (the recent breakout zone).

The 50% Fib retracement level of the recent wave from the 1.1877 low to 1.1960 high is also near the 1.1920 level. Any more losses might call for a test of the 1.1850 level. On the upside, the first major resistance is now forming near the 1.1960 levels.

A successful break above the 1.1960 resistance could open the doors for a push towards the 1.2000 resistance zone in the coming sessions.

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Re: Daily Market Analysis By FXOpen
« Reply #77 on: April 15, 2021, 11:03:23 AM »
LTC and EOS – Resistance found



LTC/USD

The price of Litecoin has reached $282 at its highest point yesterday and after a minor retracement made it back to that area again today. Currently, it is being traded at $271.89 and is looking like it’s moving to the downside.



On the hourly chart, we can see that the price of Litecoin was in an uptrend from the 25th of March when it was traded at $167. Measured to its highest point yesterday that was an increase of 68.8% but what more significant is that it made a higher high compared to the one on the 20th of February. This is why the increase from the 25th is considered the 3rd wave from the higher degree five-wave count. The wave structure implies that it might have ended and considering that we have seen the formation of the ascending channel from the start of the year now a pullback all the way down to its support might occur.

There is still a bit more room to the upside for proper interaction with the channel’s resistance and more so if the level is adjusted to encompass February’s high. However, this structure appears to be an ending diagonal as the 5th wave from the higher degree impulse which is why further interactions with its level would be expected before the completion, meaning we could likely see the price of Litecoin back to $220 area, before another higher high to $330 area.

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Re: Daily Market Analysis By FXOpen
« Reply #78 on: April 16, 2021, 04:35:27 AM »
Gold Price and Oil Price Could Continue To Rise



Gold price started a fresh increase above the $1,740 resistance zone. Crude oil price is also rising and it is likely to continue higher above $63.50.

Important Takeaways for Gold and Oil

  • Gold price gained pace after it broke the $1,720 and $1,740 resistance levels against the US Dollar.
  • There was a break above a key bearish trend line with resistance near $1,745 on the hourly chart of gold.
  • Crude oil price climbed higher nicely and it settled above the $62.00 support zone.
  • There is a major bullish trend line forming with support near $62.45 on the hourly chart of XTI/USD.

Gold Price Technical Analysis



Earlier this week, gold price formed a decent support base above the $1,725 level against the US Dollar. As a result, there was a fresh increase above the $1,730 and $1,740 levels.

There was a break above a key bearish trend line with resistance near $1,745 on the hourly chart of gold. The price gained pace above the $1,750 level and it settled well above the 50 hourly simple moving average.

It even traded above the $1,765 level and a high is formed near $1,769 on FXOpen. The price is now correcting lower and trading below the $1,765 level.

It is testing the 23.6% Fib retracement level of the upward move from the $1,732 low to $1,769 high. An immediate support on the downside is near the $1,758 level. The next major support on the downside is near the $1,755 level.

Any more losses might call for a test of the $1,750 support. It is near the 50% Fib retracement level of the upward move from the $1,732 low to $1,769 high.

On the upside, the $1,768 and $1,770 levels are immediate hurdles. A clear break above $1,770 might open the doors for a steady increase towards the $1,780 level. The next key resistance is near the $1,800 level.

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Re: Daily Market Analysis By FXOpen
« Reply #79 on: April 19, 2021, 03:57:35 AM »
GBP/USD Eyes More Upsides, EUR/GBP Holding Key Support



GBP/USD is showing positive signs above 1.3800 and 1.3780. EUR/GBP is showing bearish signs and it is testing a major support near 0.8640.

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound started a decent increase from the 1.3720 support zone.
  • There was a break above a key contracting triangle with resistance near 1.3780 on the hourly chart of GBP/USD.
  • EUR/GBP failed to continue higher above 0.8720 and corrected lower.
  • There was a break below a major contracting triangle with support near 0.8685 on the hourly chart.

GBP/USD Technical Analysis

After forming a support base above 1.3700, the British Pound started a fresh increase against the US Dollar. The GBP/USD pair broke the 1.3750 and 1.3800 resistance levels to move into a positive zone.

There was also a close above the 1.3800 level and the 50 hourly simple moving average. During the increase, there was a break above a key contracting triangle with resistance near 1.3780 on the hourly chart of GBP/USD.



The pair climbed above the 1.3820 level and traded as high as 1.3843 on FXOpen. Recently, there was a downside correction from the 1.3843 high.

The pair tested the 23.6% Fib retracement level of the upward move from the 1.3716 swing low to 1.3843 high at 1.3813. The next major support on the downside is near the 1.3800 zone (the recent breakout zone).

Any more losses could initiate a drop towards the 1.3780 support or the 50 hourly simple moving average. The 50% Fib retracement level of the upward move from the 1.3716 swing low to 1.3843 high is also near the 1.3780 level.

On the upside, the 1.3840 and 1.3850 levels are immediate hurdles. A successful break above 1.3850 might clear the path for more gains above the 1.3880 and 1.3900 levels.

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Re: Daily Market Analysis By FXOpen
« Reply #80 on: April 19, 2021, 02:38:31 PM »
Lumber Prices Go Ballistic as the U.S. Housing Market Booms



The U.S. housing sector is closely watched by investors from all over the world. It has strategic importance both for the United States GDP (Gross Domestic Product) and for the world’s economies.

People are too focused now on the COVID-19 pandemic to remember that the previous crisis, a financial one, started from the U.S. housing sector. In 2008-2009, the U.S. housing market bubble burst, a combination of derivative products used the wrong way, and so the market collapsed rapidly. The shockwave reached Europe and other developed economies, generating a financial crisis that haunted Europe for several years.

Fast forward to 2021, the world still struggles with the pandemic, but the housing market in the United States is in an unprecedented boom. This is very good news for the domestic economy and also for other economies. After all, when America’s economy outperforms, the positive spillovers influence other economies too.



Recovery Stronger Than Expected As Suggested by Strong Housing Sector Activity

The COVID-19 pandemic triggered changes in consumer behavior. People learned that online shopping (for some products) is as good as going out and buying the product. And, cheaper.

Therefore, the chances are that most of the changes seen during the pandemic are here to stay. One of the most interesting changes affected the workplace. Those who can work from home have built a home office, for example.

Also, people fled cities for outdoor spaces. Or, they stopped using common transportation favoring personal cars.

As such, contrary to all expectations, the COVID-19 recession was unique as both the auto and the housing sectors performed well. In particular, the housing sector has seen tremendous growth, as America literally faces a shortage of new houses.

And lumber to build them.


The price of lumber broke above $1,000 as there is no lumber enough to satisfy the demand. For those unfamiliar with the commodities market, lumber is a product of timberland and is usually harvested in periods of rising prices.

This is such a period. However, the demand from the U.S. housing market is so strong that the futures market still points to higher lumber prices. Commodities are typically traded on futures exchanges, where the clearinghouse brings together buyers and sellers and settles the prices on a daily basis.

When the spot price exceeds the futures price, it is said that the market is in backwardation. The entire lumber futures curve is in backwardation – a bullish sign suggesting more upside is possible for the price of lumber.

Therefore, investors should expect more upside for the U.S. housing market and, thus, for the U.S. economy. Are we about to witness one of the biggest economic recoveries in history?

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Re: Daily Market Analysis By FXOpen
« Reply #81 on: April 20, 2021, 12:39:46 PM »
BTC and XRP – Recovery seen but further downside expected



BTC/USD

The price of Bitcoin has fallen by 20.4% measured from its all-time high of $64,791 made on the 14th of April to its lowest wick on the 17th when the price came down to $51,531. From there we have seen a recovery to $57,702 but then again the price started falling back down and is currently being traded at around $55,980.



On the hourly chart, you can see that the price made the majority of its decrease on the 17th which was the 5th wave from the descending impulse. This could be the first sub-wave of the higher degree downturn that we are to see in the market.

It broke down from some of the highly significant support levels both horizontal and the ascending triangle in which it was since the 21st of February. This ascending triangle could have been the ending diagonal which marked the completion of the five-wave impulse from March last year.

This is the overdue correction that the market needed to overcome in order to continue moving to the upside and is now likely to push the price further to the downside. However, this isn’t expected in a straight line. More likely we are to see now a corrective increase and a consolidation before another impulsive move to the downside of the equally strong amount.

Potentially we could see now an ABC correction out of which we are currently seeing the development of the B wave and in the upcoming days the C wave would make a higher high compared to Monday’s one but from there further lows would be expected below the $50,000 mark.

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Re: Daily Market Analysis By FXOpen
« Reply #82 on: April 21, 2021, 04:24:45 AM »
EUR/USD Gains Traction, USD/CHF Could Extend Losses



EUR/USD started a fresh increase above the 1.1950 and 1.2000 resistance levels. USD/CHF is declining and it could dive if it breaks the 0.9125 support.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro started a fresh increase after it settle above 1.1950 against the US Dollar.
  • There is a key connecting bullish trend line forming with support near 1.2000 on the hourly chart of EUR/USD.
  • USD/CHF is following a bearish path below the 0.9200 support zone.
  • There is a major bearish trend line forming with resistance near 0.9170 on the hourly chart.

EUR/USD Technical Analysis



The Euro formed a strong support base above the 1.1950 level against the US Dollar. As a result, the EUR/USD pair started a fresh increase and it broke many hurdles near the 1.1980 and 1.2000 levels.

