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BTC and XRP – Breakout from the range will dictate the next trend BTC/USD The price of Bitcoin has been on the rise since the 26th of Jun and made it back to the $36,000 area on the 29th. From there we have seen a descending move with the price moving sideways after. Currently, it is being traded at $$33,893 and made a lower high today compared to yesterday’s one and is moving to the downside. Looking at the hourly chart, you can see that a triangle is being formed which could be the 2nd sub-wave of the higher degree descending move. Considering that the prior move ended most likely as the ABC correction to the upside with the price falling back inside the territory of the lower range of the 1st wave from the 22nd. this is currently more likely. In this case, the price is to form the 3rd wave from the descending move that started on the 16th of Jun when another three-wave ABC to the upside completed. If this is true, then we will see a breakout to the downside below the $31,000 mark, which served as a strong horizontal support level. However, this sideways movement that formed a triangle could be a consolidation range before another move to the upside that is set to break the $36,183 horizontal resistance. This is why the validation will come as a breakout direction from the mentioned triangle and will dictate the next dominant trend. Read Full on FXOpen Company Blog...

Changes to CFD Trading on Independence Day Dear Traders! Please note that due to Independence Day celebrated in the USA on 4 July 2021 you may experience the following changes: Monday, July 5th Metals: trading ends at 20:00 GMT+3; Indices CFD: Japan 225: trading ends at 20:00 GMT+3; US SPX 500 (Mini): trading ends at 20:00 GMT+3; US Tech 100 (Mini): trading ends at 20:00 GMT+3; Wall Street 30 (Mini): trading ends at 20:00 GMT+3 Stocks CFD: trading closed. All other financial instruments will be traded without changes. FXOpen Company News

Crude Oil Price Diverges from US Dollar Strength One of the most interesting divergences in financial markets formed recently. The price of oil remains stubbornly elevated, closing the previous week above $75 per one barrel, despite ongoing dollar strength. Since April 2020, the price of oil has come a long way. It dipped below the zero level for the first time ever, as the futures market settled close to -$40 twelve months ago. But from that moment on, it ripped higher, recovering all the pandemic losses and some more. Because oil remains a big chunk of energy consumption in the United States and the rest of the world, higher oil prices fuel higher inflation. Higher inflation, on the other hand, pressures central banks to act and raise the interest rates, as most of them have a price stability mandate given by an inflation-targeting framework. Commodities vs. Interest Rates A classic correlation in financial markets tells us that commodities tend to underperform when interest rates are rising. It is not the case this time. While the interest rates are not off their lows, the Federal Reserve of the United States started to talk hawkish. At its last meeting, the Fed signaled more rate hikes in the near future than the market expected, triggering a move higher in the US dollar. As such, the EURUSD pair fell from above 1.22 to 1.18, the GBPUSD from 1.42 to 1.38, and the AUDUSD from 0.78 to below 0.75. But the strength in the US dollar did not bring a correction in the price of oil. Just the opposite. A couple of things may help explain the divergence. On the one hand, the recent Iranian presidential elections have postponed the likelihood for Iranian oil to hit the market anytime soon. On the other hand, the OPEC+ recent meetings failed to commit new supplies for the second half of the year, despite the fact that demand is forecast to rise by 3 million barrels/day in the second half of the year. Hence, the imbalances in supply and demand point to further upside in the price of oil, despite the Fed’s hawkishness. Many voices in the market suggest that the Fed will signal the tapering of its asset purchases at the upcoming Jackson Hole Symposium in August. Therefore, until August, the US dollar’s strength will likely persist in expectations of the Fed’s message. Yet, as long as it remains above $70, the price of oil remains bid too, threatening with a move above $80 and beyond. FXOpen Blog

