FXOpen Trader

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Gold Price and Crude Oil Price At Risk of Downside Break Gold price is correcting lower and trading below $2,000. Crude oil price is facing an increase in selling pressure below $105. Important Takeaways for Gold and Oil Gold price started a downside correction after a strong rally to $2,070 against the US Dollar. There is a key bullish trend line forming with support near $1,985 on the hourly chart of gold. Crude oil price corrected lower, but it found support near $100.00. There was a break below a short-term ascending channel with support near $108.10 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price formed a support base near $1,950 and started a fresh increase against the US Dollar. The price gained pace for a move above the $2,000 level to move into a positive zone. There was a clear move above the $2,020 level and the 50 hourly simple moving average. The price even climbed above the $2,050 resistance level. A high was formed near $2,070 on FXOpen before the price started a downside correction. Gold Price Hourly Chart There was a break below the $2,000 level. The price even spiked below the $1,980 level, but it found support near $1,970. A low is formed near $1,970 and the price is now consolidating. There was a move above the 23.6% Fib retracement level of the recent decline from the $2,070 swing high to $1,970 low. On the upside, the price is facing resistance near the $2,000 level and the 50 hourly simple moving average. The main resistance is now forming near the $2,020 level. The 50% Fib retracement level of the recent decline from the $2,070 swing high to $1,970 low is also near $2,020. A close above the $2,020 level could open the doors for a steady increase towards $2,050. The next major resistance sits near the $2,070 level. On the downside, an initial support is near the $1,985 level. There is also key bullish trend line forming with support near $1,985 on the hourly chart of gold. If there is a downside break below the $1,985 level, the price could decline to $1,920. Read Full on FXOpen Company Blog...

FXOpen to Switch to Daylight Saving Time on March 13 Dear Traders, On March 13, 2022, FXOpen will shift trading servers’ time by one hour forward, from GMT+2 to GMT+3. The change will affect all account types. For ECN, STP, and Micro accounts, it will come into effect as the market opens on Monday, March 14, 2022. As for Crypto accounts where trading is available over the weekend, traders will notice a change on Sunday, March 13, 2022. The transition of servers to daylight saving time does not impact the trading process. You will be able to open, close and modify orders as usual − just make sure to change the time in your indicators and expert advisors accordingly for them to function properly. FXOpen Company News

ETHUSD and LTCUSD Technical Analysis – 10th MAR, 2022 ETHUSD: Head and Shoulders Pattern Below $2,700 Ethereum continued to move in a bearish phase last week, having touched a low of $2,448 on March 7th, after which the prices started to consolidate above the level of $2,500. We can see ETHUSD moving in a bearish momentum because of the Russia-Ukraine war and its effects on the global investor sentiments. Despite the fact that some correction was seen in the USD, the medium-term outlook for Ethereum remains bearish with a downside projection of $2,200. We can clearly see a head-and-shoulders pattern below the $2,700 handle which is a bearish pattern signifying the end of a bullish phase and the start of a bearish phase in the markets. ETH is now trading just below its pivot level of $2,588 and is moving in a bearish channel. The price of ETHUSD is now testing its classic support level of $2,558, and Fibonacci support level of $2,580 after which the path towards $2,300 will get cleared. The relative strength index is at 34 indicating a WEAKER demand for Ethereum, as well as the continuation of the selling pressure in the markets. All of the technical indicators are giving a STRONG SELL market signal. All of the moving averages are giving a STRONG SELL signal, and we are now looking at the levels of $2300 to $2200 in the short-term range. ETH is now trading below both its 100 hourly and 200 hourly simple moving averages. A bearish reversal seen below the $2700 mark in Eth Short-term range appears to be strongly BEARISH The daily RSI is below 50 at 44 indicating a BEARISH market The average true range is indicating LESSER market volatility Ether: Bearish Momentum Continues Below $2,700 ETHUSD is now moving in a strongly bearish momentum, with the prices trading below the $2,600 handle in the European trading session today. Both the Stoch and StochRSI are indicating an OVERSOLD market, which means that a pullback in the levels of Ethereum is expected soon. The Ethereum bulls have retracted, and we can see that the selling pressure has resumed which is expected to push down the prices below the $2,500 handle. The prices of ETHUSD need to remain above $2,200 for any bullish reversal in the markets. At present, we are looking for the immediate target of $2,300 after which it is expected to enter into a consolidation and correction phase. This week, the key support level to watch is $2,200, and the key resistance level is $2,700. ETH has declined -5.24% with a price change of -143.26$ in the past 24hrs, and has a trading volume of 13.621 billion USD. We can see an Increase of 16.69% in the total trading volume in the last 24 hrs, which appears to be normal. The Week Ahead Ethereum has already exhausted its consolidation channel and is now moving into its next bearish phase towards the level of $2,300. The ongoing Russia-Ukraine war crisis is continuing to affect the prices of Ethereum, as new investors are not willing to enter into the market because of the global crisis scenario and the waning demand in the global cryptocurrency markets. If the prices of ETHUSD continue to remain above $2,200 this week, we can expect a bullish reversal next week. The immediate short-term outlook for Ether has turned strongly BEARISH; the medium-term outlook has turned bearish; and the long-term outlook for Ether is NEUTRAL in present market conditions. This week. Ether is expected to move in a range between $2,200 and $2,700, and next week, it is expected to enter into a consolidation phase above $2,500. Technical Indicators: The moving averages convergence divergence (12,26): at -16.78 indicating a SELL The commodity channel index (14-day): at -117.12 indicating a SELL The rate of price change: at -4.37 indicating a SELL The average directional change (14-day): at 45.85 indicating a SELL Read Full on FXOpen Company Blog...