The pair even surged above the 1.2040 level and settled above the 50 hourly simple moving average. A high was formed near 1.2079 on FXOpen and the pair is now correcting gains. It traded below the 1.2060 and 1.2050 levels.

There was a break below the 23.6% Fib retracement level of the upward move from the 1.1942 swing low to 1.2079 high. However, the bulls are defending the 1.2030 support zone and the 50 hourly simple moving average.

The next major support is near the 1.2010 level. It is near the 50% Fib retracement level of the upward move from the 1.1942 swing low to 1.2079 high.

There is also a key connecting bullish trend line forming with support near 1.2000 on the hourly chart of EUR/USD. On the upside, the pair is facing hurdles near the 1.2050 level. The next major resistance is near the 1.2080 level, above which the pair could rise above the 1.2100 zone.

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Re: Daily Market Analysis By FXOpen
« Reply #83 on: April 22, 2021, 12:53:54 PM »
LTC and EOS – Are we seeing the establishment of an uptrend?



LTC/USD

The price of Litecoin has been on the rise since Tuesday when it fell to $234 at its lowest point. It is currently being traded at $281 which is an increase of 21.45% from Tuesday and is still in an upward trajectory.



On the hourly chart, you can see that the price of Litecoin is currently sitting at the level of its Monday’s high and has found resistance, indicated but the wick on the seller’s side on the hourly candle. However, we have seen a breakout from the descending triangle which is why the momentum looks strong enough to push the price higher.

If we have seen the completion of the corrective move from the 17th, the next move could be the starting five-wave impulse to the upside that is going to make new highs. Another possibility could be that the price is forming the second sub-wave of the higher degree correction in which case the current rise would end as a three-wave formation. But in either way from here another high to around the $310 area would be expected.

From the pullback that would be anticipated after we are going to see which scenario is in play as if the price falls back below $280 again on the pullback, it would invalidate the possibility of the price forming a five-wave impulse. In that case another lower low could be seen below the $230 area but for now the chart of Litecoin looks bullish.

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Re: Daily Market Analysis By FXOpen
« Reply #84 on: April 23, 2021, 04:38:26 AM »
AUD/USD and NZD/USD Could Extend Losses



AUD/USD failed to clear the 0.7800 resistance and corrected lower. NZD/USD is likely to extend losses if there is a clear break below the 0.7150 support.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar failed to gain strength above the 0.7800 level against the US Dollar.
  • There is a key bearish trend line forming with resistance near 0.7730 on the hourly chart of AUD/USD.
  • NZD/USD corrected lower and it is now testing the 0.7150 support zone.
  • There was a break below a major contracting triangle with support near 0.7180 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

After a steady increase, the Aussie Dollar struggled above the 0.7800 level against the US Dollar. The AUD/USD pair traded as high as 0.7815 on FXOpen and it recently started a fresh decline.

There was a break below the 0.7780 and 0.7750 support levels. The pair even settled below the 0.7750 level and the 50 hourly simple moving average. It traded as low as 0.7689 and it is now correcting losses.



It broke the 23.6% Fib retracement level of the downward move from the 0.7764 swing high to 0.7689 low. On the upside, there is a major resistance forming near the 0.7725 and 0.7730 levels. There is also a key bearish trend line forming with resistance near 0.7730 on the hourly chart of AUD/USD.

The trend line is close to the 50% Fib retracement level of the downward move from the 0.7764 swing high to 0.7689 low. The 50 hourly simple moving average is also near the trend line.

Therefore, a clear break above the trend line and 0.7730 is must for a steady increase. The next major resistance could be 0.7750, above which the price could rise towards the 0.7800 resistance.

Conversely, the pair could decline below the 0.7700 support zone. If there is a downside break below the 0.7700 and 0.7685 levels, the pair could extend its decline towards the 0.7650 level.

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Re: Daily Market Analysis By FXOpen
« Reply #85 on: April 26, 2021, 04:31:42 AM »
GBP/USD and GBP/JPY: British Pound Eyes Fresh Increase



GBP/USD found support near 1.3825 and it is now showing positive signs. GBP/JPY is stable above 149.40 and it is now facing hurdles near 150.00.

Important Takeaways for GBP/USD and GBP/JPY

  • The British Pound tested the 1.3825 support zone and it is now recovering against the US Dollar.
  • There was a break above a major contracting triangle with resistance near 1.3885 on the hourly chart of GBP/USD.
  • GBP/JPY is holding the main 149.40 and 149.20 support levels.
  • There was a break above a key bearish trend line with resistance near 149.65 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound saw a steady decline below the 1.3950 support zone against the US Dollar. The GBP/USD pair even broke the 1.3880 support level.

However, the pair found support near the 1.3825 zone. A low was formed near 1.3823 on FXOpen and the pair recently started a fresh increase. It broke the 1.3850 and 1.3880 resistance levels.



There was also a break above a major contracting triangle with resistance near 1.3885 on the hourly chart of GBP/USD. Moreover, there was a break above the 50% Fib retracement level of the key decline from the 1.3949 swing high to 1.3823 low.

The pair is now trading nicely above the 1.3750 level and the 50 hourly simple moving average. It is testing the 61.8% Fib retracement level of the key decline from the 1.3949 swing high to 1.3823 low.

If there is a clear upside break above the 1.3900 and 1.3920 levels, there are chances of more upsides. In the stated case, the pair is likely to accelerate higher towards the 1.4000 resistance.

If there is a fresh decline, the previous resistance near 1.3880 or the 50 hourly simple moving average might provide support. If there are additional losses, the pair could decline towards the 1.3850 level.

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Re: Daily Market Analysis By FXOpen
« Reply #86 on: April 26, 2021, 01:52:39 PM »
GDP Growth Follows Success In Vaccination Efforts



The week ahead is marked by two important central banks delivering their monetary policy statements – the Bank of Japan and the Federal Reserve in the United States. While the two events are crucial for Japanese yen and U.S. dollar traders, the market is also interested in what the GDP data in the United States and Canada will reveal.

Since the COVID-19 pandemic hit the world, the GDP or Gross Domestic Product fell sharply in all countries. For the first time, the entire world was in an economic recession.

Last November, the world found out for the first time that vaccines have promising results. Since that moment, a race against the clock started, with the price being not only the defeat of the virus but also a quick economic recovery.

Chinese GDP Growth Signals Strong Bounce in Developed Economies Too

Unfortunately, there are not enough vaccines for everybody at this point, but the situation gets better by the day. The more time passes, the more vaccines will be delivered throughout the world, and the faster the economic recovery will be.

However, because of the inequalities in vaccine deliveries, some countries will experience economic growth faster and stronger than others. Hence, their currencies will likely benefit from it, as well as the stock market.

The Chinese GDP grew by over 18% in the first quarter of the year, when compared to the same quarter a year ago. The bounce was much stronger than expected, and the chances are that the U.S. economic growth will also exceed expectations.

Next Thursday, the advanced GDP in the United States is expected to show that the U.S. economy grew by 6.5% in the first quarter of the year. Judging by how the Chinese economy performed, the chances are that the U.S. economy will also beat expectations.

One day earlier, Jerome Powell will have a hard time explaining to market participants why the Fed is not preparing to taper its asset purchases. As the chart above shows, America is one of the nations that lead in the vaccination race, and so the economic recovery is much stronger – why the need for easing?

To sum up, the bigger the economic expansion, the more difficult for the Fed to keep its policy unchanged. The tapering may be closer than market participants expect.

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Re: Daily Market Analysis By FXOpen
« Reply #87 on: April 27, 2021, 01:42:58 PM »
BTC and XRP – Strong bullish momentum seen



BTC/USD

The price of Bitcoin has been decreasing from the 14th of April when it reached $64,735 at its highest point. From there we have seen a decline of 27.56% measured to its lowest point made on the 25th which was at $46,896. A recovery of 16.8% followed as the price came up to $55,000 area on its highest point of the week so far. Currently, it is being traded slightly lower but is still in an upward trajectory.



On the hourly chart, you can see that the price made a three-wave decrease from the 14th of April which was most likely an WXY correction of the higher degree count. It ended with a double bottom with an impulsive rise that followed.

This could be an early indication that the price decrease ended and that we are seeing the development of the next starting impulse. However, we could have seen another corrective ABC to the upside from the 23rd which would be the corrective WXY continuation wave leading into a lower low.

We are now seeing the price looking for support above the significant horizontal support at $53,369 with a minor triangle forming, so from its breakout direction, we are to see which scenario gets validated.

If we see a breakout to the upside it could mean that the starting impulse is on the move, but if the price starting impulsively moving to the downside it could be an indication that the corrective ABC to the upside ended.

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Re: Daily Market Analysis By FXOpen
« Reply #88 on: April 28, 2021, 04:59:07 AM »
EUR/USD and EUR/JPY: Euro Remains Well Supported



EUR/USD started a fresh increase above the 1.2000 and 1.2050 resistance levels. EUR/JPY also gained momentum and it is now trading well above 130.00.

Important Takeaways for EUR/USD and EUR/JPY

  • The Euro formed a base above 1.2000 and started a fresh increase above 1.2050.
  • There is a key bullish trend line forming with support near 1.2075 on the hourly chart.
  • EUR/JPY is also trading in a positive zone above the 131.00 zone.
  • There is a major bullish trend line forming with support near 131.25 on the hourly chart.

EUR/USD Technical Analysis

There was a steady increase in the Euro started above the 1.1950 resistance against the US Dollar. The EUR/USD pair broke the 1.2000 and 1.2050 resistance levels to move into a positive zone.

