Exchange Blog Cryptocurrency Blog
FXOpen Trader
-
Posts
3,653 -
Joined
-
Last visited
-
Days Won
6
Posts posted by FXOpen Trader
-
-
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.
-
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.
-
FXOpen Increases Margin Requirements for Rouble Pairs
Dear Traders!
Due to the uncertainty caused by possible sanctions against the Russian Federation, FXOpen is increasing margin requirements for rouble pairs. Margin requirements will increase by 5 (five) times their normal level. The changes are effective starting from April 5, 2021.
We will inform you as soon as margin requirements are back to their previous level.
Please consider these changes when planning your trading activities.
-
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.
-
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.
Read Full on FXOpen Company Blog...
-
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.
-
Easter 2020: Changes to Trading Hours
Dear Traders!
Please note that due to the Easter holidays, trading hours for some financial instruments will be changed as follows:
Thursday, April 1st, 2021
Indices CFD:
- Australia 200 (#AUS200): 01:00 – 16:00;
- Europe 50 (#ESX50): 01:00 – 23:00;
- France 40 (#FCHI): 01:00 – 23:00;
- UK 100 (#UK100): 01:00 – 23:00.
All other financial instruments will be traded without changes.
Friday, April 2nd, 2021
Commodities CFD: trading closed.
Indices CFD:
- Australia 200 (#AUS200): trading closed;
- Europe 50 (#ESX50): trading closed;
- France 40 (#FCHI): trading closed;
- Germany 30 (#GDAXIm): trading closed;
- Hong Kong 50 (#HSI): trading closed;
- Japan 225 (#J225: 01:00 – 16:15;
- UK 100 (#UK100): trading closed;
- US SPX 500 (#SPXm): 01:00 – 16:15;
- US Tech 100 (#NDXm): 01:00 – 16:15;
- Wall Street 30 (#WS30m): 01:00 – 16:15.
Stocks CFD: trading closed.
All other financial instruments will be traded without changes.
Monday, April 5th, 2021
Indices CFD:
- Australia 200 (#AUS200): trading closed;
- Europe 50 (#ESX50): trading closed;
- France 40 (#FCHI): trading closed;
- Germany 30 (#GDAXIm): trading closed;
- Hong Kong 50 (#HSI): trading closed;
- UK 100 (#UK100): trading closed.
Stocks CFD:trading closed.
All other financial instruments will be traded without changes.
Monday, April 6th, 2021
Indices CFD:
- Australia 200 (#AUS200): 02:50 Tue – 00:00 Wed;
- Europe 50 (#ESX50): 03:15 Tue – 00:00 Wed;
- France 40 (#FCHI): 09:00 Tue – 00:00 Wed;
- Hong Kong 50 (#HSI): trading closed;
- UK 100 (#UK100): 03:00 Tue – 00:00 Wed.
Stocks CFD:trading closed.
All other financial instruments will be traded without changes.
Please consider these changes when planning your trading activities.
-
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.
-
On 3/26/2021 at 6:41 PM, gds221 said:
I believe that you need to be as careful and attentive as possible with trading, and it can be quite difficult to understand that this type of work can be quite difficult.
It is very much possible that our trading will become more difficult so we have to be ready for this.
-
On 3/25/2021 at 8:01 PM, gds221 said:
I believe that this work parameter depends solely on the trader's style of work.
We have to spend more time in the foreign exchange market and try to learn new trading systems.
-
On 3/25/2021 at 7:51 PM, gds221 said:
Choosing the right strategy for work is a key task for the trader. As for me, this is really one of the most important elections for a trader.
If we are making use of correct kind of trading system then we will be able to get more income.
-
On 3/26/2021 at 6:49 PM, gds221 said:
Forex turned out to be really not the easiest option for work. It should be understood that making a profit in this industry is not an easy task.
In the foreign exchange market the main and important factor is to be able to control our timing.
-
On 3/27/2021 at 10:26 PM, gds221 said:
The issue of emotions in trading is really very important. It is worth understanding that it is important for a trader to always be able to make a correct decision, without emotions.
If we will be able to control our emotions in doing foreign exchange based trading then we can become successful traders.
-
On 3/28/2021 at 1:38 PM, gds221 said:
I tried to work with different brokers, but so far I consider the best in terms of work to be a broker from Amarkets. In my opinion, this is a really reliable option that allows you to earn money.
We have to find such kind of foreign exchange broker that have the lowest spreads in the market and that is FXOpen.
See below:
-
On 3/27/2021 at 10:52 PM, Vaabum said:
When I chose a broker for work, I managed to review the working conditions of many companies. Now I really like the broker from ExpertOption for work, and I think this is a very good option for work.
I am doing my foreign exchange based trading with the International reputed ECN foreign exchange broker FXOpen.
-
On 3/25/2021 at 7:36 PM, gds221 said:
This is a completely interesting strategy, but the main thing is that the trader understands whether he knows how to work with it correctly. For this, it is better to try yourself on a demo account.
We have to make use of such kind of trading strategy that is easy for us to understand and use.
-
On 3/21/2021 at 11:41 PM, e_abrams said:
True. The best way to learn is to just trade as much as possible. There are no shortcuts and there is no Holy Grail.
If we are going to spend more time in learning about the foreign exchange market then we are going to become better traders.
-
On 3/22/2021 at 7:12 PM, gds221 said:
People understand that it is quite possible to make money in this industry, so they try their hand in this industry. For example, I also recently started working with a broker from Amarkets, and was able to make pretty good money.
I started my journey in the foreign exchange market in the year 2010 with the International and reputed foreign exchange broker FXOpen.
-
On 3/21/2021 at 7:45 PM, Gidencenti said:
as successful traders say - everything comes with experience, all the skills and understanding of how to make money
If we are looking to get success in the business of foreign exchange we have to develop good trading strategy with us.
-
On 3/21/2021 at 7:36 PM, Gidencenti said:
never paid much attention to such books, as many of them simply describe emptiness
To be able to learn foreign exchange business and do some trading that can give us the required amount of profits we have to work hard.
-
On 3/21/2021 at 7:41 PM, Gidencenti said:
and not only from the trader himself, but also from the broker with whom he works, because choosing a reliable broker option for yourself, you can minimize the risk of work, for example, I'm working with Amarkets now, and I'm very pleased with this option!
I am a foreign exchange full time trader and I am doing my foreign exchange trading with the International and reputed foreign exchange broker FXOpen.
-
On 3/21/2021 at 7:35 PM, Gidencenti said:
in general, such concepts as skills and knowledge in forex are ignored only by fools, though as it is
If we are working hard then we can develop more trading skills and become better Forex trader.
-
On 3/21/2021 at 7:33 PM, Gidencenti said:
Everyone will have their own moments on the choice of working conditions, only those guys who have already tried many brokers can somehow compare them
We have to spend some time in the foreign exchange market to build good trading strategy.
-
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.
Daily Market Analysis By FXOpen
in Technical Analysis
Posted
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.
FXOpen Blog