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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. Read Full on FXOpen Company Blog...

Trading hours schedule for Memorial Day (US) & Spring Bank Holiday (UK) Dear Traders, Due to the Memorial Day in the US and the UK Spring Bank Holiday on 31st May, you will experience the following changes in the trading hours schedule: Friday, May 28th, 2021 Indices CFD: UK 100 (#UK100): 01:00 – 23:00. All other markets will be open for trading as usual. Monday, May 31st, 2021 Metals and Commodities CFD: Gold (XAUUSD): 01:00 – 20:00; Silver (XAGUSD): 01:00 – 20:00; UK Brent (XBRUSD): 03:00 – 19:45 US Crude (XTIUSD): 01:00 – 19:45; US Natural Gas (XNGUSD): 01:00 – 19:45. Indices CFD: Japan 225 (#J225): 01:00 – 20:00; UK 100 (#UK100): trading closed; US SPX 500 mini (#SPXm): 01:00 – 20:00; US Tech 100 mini (#NDXm): 01:00 – 20:00; Wall Street 30 mini (#WS30m): 01:00 – 20:00. Stocks CFD: trading closed. All other markets will be open for trading as usual. Tuesday, June 1st, 2021 Indices CFD: UK 100 (#UK100): opening at 03:00. All other markets will be open for trading as usual. Please take these changes into consideration when planning your trading activities for the upcoming week. FXOpen Company News

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. Read Full on FXOpen Company Blog...

How to Open a Trading Account with FXOpen https://www.youtube.com/watch?v=bacEOeXeQsg In this video you will learn how to add a new trading account with FXOpen. Read more in our knowledge base: http://bit.ly/2N92r3m Visit FXOpen broker official website: https://www.fxopen.com/

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. Read Full on FXOpen Company Blog...

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? FXOpen Blog

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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. Read Full on FXOpen Company Blog...