There was also a break above the 1.2100 zone and the pair settled above the 50 hourly simple moving average. A high was formed at 1.2116 on FXOpen before there was a downside correction.



The pair traded as low as 1.2056 and it is now attempting a fresh increase. There was already a spike above the 50% Fib retracement level of the recent decline from the 1.2116 high to 1.2056 low. However, the pair is struggling to settle above the 1.2085 zone and the 50 hourly simple moving average.

The next major resistance is near the 1.2095 level. It is near the 61.8% Fib retracement level of the recent decline from the 1.2116 high to 1.2056 low.

Any more gains could set the pace for a fresh high above the 1.2116 level in the near term. The next key resistance could be near the 1.2140 level. On the downside, there is a key bullish trend line forming with support near 1.2075 on the hourly chart.

If there is a downside break, EUR/USD might continue to move down towards the 1.2050 support. Any more losses could open the doors for a test of the 1.2000 support zone in the near term.

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Re: Daily Market Analysis By FXOpen
« Reply #89 on: April 29, 2021, 02:36:28 PM »
LTC and EOS – Breakout seen but would it be confirmed?



LTC/USD

The price of Litecoin has been on the rise since the 26th of April when it fell down to $211. From there we have seen an increase of 26.4% as it came up to $266.6 at its highest point. It started moving sideways from yesterday’s high and is currently sitting slightly lower but is in an upward trajectory overall.



On the hourly chart, we can see that the price has started breakout out from the symmetrical triangle in which it was since yesterday’s high. This could be an early indication that the price is now headed further up. However, a confirmation is needed which could come as the hourly candle close above the territory of the symmetrical triangle and then a successful retest of its resistance for support

The previous descending move has definitely ended as a five-wave correction however it is still unclear how the current rise would end and which type of structure it could form. There are three possible scenarios in play. The first being that we are seeing the starting five-wave impulse in which case its third sub-waves 1st wave has developed. The next one is slightly negative and considered the rise from the 26th as the ABC correction with more upside potential for the C wave. The third one is the most negative one and implies that the ABC correction to the upside already ended in which case we are now seeing the start of the next descending move with the symmetrical triangle being its 2nd sub-wave.

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Re: Daily Market Analysis By FXOpen
« Reply #90 on: April 30, 2021, 07:57:49 AM »
Gold Price Remains At Risk, Oil Price Extends Rally



Gold price failed to clear the $1,800 resistance zone and started a fresh decline. Crude oil price is rising and it is showing a lot of positive signs above $64.50.

Important Takeaways for Gold and Oil

  • Gold price failed to clear the $1,790 and $1,800 resistance levels against the US Dollar.
  • There is a key bearish trend line forming with resistance near $1,788 on the hourly chart of gold.
  • Crude oil price climbed higher nicely and it even broke the $65.00 resistance zone.
  • There is a crucial bullish trend line forming with support near $64.30 on the hourly chart of XTI/USD.

Gold Price Technical Analysis



Earlier this week, gold price climbed higher above the $1,780 resistance against the US Dollar. However, it failed to clear the $1,790 and $1,800 resistance levels.

A high was formed near $1,789 on FXOpen before the price started a fresh decline. There was a break below the $1,780 and $1,765 support levels. The price even settled below the $1,780 level and the 50 hourly simple moving average.

A low was formed near $1,756 before the price recovered. It climbed above the $1,765 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $1,789 high to $1,756 low.

However, the price failed to clear the $1,780 resistance and the 50 hourly simple moving average. It also struggled near the 50% Fib retracement level of the recent decline from the $1,789 high to $1,756 low.

Moreover, there is a key bearish trend line forming with resistance near $1,788 on the hourly chart of gold. The price must clear the $1,780 resistance and the trend line to start a strong increase in the coming sessions.

If not, there is a risk of another decline below the $1,760 level. The first key support is near the $1,755 and $1,750 levels. Any more losses might call for a test of the $1,720 support.

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Re: Daily Market Analysis By FXOpen
« Reply #91 on: May 03, 2021, 04:24:19 AM »
GBP/USD Turns Red, EUR/GBP Eyes More Upsides



GBP/USD failed to test 1.4000 and started a fresh decline. EUR/GBP is showing positive signs and it is trading nicely above the 0.8675 support zone.

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound topped near the 1.3975 zone and started a fresh decline.
  • There was a break below a key contracting triangle with support near 1.3885 on the hourly chart of GBP/USD.
  • EUR/GBP started a fresh increase and it settled above the 0.8650 pivot level.
  • There was a break above a major bearish trend line with resistance near 0.8695 on the hourly chart.

GBP/USD Technical Analysis



After a steady increase above the 1.3900 level, the British Pound faced sellers against the US Dollar. The GBP/USD pair failed to test the 1.4000 resistance zone and started a fresh decline.

A high was formed at 1.3976 on FXOpen before the pair declined. It broke the 1.3920 and 1.3900 support levels. There was also a break below a key contracting triangle with support near 1.3885 on the hourly chart of GBP/USD.

The pair settled well below the 1.3850 level and the 50 hourly simple moving average. It traded as low as 1.3801 and it is now attempting an upside correction.

An initial resistance on the upside is near the 1.3840 level. It is near the 23.6% Fib retracement level of the downward move from the 1.3976 high to 1.3801 low. The first major resistance is near the 1.3860 level.

The next major resistance is near the 1.3885 level. The 50% Fib retracement level of the downward move from the 1.3976 high to 1.3801 low is also near 1.3885. A successful close above 1.3850 and a follow up move above 1.3885 could open the doors for a move towards the 1.4000 resistance.

Conversely, there is a risk of a fresh decline towards the 1.3800 support level. The next major support is near the 1.3780 level. Any more losses could initiate a drop towards the 1.3720 support zone.

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Re: Daily Market Analysis By FXOpen
« Reply #92 on: May 03, 2021, 02:50:19 PM »
Weak Dollar Despite Strong U.S. Economic Performance



The U.S. economy grew at 6.4% in the first quarter of the year, and it is in line to exceed the pre-pandemic growth level. The good news goes even further, as the growth in the first quarter exceeds the previous quarter’s growth of 4.3%.

However, the U.S. dollar did not rise on the news. In fact, for the entire month of April, the dollar traded with an offered tone. For instance, with the exception of the last trading day of the month, the EURUSD moved only higher, from 1.17 to over 1.21 in less than thirty days.


Fed Keeps the Accommodative Measures

One day before the GDP release, the Federal Reserve of the United States (Fed) announced that it keeps the monetary policy accommodative despite the remarkable economic performance. As such, the Fed continues to buy $120 billion worth of assets every month, putting pressure on the dollar.

The households’ savings rate at the end of the first quarter was 21%, up from 13% in the last quarter of 2021. The uncertainty generated by the pandemic continues, as households keep stashing funds and postpone consumption.

However, the more people get a vaccine, the faster the U.S. economy will come back to normality. As such, the savings rate is expected to decline in the second quarter of the year, pushing the GDP even higher.


It all comes down to the stimulus checks received by households. As the chart above shows, the stimulus checks played an important role during the pandemic, but yet the U.S. consumer is not spending it entirely, as suggested by the high savings rate.

Moving forward, the trading month starts strongly with the Non-Farm Payrolls release scheduled next Friday. The market expects 975k new jobs to have been created in April and that the Unemployment Rate will decline to 5.7% from the previous 6%. However, the risk is that the data will be much better than expected, as suggested by the steady economic growth seen in the first quarter.

As for the dollar, at one point, it should start reflecting the economic reality. Moreover, if the NFP exceeds expectations, the Fed will have a hard time keeping its current monetary policy stance and will be forced to announce the tapering of its asset purchases sooner than expected.

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Re: Daily Market Analysis By FXOpen
« Reply #93 on: May 04, 2021, 11:03:46 AM »
BTC and XRP – Retracement seen but further upside expected



BTC/USD

The price of Bitcoin has been on a decline from yesterday’s high at $59,000 and has made a 6.69% decrease measured to its lowest point today at $55.084. Now it is sitting slightly higher but is again looking like its struggling to keep up the recovery.



On the hourly chart, you can see that the price of Bitcoin was on the rise since the 26th of April when an ascending triangle was made. Yesterday, we saw a breakout to the downside from the triangles support, which could imply that this ascending move ended as the five-wave increase. If this is true then the five-wave move was most likely a leading diagonal from the next impulsive move to the upside as the previous correction of the higher degree ended.

Now we could be seeing the 2nd sub-wave of the next move to the upside which would retrace the price of Bitcoin to around $53,000 area most optimally where the 0.5 Fibonacci level is. This Fib level is standing in the vicinity of the significant horizontal support at $53,300 which might hold the price, but we could see the price going further down to the $51,221 area where the next one is.

After this retracement ends, according to the primary count, we are to see further uptrend continuation and new highs for Bitcoin.

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Re: Daily Market Analysis By FXOpen
« Reply #94 on: May 05, 2021, 04:37:33 AM »
EUR/USD is Facing Hurdles, USD/JPY Remains Elevated



EUR/USD failed to stay above the 1.2100 zone and corrected lower. USD/JPY is trading in a positive zone above 109.00 and it is now approaching a major breakout.

Important Takeaways for EUR/USD and USD/JPY

  • The Euro started a fresh decline from well above the 1.2100 pivot level.
  • There is a key bearish trend line forming with resistance near 1.2040 on the hourly chart of EUR/USD.
  • USD/JPY started a decent increase above the 108.50 and 109.00 resistance levels.
  • There is a major breakout pattern forming with resistance near 109.38 on the hourly chart.