Gold approaching record high as instability fuels switch to physical assets Ever since the very first items were made from gold over 3,500 years ago in the ancient Egyptian period, this particular precious metal has been held in high esteem as a means of storing a potentially appreciating physical asset. Throughout the ages, whenever an ancient kingdom came under siege, its population would attempt to accumulate gold. As time developed, and the industrialization of the world began, gold became a benchmark for investment, and has been constantly regarded as one of the most reliable physical commodities available on the global markets. Even in modern times, when a war occurs, or a political catastrophe, people buy gold. These past few days have been no exception. During the course of yesterday (March 8, 2022), gold prices rallied and headed toward an all-time high. In the United States, by 12.10pm Eastern Standard Time (New York), the trading price of gold had risen by a remarkable 3.5% to $2,068.07 an ounce, which brought it near to its record trading value of $2072.50 which was set in the summer of 2020 during the period in which lockdowns were omnipresent across Europe and America, and fears of losing jobs and private property were widespread. Those fears are here again, this time fueled by heavy-handed sanctions which are decimating the markets across America and Europe. The US stock market is suffering a tech stock obliteration which is beginning to cause analysts to compare it to the 'dot com' collapse of the early 2000s. This is a very sudden new direction. Tech stocks were the solid, relatively low-risk investment for most investors and traders all the way from those trading part-time from home, to large hedge funds and wealth managers. Now, with these in decline, the mainstay of the US economy is being measured and global investors are heading for the hard collateral that is precious metal. Even nickel, which is used in engineering across most heavy industrial applications worldwide from car manufacturing to construction, has been soaring in price to the extent where pricing has become so difficult in the live market that the London Metal Exchange (LME) has suspended its trading. One report this morning stated that a Chinese investor is facing losses running into the multi-billion-pound range as a result of the volatility in which nickel soared by as much as 111% to a record $101,365, followed by a two-day increase of up to 250% before falling back to $82,250 a tonne. The London Metal Exchange has been pricing nickel for over 145 years, and yesterday's volatility was an all time record in the entire trading history of the venue. Precious metals are therefore in huge demand, and gold is unique in that it is primarily used as a store of value, compared to other high-demand metals like copper and nickel whose primary use is in manufacturing and engineering. Today, Reuters has explained that one particular futures trader had cited the combination of extremely inflationary energy prices, grain prices and base metal prices has contributed the major underlying support behind gold having increased so much in value. Certainly investors are hanging onto physical assets, and those metals with an engineering use are rocketing due to the difficulties in obtaining them for factories to be able to meet the demand for their products or remain in business without having to halt production, leaving gold as an outright store of value which is heading for all time highs. Fascinating market moves brought on by highly well analyzed circumstances. FXOpen Blog

EUR/USD Could Recover, USD/JPY Eyes More Upsides EUR/USD declined heavily to 1.0800 before it started an upside correction. USD/JPY surged above 115.50 and now consolidating gains. Important Takeaways for EUR/USD and USD/JPY The Euro declined heavily below 1.1200 before it found support near 1.0800. There was a break above a key bearish trend line with resistance near 1.0900 on the hourly chart of EUR/USD. USD/JPY started a strong upward move above the 115.20 and 115.50 resistance levels. There is a major bullish trend line forming with support near 115.70 on the hourly chart. EUR/USD Technical Analysis This past week, the Euro started a major decline from well above 1.1200 against the US Dollar. The EUR/USD pair declined heavily below the 1.1120 support zone. The pair even broke the 1.0980 level and settled below the 50 hourly simple moving average. A low was formed near 1.0805 on FXOpen and the pair is now correcting higher. There was a move above the 23.6% Fib retracement level of the key decline from the 1.1232 swing high to 1.0805 low. EUR/USD Hourly Chart There was also a break above a key bearish trend line with resistance near 1.0900 on the hourly chart of EUR/USD. An immediate resistance on the upside is near the 1.0935 level. The next major resistance is near the 1.0970 level. The main resistance is near the 1.1020 level. It is near the 50% Fib retracement level of the key decline from the 1.1232 swing high to 1.0805 low. An upside break above 1.1020 could set the pace for a steady increase. If there is no break above 1.0935, the pair might start a fresh decline. An immediate support is near the 1.0880 and the 50 hourly simple moving average. The next major support is near 1.0820, below which the pair could drop to 1.0750 in the near term. Read Full on FXOpen Company Blog...

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