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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. Read Full on FXOpen Company Blog...

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. Read Full on FXOpen Company Blog...

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. Read Full on FXOpen Company Blog...

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...

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. Read Full on FXOpen Company Blog...

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. FXOpen Blog

Trading hours schedule on February 12th and February 15th Dear Traders, Please note that due to the celebration of Lunar New Year's Day in Hong Kong on Friday, February 12th, 2021 and US President's Day on Monday, February 15th, trading hours for some financial instruments will be changed as follows: Thursday, February 11th, 2021 Indices CFD: Hong Kong 50 (#HSI) – trading starts at 03:15 and ends at 06:00. All other financial instruments will be traded as usual. Friday, February 12th, 2021 Indices CFD: Hong Kong 50 (#HSI) – trading closed. All other financial instruments will be traded as usual. Monday, February 15th, 2021 Spot commodities CFD: Gold (XAUUSD) – trading ends at 20:00;Silver (XAGUSD) – trading ends at 20:00;US Crude (XTIUSD) – trading ends at 19:45;US Natural Gas (XNGUSD) – trading ends at 19:45. Indices CFD: Japan 225 (#J225) – trading starts at 23:00 on Sunday and ends at 18:00 on Monday;US SPX 500 (#SPXm) – 23:00 Sun – 18:00 Mon;US Tech 100 (#NDXm) – 23:00 Sun – 18:00 Mon;Wall Street 30 (#WS30m) – 23:00 Sun – 18:00 Mon. Stock CFD – trading closed. All other financial instruments will be traded as usual. Please consider these changes when planning your trading activities next week. FXOpen Company News

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. FXOpen Blog

10 Best Forex Trading App in 2021 The foreign exchange market is fast-moving, ever-changing and highly competitive. It’s the world’s largest market with a turnover of over $5 trillion per day. A trading platform is a core instrument that lets investors and traders open, manage and close market positions. Nowadays, it’s easier to get access to real-time updates on Forex anytime and anywhere thanks to the increased availability of mobile Forex trading apps. Their major strengths are high efficiency, low-performance requirements, and ease of use. Read Full on FXOpen Company Blog...

10 Best Forex Trading App in 2021 The foreign exchange market is fast-moving, ever-changing and highly competitive. It’s the world’s largest market with a turnover of over $5 trillion per day. A trading platform is a core instrument that lets investors and traders open, manage and close market positions. Nowadays, it’s easier to get access to real-time updates on Forex anytime and anywhere thanks to the increased availability of mobile Forex trading apps. Their major strengths are high efficiency, low-performance requirements, and ease of use. Read Full on FXOpen Company Blog...

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. FXOpen Blog

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. FXOpen Blog

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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. FXOpen Blog