EUR/USD Technical Analysis

After a spike above the 1.2125 level, the Euro faced a fresh round of selling against the US Dollar. As a result, the EUR/USD pair started a fresh decline below the 1.2100 pivot level.

The pair broke a few key supports near 1.2080 and 1.2050. It even spiked below the 1.2000 level and settled well below the 50 hourly simple moving average. A low is formed near 1.1999 on FXOpen and the pair is correcting higher.



There was a break above the 23.6% Fib retracement level of the recent decline from the 1.2075 high to 1.1999 low. The first major resistance on the upside is near the 1.2035 level.

There is also a key bearish trend line forming with resistance near 1.2040 on the hourly chart of EUR/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the 1.2075 high to 1.1999 low.

The 50 hourly simple moving average is also near the 1.2035 zone to act as a hurdle. If there is an upside break above the 50 hourly simple moving average and the trend line, the pair could rise further towards the 1.2100 pivot level.

If not, there is a risk of more downsides below 1.2010. The main support is near 1.2000. A close below 1.2000 could open the doors for a move towards the 1.1920 support.

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Re: Daily Market Analysis By FXOpen
« Reply #95 on: May 06, 2021, 01:06:04 PM »
LTC and EOS – New highs ahead



LTC/USD

The price of Litecoin has been on the rise since the 26th of April when it was being traded at $214. We have seen an increase of 69.8% measured to its highest point of $364 made yesterday. Currently, it is being traded slightly lower but is now again started moving to the upside again.



On the hourly chart, you can see that the price has made an interaction with the significant ascending trendline which was the upward channel formed from November last year. As the price found resistance a minor pullback was made but the price is now expected to continue increasing further to the upside and make a breakout above the trendline. This means that a higher high would be expected in the vicinity of the $380 which would be the ending wave from the 3r wave of the higher degree count.

If this is true then the retest of the ascending resistance for support would be the 4th wave of the same degree that is going to look out of support before further upside movement potentially to the $440 area. We could see the price going a bit more to the downside if the lower degree 4th wave hasn’t ended fully but this isn’t as likely considering the bullish momentum seen.

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Re: Daily Market Analysis By FXOpen
« Reply #96 on: May 07, 2021, 06:30:12 AM »
Gold Price Rallies Above $1,800, Oil Price Prepares For Next Move



Gold price started a fresh increase and it cleared the $1,800 resistance zone. Crude oil price is trading nicely above $64.50 and it is likely setting up for the next move.

Important Takeaways for Gold and Oil

  • Gold price gained pace above the $1,790 and $1,800 resistance levels against the US Dollar.
  • There is a key bullish trend line forming with support near $1,805 on the hourly chart of gold.
  • Crude oil price climbed higher and tested the $66.65 zone before correcting lower.
  • There is a crucial contracting triangle forming with support near $64.70 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

This week, gold price formed a strong support base above the $1,760 level against the US Dollar. As a result, there was a fresh increase above the $1,780 and $1,800 resistance levels.

The price even settled above the $1,800 zone and the 50 hourly simple moving average. It spiked above the $1,815 level and a high was formed near $1,818 on FXOpen. The price is now consolidating near the $1,815 level.



An initial support on the downside is near the $1,805 zone. There is also a key bullish trend line forming with support near $1,805 on the hourly chart of gold.

The trend line is close to the 23.6% Fib retracement level of the recent wave from the $1,770 low to $1,818 high. If there are more losses, the price could decline towards the $1,800 level. The next key support could be near the $1,795 level.

The 50% Fib retracement level of the recent wave from the $1,770 low to $1,818 high is also near the $1,795 zone. Besides, the 50 hourly simple moving average is near the $1,792 level.

On the upside, an immediate resistance is near the $1,818 and $1,820 levels. A clear break above the $1,820 level may possibly open the doors for a move towards the $1,850 level.

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Re: Daily Market Analysis By FXOpen
« Reply #97 on: May 10, 2021, 06:05:14 AM »
GBP/USD Breaks Key Resistance, USD/CAD Extends Decline



GBP/USD started a fresh rally above the 1.4000 resistance. USD/CAD declined heavily below 1.2250 and it remains at a risk of more downsides.

Important Takeaways for GBP/USD and USD/CAD

  • The British Pound started a fresh increase from the 1.3800 support zone.
  • There was a break above a major contracting triangle with resistance near 1.3925 on the hourly chart of GBP/USD.
  • USD/CAD declined heavily after it broke the 1.2260 and 1.2250 support levels.
  • There is a key bearish trend line forming with resistance near 1.2200 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound consolidated above the 1.3820 and 1.3850 support levels against the US Dollar. Recently, the US NFP report was released, which posted a disappointing result of 266K.

As a result, the GBP/USD pair started a fresh increase and cleared a couple of important hurdles near the 1.3925 level. There was also a break above a major contracting triangle with resistance near 1.3925 on the hourly chart of GBP/USD.



The pair even climbed above the 1.4000 level and settled nicely above the 50 hourly simple moving average. It traded as high as 1.4045 on FXOpen and it is now consolidating gains.

An initial support on the downside is near the 1.4000 level. It is close to the 23.6% Fib retracement level of the upward move from the 1.3856 low to 1.4045 high. If the pair fails to stay above the 1.4000 level, it could correct lower towards the 1.3950 level.

The 50% Fib retracement level of the upward move from the 1.3856 low to 1.4045 high is also near 1.3950. Any more losses might call for a test of the 1.3925 support.

On the upside, the 1.4050 zone is an initial barrier for the bulls. A successful close above the 1.4045 and 1.4050 levels could open the doors for a steady increase towards 1.4120 or even 1.4200.

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Re: Daily Market Analysis By FXOpen
« Reply #98 on: May 10, 2021, 01:58:51 PM »
Ethereum at Record Highs as the Cryptocurrency Traders Diversify from Bitcoin



The cryptocurrency market appears to have reached a point where investors look beyond Bitcoin. Up until recently, Bitcoin was the only game in town, responsible for the overall movements in other crypto coins.

However, things changed dramatically as Ethereum has recovered faster than Bitcoin from last month’s move lower. Investors may remember that Bitcoin dropped from over $60k to $47k in less than 24h, creating a similar move in most altcoins. However, it recovered but was not able to make a new high. Ethereum did and now trades above $4,000 for the first time in history.



Fears of Inflation Drive the Cryptocurrency Market Higher

Inflation in the United States is expected to rise in the months ahead. As such, commodity prices are close to record highs. Lumber, for example, rose over 500% in the last twelve months, and so are basic food commodities such as corn. Gold recovered from below $1,700 and now trades above $1,830, acting as a classic hedge against inflation.

But some investors diverted their attention also to new hedges against inflation. The digital assets are seen as such hedges, and this is why there is such a strong interest in the market.

Why would Ethereum outperform Bitcoin? Also, how about the interest in Dogecoin?

One explanation may come from the carbon footprint that mining Bitcoin has and the negative environmental effects of mining new coins. Natural gas, coal, and oil are still the main sources of electricity used at mining Bitcoin, and many investors want to move away from such investments. If you want, the process resembles, in a small way, sustainable investing.



It is not to say that the price of Bitcoin will not rise anymore or that it will correct from the current levels. This article only points out the fact that investors are willing to have a look at other digital assets in their wish to hedge against inflation.

Should the CPI later this week come out higher than expected, the cryptocurrency market may be the first one to react to such news. In the meantime, Ethereum continues to outperform Bitcoin, just like Dogecoin did in the past years.

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Re: Daily Market Analysis By FXOpen
« Reply #99 on: May 11, 2021, 10:07:32 AM »
BTC and XRP – Correction likely to continue



The price of Bitcoin reached $59,544 at its highest point yesterday from its prior higher low of $53,170 on the 5th of May. This rise of 12.24% was stopped as the third unsuccessful attempt to surpass the zone above the $60,000 which is why we have seen a decrease of 10% measured to its lowest spike of $53,530. Currently, the price is being traded at around $55,440 as it managed to snap back quickly up above the significant horizontal level.



Now the price is looking for support as the breakout momentum has been seen strong. The descending move is counted as the second sub-wave of the higher degree count out of which further upside would be expected. However, we need to first see the price to hold above the $55,200 area for the scenario to still be valid. If the price goes below it, that would be an early indication that we are seeing further lows before another upward cycle.

The primary count implies that from the 26th of April we have seen another wave to the upside and it is still unclear where this current descending move belongs, but if it’s the part of the higher degree correction it could end below $53,400.

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Re: Daily Market Analysis By FXOpen
« Reply #100 on: May 12, 2021, 05:52:15 AM »
EUR/USD Faces Key Hurdle, USD/CHF Starts Fresh Increase



EUR/USD seems to be struggling to clear the 1.2180 and 1.2200 resistance levels. USD/CHF is rising and it broke a major hurdle near the 0.9020 level.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro is struggling to gain pace above the 1.2165 and 1.2180 levels against the US Dollar.
  • There is a key connecting bullish trend line forming with support near 1.2115 on the hourly chart of EUR/USD.
  • USD/CHF started a fresh increase after forming a base above the 0.8990 level.
  • There was a break above a major bearish trend line with resistance near 0.9032 on the hourly chart.

EUR/USD Technical Analysis

The Euro formed a strong support base above the 1.2000 level against the US Dollar. As a result, the EUR/USD pair started a fresh increase and it broke many hurdles near the 1.2050 and 1.2100 levels.