GBP/USD and GBP/JPY: British Pound Eyes Strong Recovery GBP/USD is slowly recovering, but it must break 1.3850 for more upsides. Similarly, GBP/JPY could gain pace if it clears the 1.3850 resistance zone in the near term. Important Takeaways for GBP/USD and GBP/JPY The British Pound is attempting a decent recovery wave above the 1.3800 zone against the US Dollar. There is a key bearish trend line forming with resistance near 1.3835 on the hourly chart of GBP/USD. GBP/JPY seems to be forming a base above the 153.00 support zone. There was a break above a major bearish trend line with resistance near 153.40 on the hourly chart. GBP/USD Technical Analysis In the past few sessions, the British Pound saw bearish moves below the 1.4000 zone against the US Dollar. The GBP/USD pair traded below many supports near 1.3900 and 1.3850 to move into a bearish zone. The pair even traded below the 1.3800 level and the 50 hourly simple moving average. A low is formed near 1.3731 on FXOpen and the pair is currently correcting losses. There was a break above the 1.3780 resistance zone. The pair recovered above the 23.6% Fib retracement level of the key decline from the 1.3999 high to 1.3731 low. The pair is now trading above the 1.3800 zone and the 50 hourly simple moving average. On the upside, an initial resistance on the is near the 1.3835 level. There is also a key bearish trend line forming with resistance near 1.3835 on the hourly chart of GBP/USD. The next major resistance is near the 1.3850 level. The main resistance is near 1.3865 level. It is close to the 50% Fib retracement level of the key decline from the 1.3999 high to 1.3731 low. The next key resistance is near the 1.3900 level, above which the pair could rise towards the main 1.4000 resistance. On the downside, an initial support is near the 1.3800 level and the 50 hourly SMA. If there is a break below the 1.3800 support, the pair could test the 1.3750 support. If there are additional losses, the pair could decline towards the 1.3640 level. Read Full on FXOpen Company Blog...

Gold Price and Crude Oil Price Aim Higher Gold price started a decent recovery wave from the $1,750 support. Crude oil price is rising and it is now trading nicely above the $74.00 level. Important Takeaways for Gold and Oil Gold price started a fresh recovery wave after forming a base above $1,750 against the US Dollar. There is a key bearish trend line forming with resistance near $1,780 on the hourly chart of gold. Crude oil price climbed higher and it even surged above the $75.00 resistance. There was a break above a major contracting triangle with resistance near $73.65 on the hourly chart of XTI/USD. Gold Price Technical Analysis This week, gold price formed a decent support base above the $1,750 zone against the US Dollar. The price started a fresh upward move and it surpassed the $1,760 resistance zone. The price even settled above the $1,765 level and the 50 hourly simple moving average. However, the price seems to be facing a strong resistance near the $1,780 zone. There is also a key bearish trend line forming with resistance near $1,780 on the hourly chart of gold. A high is formed near $1,782 on FXOpen and the price is now consolidating gains. An upside break above the trend line could spark more gains above $1,782. An immediate resistance on the upside is near the $1,795 level. The first major resistance is near the $1,800 level. If the price breaks the $1,800 level, it could accelerate higher. In the stated case, the price could rise towards the $1,840 zone. Conversely, the price might resume its decline below $1,775. An initial support is near the $1,765 level. It is near the 50% Fib retracement level of the recent increase from the $1,750 low to $,1782 high. The first major support is near the $1,760 level. The next key support is near the $1,750 level, below which the price might continue to move down towards the $1,720 level in the near term. Read Full on FXOpen Company Blog...

EUR/USD Eyes Fresh Increase, USD/JPY Could Extend Losses EUR/USD is likely to start a steady increase if it clears the 1.1920 resistance zone. USD/JPY could extend its decline below the 110.40 support zone in the near term. Important Takeaways for EUR/USD and USD/JPY The Euro is consolidating losses above the 1.1880 support zone. There is a key bearish trend line forming with resistance near 1.1915 on the hourly chart of EUR/USD. USD/JPY declined below the 110.00 and 110.60 support levels. There is a major declining channel forming with resistance near 110.85 on the hourly chart. EUR/USD Technical Analysis After a close below 1.2000, the Euro saw bearish moves against the US Dollar. The EUR/USD pair even tested the 1.1850 support zone before starting a decent upward move. The pair climbed above the 1.1900 resistance zone. It even broke 1.1950 and the 50 hourly simple moving average. However, the pair failed to clear the 1.2000 zone. A high was formed near 1.1974 on FXOpen and the pair corrected gains. It tested the 1.1880 zone and it is now rising. There was a break above the 23.6% Fib retracement level of the recent decline from the 1.1974 high to 1.1877 low. It is now facing resistance near the 1.1915 zone and the 50 hourly simple moving average. There is also a key bearish trend line forming with resistance near 1.1915 on the hourly chart of EUR/USD. The next key resistance is near the 1.1925 level. The 50% Fib retracement level of the recent decline from the 1.1974 high to 1.1877 low is also near 1.1925. A close above 1.1915 and 1.1925 could open the doors for a steady increase. An intermediate support is near the 1.1880 level. The next major support is near the 1.1850 level, below which the pair could drop towards the 1.1800 support. Read Full on FXOpen Company Blog...

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