The pair even surged above the 1.2150 level and settled above the 50 hourly simple moving average. A high was formed near 1.2181 on FXOpen and the pair is now correcting gains. It seems like the pair is struggling to gain pace above the 1.2165 and 1.2180 levels.



It already corrected lower below the 1.2150 level and the 50 hourly simple moving average. There was a break below the 23.6% Fib retracement level of the upward move from the 1.2052 swing low to 1.2181 high.

On the downside, there is a major support forming near the 1.2120 zone. There is also a key connecting bullish trend line forming with support near 1.2115 on the hourly chart of EUR/USD.

The trend line is close to the 50% Fib retracement level of the upward move from the 1.2052 swing low to 1.2181 high. A downside break below the trend line and 1.2100 could increase selling pressure in the near term.

On the upside, the pair is facing hurdles near the 1.2180 level. The next major resistance is near the 1.2200 level, above which the pair could start a strong increase.

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Re: Daily Market Analysis By FXOpen
« Reply #101 on: May 13, 2021, 12:28:24 PM »
LTC and EOS – Consolidation now expected but further decline still a possibility



LTC/USD

The price of Litecoin has been on a decline from yesterday’s high of $391 made a decrease of 21.8% as it fell to $306.35 at its lowest point today. It spiked further down buy managed to snap back quickly and is currently being traded at $313.69.



Looking at the hourly chart, you can see that this downfall was the continuation of the descending move from Monday when the price reached $411 at its highest. This was most likely the end of the higher degree 3rd wave from the impulse wave that started at the start of the year. If so, we are now seeing the 4th wave of the same degree developing to the downside.  Measured from its last increase from the 26th of April the price fell down to the 0.5 Fib level and found support there. But this only might be a temporary hold before further downside continuation.

We could have seen the completion of the ABC correction in which case now we are to see the start of the next 5th wave to the upside, but there isn’t still any signs of the buyers entering the market. If we are to see the start of the next impulsive move strong confirmation would be needed.

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Re: Daily Market Analysis By FXOpen
« Reply #102 on: May 17, 2021, 01:00:20 PM »
US April Inflation – Four Times Higher Than Market Expectations



Last Wednesday, the Consumer Price Index (CPI) in the United States showed that inflation runs hot in the largest economy in the world. On expectations of an increase of 0.2% on a monthly basis, the headline CPI came out four times higher.

Moreover, the Core CPI, which tracks the changes in the price of goods and services over a period, without accounting for food and energy, was three times higher in April than the market expected. As such, inflation is running hot in America, and the whole world is watching.

[

A Comparison With the 1970s

Back in the 1970s, inflation in America was printing double-digits on a monthly basis. The Fed fought a long battle to bring inflation down, mainly by raising the interest rates on the world’s reserve currency.

This was a problematic thing to do at the time, because the US just gave up the gold standard. In other words, for the world to still trust the dollar without gold backing, the Fed stepped in and offered a higher interest rate.

Fast forward to our times, and the Fed is unlikely to do the same despite rising inflation, for several reasons. First, the Fed changed its inflation mandate last year.

We should mention here that the Fed has a dual mandate – price stability and job creation. For the first part of its mandate, it used an inflation-targeting framework for decades. Its aim was to create inflation close to the 2% target. This is similar to what other central banks in the world use, like the ECB, which aims at inflation below, but close to 2%.

But the Fed chose to change the inflation-targeting framework last year. It announced that it no longer considers price stability at 2% inflation, but around 2% inflation.

More precisely, the Fed averages inflation for a period, aiming at 2%. The problem is that the period considered is unknown to the market participants.

In April this year, inflation exceeded the Fed’s 2% by a mile, if we consider the annualized data. Yet, the Fed says that the data is transitory. Indeed, if we average inflation for the past six or twelve-month, the result is way below the 2% level. Hence, the Fed is right in adopting a wait-and-see approach.



Yet, more money is in the pipeline. The chart above shows the US Treasury cash balance at the Federal Reserve. Effectively, this is money held at the Fed, used by the US government to finance various projects or to support its fiscal expansion policy.

Close to a trillion dollars are still available to be deployed into the US economy. Therefore, inflation is likely to run even higher in the months ahead.

The question, at this point, is how much higher will inflation go, without the Fed to intervene? Also, how will the financial markets react?

The initial reaction to the higher inflation data last Wednesday showed weakness in the US equity markets. But that weakness reversed in the following two trading days, as the main stock indices recovered most of the lost ground in the two days left in the trading week.

However, if we use the 1970s as a benchmark, higher inflation triggers an equity bear market. Will we see one in 2021?

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Re: Daily Market Analysis By FXOpen
« Reply #103 on: May 18, 2021, 12:32:28 PM »
BTC and XRP – Further downside looks more likely



BTC/USD

The price of Bitcoin has been on a decline since the 10th of May when it reached a high of $59,512. From there we have seen a decrease of 29.3% so far as it fell down to $42,180 at its lowest point. It is currently retesting those low levels for support and it appears to have stabilized as it made another attempt to continue its downward trajectory but bounced off of the low levels. Now it is moving slightly to the upside and is being traded at $44,923.



Looking at the hourly chart above, we can see that this down move from the 10th is the continuation of the decrease that started from the 14th of April after the price reached a new all-time high. As it is most likely the 3rd sub-wave of the corrective ABC this could mean that the descending move has ended on the current interaction with the significant horizontal support zone.

However, if this is the 4th wave of the cycle degree the correction might get deeper and prolonged. In this case, these first three waves could be prolonged by another two more either as the WXYXZ complex correction or in the worst-case scenario a five-wave impulse that would only be the 1st sub-wave of the higher degree ABC.

We are shortly going to see from the expected upward move and the following pullback which scenario could be more likely but for now the primary one is that the downfall could have ended as the ABC move.

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Re: Daily Market Analysis By FXOpen
« Reply #104 on: May 19, 2021, 04:56:18 AM »
GBP/USD Extends Rally, EUR/GBP Eyes Steady Recovery



GBP/USD remained strong above 1.4000 and it recently climbed above 1.4200. EUR/GBP is correcting higher and it is aiming a break above 0.8640.

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound formed a strong support base above 1.4050 and climbed above 1.4150.
  • There is a key bullish trend line forming with support near 1.4155 on the hourly chart of GBP/USD.
  • EUR/GBP started a fresh increase and it is trading above the 0.8600 zone.
  • There is a major rising channel forming with resistance near 0.8640 on the hourly chart.

GBP/USD Technical Analysis

After finding a strong buying interest near 1.4000, the British Pound started a fresh increase against the US Dollar. The GBP/USD pair gained pace and it broke the 1.4100 resistance zone.

The upward move gained pace above the 1.4150 level and the 50 hourly simple moving average. It even broke the 1.4200 zone and traded as high as 1.4220 on FXOpen. It is now correcting gains and trading below the 1.4200 level.



It broke the 23.6% Fib retracement level of the upward move from the 1.4077 swing low to 1.4220 high. On the downside, the first key support is near the 1.4165 level.

The main support is now forming near the 1.4150 level. There is also a key bullish trend line forming with support near 1.4155 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the upward move from the 1.4077 swing low to 1.4220 high.

The 50 hourly simple moving average is also near the 1.4155 zone. If there is a downside break below the trend line, the pair could decline towards the 1.4100 support.

On the upside, an immediate resistance is near the 1.4200 level. The next major resistance is near the 1.4220 level. A successful close above 1.4000 and a follow up move above 1.4220 could open the doors for a move towards the 1.4280 resistance.

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Re: Daily Market Analysis By FXOpen
« Reply #105 on: May 20, 2021, 02:17:20 PM »
LTC and EOS – Have we seen the completion of the downfall?



LTC/USD

The price of Litecoin has been on a decline since the 10th of May when it reached $413 at its highest point. From there we have seen a decrease of 64.88% as it fell to $145 at its lowest point yesterday. We have seen a recovery taking place with the price currently being traded at $211 and is still in an upward trajectory.



On the hourly chart, you can see that the price has made a lower low today, compared to yesterday’s candle close, and is now still above yesterday’s high. This is still a negative sign even though recovery has been seen. We could bee saw the 4th corrective wave out of the five-wave impulse to the downside from the 16th which is still in development. If this is true then the price would be headed downwards after this increase ends for another establishment of support around the $165 area.

In another move positive scenario the decrease ended with today’s recovery being the 1st sub-wave of the next five-wave impulse to the upside. Even so a retracement would be expected and first a surpassing of yesterday’s high so for the pullback that is expected to follow we can evaluate these possibilities.

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Re: Daily Market Analysis By FXOpen
« Reply #106 on: May 21, 2021, 05:32:27 AM »
AUD/USD and NZD/USD Remain At Risk of More Losses



AUD/USD failed to clear the 0.7800 resistance and corrected lower. NZD/USD is likely to decline further if there is a break below the 0.7180 level.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar is struggling to gain pace above 0.7800 zone against the US Dollar.
  • There is a major bearish trend line forming with resistance near 0.7775 on the hourly chart of AUD/USD.
  • NZD/USD corrected lower after it failed to surpass the 0.7270 resistance zone.
  • There is a key contracting triangle forming with support near 0.7180 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

Recently, the Aussie Dollar attempted an upside break above the 0.7800 resistance against the US Dollar. The AUD/USD pair failed to settle above 0.7800 and started a fresh decline.

It broke the 0.7750 support level and tested the 0.7710 level. A low was formed near 0.7710 on FXOpen and it recently there was an upside correction. The pair climbed above 0.7750 and the 50 hourly simple moving average.



However, it is struggling to clear the 0.7780 level. A high is formed near 0.7781 and the pair is now correcting lower. There was a break below the 23.6% Fib retracement level of the upward move from the 0.7710 swing low to 0.7781 high.

The pair is now trading near the 0.7755 level and the 50 hourly simple moving average. There is also a major bearish trend line forming with resistance near 0.7775 on the hourly chart of AUD/USD.

On the upside, there is a major resistance forming near the 0.7780 and 0.7800 levels. A successful break above the trend line and the 0.7800 zone is must for a steady increase. The next major resistance could be 0.7840, above which the price could rise towards the 0.7880 resistance.

Conversely, the pair could decline below the 0.7750 support zone. The next major support is near the 0.7725 level. If there is a downside break below the 0.7725 level, the pair could extend its decline towards the 0.7680 level.

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Re: Daily Market Analysis By FXOpen
« Reply #107 on: May 24, 2021, 04:38:55 AM »
GBP/USD Holding Uptrend Support, GBP/JPY Eyes Additional Gains



GBP/USD found support near 1.3825 and it is now showing positive signs. GBP/JPY is stable above 149.40 and it is now facing hurdles near 150.00.

Important Takeaways for GBP/USD and GBP/JPY

  • The British Pound extended its increase above the 1.4200 region against the US Dollar.
  • There is a major bullish trend line forming with support near 1.4135 on the hourly chart of GBP/USD.
  • GBP/JPY is correcting gains from the 155.00 resistance zone.
  • There is a key bearish trend line forming with resistance near 154.40 on the hourly chart.

GBP/USD Technical Analysis

In the past few sessions, the British Pound saw a steady increase above the 1.4000 zone against the US Dollar. The GBP/USD pair broke the 1.4100 level and extended its upward move.

There was even a break above the 1.4200 resistance zone. A high was formed near 1.4233 on FXOpen and the pair is currently correcting gains. It broke the 1.4200 and 1.4180 support levels.



There was also a spike below the 1.4150 level and the 50 hourly simple moving average. A low is formed near 1.4136 and the pair is now consolidating. There is also a major bullish trend line forming with support near 1.4135 on the hourly chart of GBP/USD.

On the upside, an immediate resistance is near the 1.4160 level and the 50 hourly simple moving average. It is close to the 23.6% Fib retracement level of the recent decline from the 1.4233 high to 1.4136 low.

The first major resistance is near the 1.4185 level. The 50% Fib retracement level of the recent decline from the 1.4233 high to 1.4136 low is also near the 1.4185 level. Any more gains could set the pace for a strong rally above the 1.4200 level.

Conversely, the pair could break the trend line support and continue lower below 1.4135. The next major support is near the 1.4100 level. If there are additional losses, the pair could decline towards the 1.4000 level.

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Re: Daily Market Analysis By FXOpen
« Reply #108 on: May 24, 2021, 03:09:32 PM »
Cryptocurrencies Tumble in April – What Comes Next?



Over the weekend, the cryptocurrency market took another tumble. Bitcoin fell more than 10% and tested the $32k level before bouncing. Also, Ethereum and other cryptocurrencies have lost more, with most of the coins down over 50% in April.

It all started with Elon Musk, the CEO of Tesla, tweeting at the start of the trading month that the company will not accept Bitcoin as payment for the purchasing of its electric vehicles. As such, Bitcoin collapsed, and other digital assets followed the same path.



Is It the First Time When Bitcoin Drops That Much?

A quick check at the Bitcoin’s price history reveals that such a drop is actually part of the way the asset moves. Throughout history, Bitcoin lost over 80% of its value three times – in 2013, 2016, and 2018.

Some other times, it frequently lost more than 40% of its value. Yet, Bitcoin did found its way out of it, although the volatility is not for the everyone.



If we look at what happened in May so far, Bitcoin’s price corrected from over $60k close to $30k. That is a drop of 50% in less than a month.

This is a problem not only for the crypto assets but for traditional financial assets too. One must remember how Bitcoin’s adoption has increased among institutional investors lately, and such a drop may end up posing a systemic risk to markets.

It did not, so far, as the equity markets remain stable. However, the declines in some crypto assets are so steep that institutional investors that adopted crypto have some explaining to do to their clients.

All in all, the move lower in Bitcoin is not unusual if we check historical prices. The only thing that is different at this point is that the move lower does not affect only retail traders anymore but also institutional investors. If the bearish market continues, the risk of seeing some spillovers in the traditional markets increases exponentially.

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Re: Daily Market Analysis By FXOpen
« Reply #109 on: May 25, 2021, 12:00:40 PM »
BTC and XRP – Starting impulse to the upside likely developing



BTC/USD

The price of Bitcoin has recovered significantly from Sunday’s low of around $32,000 as it made an increase of 27% measured to its highest point today at $39.723. Since then we have seen a minor pullback with the price currently being traded at $37,896 and moving to the downside again.

On the hourly chart, you can see that the price made a five-wave increase from Sunday and came slightly above the significant horizontal level that served as support now turned resistance. This is why the price struggled to keep up its upward trajectory and is now headed to the downside again.



From Sunday we have most likely seen the start of the next move to the upside as the corrective ABC of the highest degree ended. If this is true, then we are now seeing the first sub-wave of the next five-wave impulse coming to completion as is why the currently seen downside move would be expected to continue pushing the price further down. That would be expected to develop as the 2nd sub-wave of the higher degree count and it should now form a higher low compared to Sunday’s one, potentially around $36,000 where the next horizontal support is in line. But from there further upside movement would be expected and a breakout above the $42,000 horizontal zone.

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Re: Daily Market Analysis By FXOpen
« Reply #110 on: May 26, 2021, 04:46:34 AM »
EUR/USD Eyes Additional Gains, USD/JPY Remains At Risk



EUR/USD is gaining pace above the 1.2200 resistance zone. USD/JPY is showing bearish signs below the 108.85 and 109.00 resistance levels.

Important Takeaways for EUR/USD and USD/JPY

  • The Euro started a fresh increase above the 1.2200 resistance zone.
  • There is a key bullish trend line forming with support near 1.2240 on the hourly chart of EUR/USD.
  • USD/JPY declined below the 109.20 and 109.00 support levels.
  • There is a major bearish trend line forming with resistance near 109.00 on the hourly chart.

EUR/USD Technical Analysis

After forming a base above the 1.2050 level, the Euro started a fresh increase against the US Dollar. The EUR/USD pair broke the 1.2150 resistance level to move into a positive zone.

The pair even broke the 1.2200 level and settled nicely above the 50 hourly simple moving average. A high is formed near 1.2263 on FXOpen and the pair is now consolidating gains. It corrected lower below the 1.2250 support zone.



There was a break below the 23.6% Fib retracement level of the recent wave from the 1.2160 swing low to 1.2263 high. However, the pair is holding the 1.2200 support zone.

There is also a key bullish trend line forming with support near 1.2240 on the hourly chart of EUR/USD. If there is a downside break below the trend line, the pair could test the 1.2210 zone. It is near the 50% Fib retracement level of the recent wave from the 1.2160 swing low to 1.2263 high.

An intermediate support is near the 1.2225 level and the 50 hourly simple moving average. On the upside, the pair is likely to accelerate higher if it clears 1.2265. The next major resistance is near the 1.2300 level. Any more gains could lead the pair towards the 1.2350 level. An intermediate resistance might be near the 1.2320 level.

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Re: Daily Market Analysis By FXOpen
« Reply #111 on: May 27, 2021, 11:34:50 AM »
LTC and EOS – At key turning point



LTC/USD

The price of Litecoin has been on the rise since the 23rd when it fell down to $128.32 at its lowest point. From there we have seen an increase of 58% measured to its highest point yesterday at around $203. Since then a minor pullback was made but the price is once again in an upward trajectory and is currently being traded at $196.3.



On the hourly chart, you can see that from the 23rd of May we have seen an impulsive five-wave move after which the price started consolidating. It did so in a three-wave manner which is most likely the 2nd sub-wave of the next higher degree impulse to the upside. We have seen the completion of a 3-3-5 move with a higher low made today compared to the one on the 25th as the first pullback which validated that the support is getting higher and that buyers are stepping in.

If this was a running flat correction that ended now today we have seen the start of the next wave to the upside which is set to exceed the high on the 25th and propel the price much stronger potentially to the territory of the 0.5 Fib level at around $264.65. But if this is the five-wave impulse of the higher degree it should continue moving to the upside beyond that point after another pullback on the 4th wave.

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Re: Daily Market Analysis By FXOpen
« Reply #112 on: May 28, 2021, 06:38:15 AM »
Gold Price and Oil Price Turn Attractive On Dips



Gold price traded above the $1,900 resistance zone before correcting lower. Crude oil price is rising and it is trading nicely above the $65.00 pivot level.

Important Takeaways for Gold and Oil

  • Gold price gained pace above the $1,850 and $1,880 resistance levels against the US Dollar.
  • There is a key contracting triangle forming with resistance near $1,898 on the hourly chart of gold.
  • Crude oil price climbed higher and it cleared the $67.00 resistance zone.
  • There is a major bullish trend line forming with support near $66.00 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

This week, gold price started a steady increase above the $1,850 level against the US Dollar. It broke a few key hurdles near $1,880 to move further into a positive zone.

The price even settled above the $1,880 zone and the 50 hourly simple moving average. There was a clear break above the $1,900 level and a high was formed near $1,912 on FXOpen. The price is now correcting gains and trading below $1,900.



There was a break below $1,890, but downsides were limited. The price traded as low as $1,888 and the price is now consolidating. It seems like there is a key contracting triangle forming with resistance near $1,898 on the hourly chart of gold.

The triangle resistance is near the 38.2% Fib retracement level of the recent decline from the $1,912 high to $1,888 low. The main resistance is now forming near the $1,900 level and the 50 hourly simple moving average.

The 50% Fib retracement level of the recent decline from the $1,912 high to $1,888 low is also near the $1,900 zone. A clear break above the $1,900 level may possibly open the doors for a move towards the $1,920 level or even $1,935.

On the downside, the price is likely to find bids near $1,888. If there is a downside break below $1,888, there are chances of a move towards the $1,870 level in the near term.

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Re: Daily Market Analysis By FXOpen
« Reply #113 on: May 31, 2021, 05:52:05 AM »
GBP/USD Remains In Uptrend, USD/CAD Could Extend Losses



GBP/USD is holding gains above the 1.4100 and 1.4120 support levels. USD/CAD is struggling and it could decline further if it breaks the 1.2060 support.

Important Takeaways for GBP/USD and USD/CAD

  • The British Pound started a fresh increase above the 1.4100 resistance level.
  • There was a break above a key bearish trend line with resistance near 1.4190 on the hourly chart of GBP/USD.
  • USD/CAD declined steadily after it failed to clear the 1.2140 resistance zone.
  • There is a major bullish trend line forming with support near 1.2070 on the hourly chart.

GBP/USD Technical Analysis

The British Pound remained well bid above the 1.4080 and 1.4100 support levels against the US Dollar. The last swing low was formed near 1.4100 before the GBP/USD started a fresh increase.

The recent low was formed near 1.4136 on FXOpen and the pair is now rising steadily. It broke the 1.4150 resistance level and the 50 hourly simple moving average. There was a break above the 50% Fib retracement level of the downward move from the 1.4219 high to 1.4136 low.



There was also a break above a key bearish trend line with resistance near 1.4190 on the hourly chart of GBP/USD. The pair is now trading nicely above the 1.4180 level.

It is testing the 76.4% Fib retracement level of the downward move from the 1.4219 high to 1.4136 low. A clear break above the 1.4200 resistance level could open the doors for a larger increase. In the stated case, the pair could rise towards the 1.4220 resistance.

The next major resistance is near 1.4235, above which GBP/USD might test the 1.4300 zone. An initial support on the downside is near the 1.4180 level.

The first major support is near the 1.4165 level and the 50 hourly simple moving average. Any more losses could open the doors for a move towards the 1.4120 support zone.

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Re: Daily Market Analysis By FXOpen
« Reply #114 on: May 31, 2021, 04:12:09 PM »
Gold Breaks Above $1,900 On Inflation Fears



Gold has long played an important role in financial markets. It is the only form of money that survived for millenniums, and investment managers value it as a hedge against inflation.

Inflation is on everyone´s lips nowadays. In April, the Consumer Price Index (CPI) in the United States has grown at the fastest pace since 1981. Both the core and the headline CPI are poised to rise further in the summer, as the US government and the Fed keep the accommodative measures.

Last week, the Personal Core Expenditure (PCE) in the United States rose by 0.7% on expectations of 0.6% and following 0.4% in the previous month. The upbeat data is important because the PCE measures the change in the price of goods and services purchased by consumers, without counting for energy and food prices, considered too volatile. Also, the PCE is the Fed´s favored way of measuring inflation, and the rise fuels expectations of higher inflation in the months ahead.



Two Different Recessions

A quick comparison of the two last recessions reveals that the CPI had a different path. For example, in the aftermath of the 2008-2009 Great Financial Crisis, inflation fell below zero. In other words, deflation gripped the world´s developed economies, or at least it threatened to do so.

However, it is not the case during the current recession. Instead of falling, inflation is poised to rise further. The Fed in the United States has anticipated higher inflation already since August last year. During the Jackson Hole symposium in 2020, the Fed changed its mandate from targeting 2% to averaging 2% over a certain period.

Higher inflation typically triggers higher gold prices. Only that the price of gold tumbled since last summer, falling from a record high above $2,000 to below $1,700. At the same time, the US dollar continued to weaken, losing ground against its G10 peers.

But the price of gold recovered from its recent lows and now threatens to break to a new all-time high. If the trend in inflation seen in April is set to continue, the bullish trend in the price of gold is likely to continue as well.

Now that the cryptocurrency market lost more than half of its value, as seen by the price of Bitcoin falling by 50% in a couple of weeks, investors seem to favor gold again as a hedge against inflation. If that is the case, the recent rise in the price of gold is just the start of an attempt at a new all-time high. The higher the CPI rises, the bigger the share investors will allocate to gold.

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Re: Daily Market Analysis By FXOpen
« Reply #115 on: June 02, 2021, 04:07:53 AM »
EUR/USD Eyes More Upsides, USD/CHF Could Extend Losses



EUR/USD is trading in a positive zone above the 1.2200 support. USD/CHF is declining and it could extend losses below the 0.8950 support zone.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro started a fresh increase and it broke the 1.2200 resistance zone against the US Dollar.
  • There is a key expanding triangle forming with resistance near 1.2255 on the hourly chart of EUR/USD.
  • USD/CHF started a fresh decline after it failed to clear the 0.9020 resistance zone.
  • There was a break below a major bullish trend line with support near 0.8980 on the hourly chart.

EUR/USD Technical Analysis

The Euro formed a strong support base above the 1.2120 level against the US Dollar. As a result, the EUR/USD pair started a fresh increase and it traded above the main 1.2200 resistance zone.

The pair even surged above the 1.2220 level and settled above the 50 hourly simple moving average. A high was formed near 1.2254 on FXOpen and the pair is now correcting gains. It traded below the 1.2220 support level.



There was a break below the 23.6% Fib retracement level of the upward move from the 1.2132 swing low to 1.2254 high. It is now trading nicely above the 1.2200 support zone and the 50 hourly SMA.

There is also a key expanding triangle forming with resistance near 1.2255 on the hourly chart of EUR/USD. On the upside, the pair is facing hurdles near the 1.2240 and 1.2250 levels. A clear upside break above 1.2250 could set the pace for a larger increase.

On the downside, there is a major support forming near the 1.2200 zone. The next key support is near the 1.2190 level. It is near the 50% Fib retracement level of the upward move from the 1.2132 swing low to 1.2254 high.

A downside break below the 1.2190 support could increase selling pressure in the near term. The next major support could be near the 1.2150 level.

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Re: Daily Market Analysis By FXOpen
« Reply #116 on: June 03, 2021, 01:30:05 PM »
LTC and EOS – Indecision



LTC/USD

The price of Litecoin has bee on the rise since the 30th of May again after it came down to $157.3 from $207. It reached today $197 at its highest point and is now making a minor pullback.



We have seen the start of the recovery from the 23rd when it fell all the way down to $127 and even lower on the wick to the downside. This is why the recovery seen from there could be the start of the next impulsive move to the upside that is now going to develop in a five-wave manner. On the other hand, this could be another corrective stage with the price making some kind of an ABC correction after further downtrend continuation.

In the first case, we could see a breakout from the currently formed rising flat triangle on the upside which would validate the possibility of the upward momentum. But if the ascending trendline breaks out to the downside it could be an early indication that the price is headed further down below its lowest levels this year.

EOS/USD

The price of EOS has been moving sideways from the 30th of May when it fell to $5.5 area from its high of $7.52. Since then it has recovered to $6.67 at its highest point today but is now sitting again lower as it encountered resistance.



On the hourly chart, you can see that the price has formed a sideways range from the 30th with slight ascending levels. This could be the start of the next impulsive move as a leading diagonal or it could be the 2nd sub-wave of the next move to the downside which is still unclear. This is why it would be safe to say that a breakout beyond its outline levels could provide an early indication of where the price is headed further.

If the price continues increasing and manages to go above the resistance levels this could meant that the price is headed further up, but if its support gets broken we could see further downtrend continuation.

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This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice. Cryptocurrency CFDs are not available to trade in all jurisdictions.

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Re: Daily Market Analysis By FXOpen
« Reply #117 on: June 04, 2021, 06:23:02 AM »
AUD/USD and NZD/USD Turn Red, Upsides Capped



AUD/USD started a major decline after it failed to clear the 0.7765 resistance. NZD/USD also declined and it broke a major support near the 0.7200 zone.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar started a fresh decline below the 0.7740 and 0.7700 support levels against the US Dollar.
  • There was a break below a major bullish trend line with support near 0.7730 on the hourly chart of AUD/USD.
  • NZD/USD also declined heavily below the 0.7200 and 0.7180 support levels.
  • There is a key bearish trend line forming with resistance near 0.7200 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

Recently, the Aussie Dollar made a few attempts to clear the 0.7765 resistance zone against the US Dollar. The AUD/USD pair failed to gain momentum and it started a major decline below 0.7750.

It broke the 0.7700 support level and settled well below the 50 hourly simple moving average. The pair even broke the 0.7675 support level and extended its decline. It traded as low as 0.7644 on FXOpen and it is currently consolidating losses.



An initial resistance on the upside is near the 0.7670 level. It is near the 23.6% Fib retracement level of the recent decline from the 0.7755 high to 0.7644 low.

The first major resistance is near the 0.7675 level (the recent breakdown zone). The next major resistance is near the 0.7700 level. It is close to the 50% Fib retracement level of the recent decline from the 0.7755 high to 0.7644 low.

Any more gains could lead the pair towards the 0.7715 level and the 50 hourly simple moving average. Conversely, the pair could further decline below the 0.7650 support zone.

The next major support is near the 0.7640 level. If there is a downside break below the 0.7640 level, the pair could extend its decline towards the 0.7580 level.

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Re: Daily Market Analysis By FXOpen
« Reply #118 on: June 07, 2021, 07:52:59 AM »
GBP/USD and EUR/GBP: British Pound Could Correct Lower



GBP/USD failed to clear the key 1.4200 resistance zone and corrected lower. EUR/GBP is rising and it might continue to rise towards the 0.8650 level.

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound failed to gain pace above the main 1.4200 resistance zone.
  • There is a key bearish trend line forming with resistance near 1.4175 on the hourly chart of GBP/USD.
  • EUR/GBP started a fresh increase after it found a strong support near the 0.8565 zone.
  • There was a break above a major bearish trend line with resistance near 0.8590 on the hourly chart.

GBP/USD Technical Analysis

The British Pound started a fresh increase from the 1.4080 support zone against the US Dollar. The GBP/USD pair climbed above the 1.4150 resistance and the 50 hourly simple moving average.

However, the pair failed to gain pace above the 1.4200 resistance. It traded as high as 1.4199 on FXOpen and it is now correcting gains. There was a break below the 1.4165 support level. The bears pushed the pair below the 23.6% Fib retracement level of the upward move from the 1.4083 swing low to 1.4199 high.

The pair is now testing the 1.4140 level and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the 1.4083 swing low to 1.4199 high.



A downside break below 1.4140 could set the pace for a fresh decline towards the 1.4100 support. The main support is still near 1.4080, below which the pair could dive towards 1.4000.

On the upside, an immediate resistance is near the 1.4170 level. There is also a key bearish trend line forming with resistance near 1.4175 on the hourly chart of GBP/USD. The next major resistance is near the 1.4200 level.

A successful close above 1.4170 and a follow up move above 1.4200 could open the doors for a move towards the 1.4250 resistance.

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Re: Daily Market Analysis By FXOpen
« Reply #119 on: June 07, 2021, 01:14:45 PM »
Weak US Dollar Ahead of Critical Inflation Data



The US dollar reacted strongly to the June NFP report released last Friday and declined across the board. The US economy added fewer than expected jobs in May, but the unemployment rate declined to 5.8%.

The reaction in the dollar may have come as a result of traders and other market participants preparing for the inflation data later this week. On Thursday, right when the European Central Bank is presenting its June decision, the Consumer Price Index (CPI) from the United States is released.



Rising Inflation – Bullish or Bearish for the US Dollar

One month ago, the US dollar declined on the CPI release. The April headline and core inflation data showed rising prices, and the dollar took a dive.

However, dollar bears should keep in mind two things. First, it is not the first time in history when higher inflation may lead to a stronger, not a weaker, dollar. A close look at what happened in the 1970s, a period known as one with higher inflation, will show that the dollar may get stronger on rising prices.

Second, the core inflation difference between Europe and the United States suggests we may see a stronger dollar in the second half of the year. The core inflation difference leads five months, and so far it correlated perfectly with the EUR/USD exchange rate. More precisely, it points to a much lower EUR/USD than the current levels, something that dollar bears may want to consider.

This week, the ECB monetary policy decision will trigger volatility on the euro pairs, but the market participants will also look at the tapering message. Next week it is the Fed’s turn to talk about tapering, and the difference between the two statements will be the driver for the EUR/USD exchange rate.

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Re: Daily Market Analysis By FXOpen
« Reply #120 on: June 08, 2021, 12:38:20 PM »
BTC and XRP – Breakout seen with further downside expected



BTC/USD

The price of Bitcoin has been on a decline since yesterday and from its high at $36,742 made a decrease of 11.67% measured to its lowest point today at $32,455. Currently, it is sitting at $32,850 as a minor recovery was made but the picture still looks breaking with more downside expected.



Looking at the hourly chart, you can see that the price has made a continuation of the descending move from the 3rd of June. A breakout was made from the ascending support on the 5th after which a test of prior support for resistance. As resistance was present the price continued moving further to the downside and breaking out from the horizontal levels. This is most likely the development of the 3rd wave out of the higher degree five-wave impulse that started on the 3rd of June.

If this is true then the price of Bitcoin is now headed to the vicinity of the $30,000 area where the next support level is. Recovery of the 4th wave could be seen but the projection takes back Bitcoin even further to the downside at around $27,500 area for the completion of the impulsive move.

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Re: Daily Market Analysis By FXOpen
« Reply #121 on: June 09, 2021, 05:44:35 AM »
EUR/USD Eyes Upside Break, USD/JPY Faces Uphill Task



EUR/USD is showing positive signs above the 1.2150 pivot level. USD/JPY could extend its decline unless it clears the 109.60 resistance zone in the near term.

Important Takeaways for EUR/USD and USD/JPY

  • The Euro started a fresh increase from the 1.2100 support zone.
  • There is a key bearish trend line forming with resistance near 1.2185 on the hourly chart of EUR/USD.
  • USD/JPY declined below the 109.90 and 109.60 support levels.
  • There was a break below a major bullish trend line with support near 109.75 on the hourly chart.

EUR/USD Technical Analysis

Recently, the Euro saw a downside correction from well above the 1.2200 level against the US Dollar. The EUR/USD pair broke the 1.2150 support level and extended its decline.

However, the bulls were active above the 1.2100 level. A low was formed near 1.2103 on FXOpen and the pair is now rising. There was a break above the 1.2120 and 1.2150 resistance levels.



The pair even climbed above the 50% Fib retracement level of the recent decline from the 1.2249 high to 1.2103 low. It is now trading above the 1.2165 level and the 50 hourly simple moving average. The pair is now attempting an upside break above 1.2185 and 1.2190.

There is also a key bearish trend line forming with resistance near 1.2185 on the hourly chart of EUR/USD. The next key resistance is near the 1.2215 level.

The 76.4% Fib retracement level of the recent decline from the 1.2249 high to 1.2103 low is also near the 1.2215 level. A clear upside break above the trend line and then 1.2215 could open the doors for a larger increase. In the stated case, the pair could rise towards the 1.2250 level.

An intermediate support is near the 1.2175 level and the 50 hourly simple moving average. The next major support is near the 1.2150 level, below which the pair could drop towards the 1.2100 support.

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Re: Daily Market Analysis By FXOpen
« Reply #122 on: June 10, 2021, 01:29:40 PM »
LTC and EOS – Correction could have ended but further confirmation is needed



LTC/USD

The price of Litecoin has been on the rise since Tuesday when it fell down to $144.36. From there we have seen an increase of 21.5% measured to its highest point today at $175. A minor pullback was made but again a rise with the price currently sitting slightly lower than its highest point today.



On the hourly chart, you can see that the price of Litecoin is still in a descending triangle from the 26th of May. Another interaction with its resistance level could be expected during the day as the 5th wave from the starting five-wave impulse from Tuesday. This could be the start of the higher degree upward move after the three-wave correction ended on the 8th in which case after a retracement we are to see a breakout from the upside.

The picture still looks corrective which is why we could be seeing the 4th wave out of the five-wave correction move from the 26th in which case the price of Litecoin could fall back to a lower low compared to the one on the 8th of June. This is why we are going to see from the interaction with the descending resistance if the price gets rejected and the depth of the expected retracement which scenario would be in play.

If it lands on the 0.5 Fib level or slightly lower and finds support there on the expected retracement that could be an early sign for a potential breakout to the upside.

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Re: Daily Market Analysis By FXOpen
« Reply #123 on: June 11, 2021, 06:19:21 AM »
Gold Price and Oil Price Eye Additional Gains



Gold price is showing positive signs above the $1,880 resistance zone. Crude oil price is holding a major support, but it is facing resistance near $70.00.

Important Takeaways for Gold and Oil

  • Gold price gained pace above the $1,875 and $1,880 resistance levels against the US Dollar.
  • There was a break above a key bearish trend line with resistance near $1,894 on the hourly chart of gold.
  • Crude oil price climbed higher and it even cleared the $70.00 resistance zone.
  • There is a crucial bullish trend line forming with support near $69.00 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

This week, gold price remained in a positive zone above the $1,865 level against the US Dollar. The bulls were able to push the price above the $1,880 resistance zone.

The price even settled above the $1,885 level and the 50 hourly simple moving average. There was a break above a key bearish trend line with resistance near $1,894 on the hourly chart of gold.



A high is formed near $1,900 on FXOpen and the price is now consolidating gains. An initial support on the downside is near the $1,893 level. It is close to the 23.6% Fib retracement level of the recent increase from the $1,870 swing low to $1,900 high.

The first major support is near the $1,890 level and the 50 hourly simple moving average. The next key support is near the $1,885 level.

The 50% Fib retracement level of the recent increase from the $1,870 swing low to $1,900 high is also near the $1,885 level. Any more losses could open the doors for a move towards the $1,870 low.

An initial resistance is near the $1,905 level. The first major resistance is near the $1,910 level. A clear break above the $1,910 level may possibly open the doors for a move towards the $1,925 level. The next major resistance sits near $1,935.

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