FXOpen Trader

Gold Price and Oil Price Turn Attractive On Dips Gold price traded above the $1,900 resistance zone before correcting lower. Crude oil price is rising and it is trading nicely above the $65.00 pivot level. Important Takeaways for Gold and Oil Gold price gained pace above the $1,850 and $1,880 resistance levels against the US Dollar. There is a key contracting triangle forming with resistance near $1,898 on the hourly chart of gold. Crude oil price climbed higher and it cleared the $67.00 resistance zone. There is a major bullish trend line forming with support near $66.00 on the hourly chart of XTI/USD. Gold Price Technical Analysis This week, gold price started a steady increase above the $1,850 level against the US Dollar. It broke a few key hurdles near $1,880 to move further into a positive zone. The price even settled above the $1,880 zone and the 50 hourly simple moving average. There was a clear break above the $1,900 level and a high was formed near $1,912 on FXOpen. The price is now correcting gains and trading below $1,900. There was a break below $1,890, but downsides were limited. The price traded as low as $1,888 and the price is now consolidating. It seems like there is a key contracting triangle forming with resistance near $1,898 on the hourly chart of gold. The triangle resistance is near the 38.2% Fib retracement level of the recent decline from the $1,912 high to $1,888 low. The main resistance is now forming near the $1,900 level and the 50 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $1,912 high to $1,888 low is also near the $1,900 zone. A clear break above the $1,900 level may possibly open the doors for a move towards the $1,920 level or even $1,935. On the downside, the price is likely to find bids near $1,888. If there is a downside break below $1,888, there are chances of a move towards the $1,870 level in the near term. Read Full on FXOpen Company Blog...

LTC and EOS – At key turning point LTC/USD The price of Litecoin has been on the rise since the 23rd when it fell down to $128.32 at its lowest point. From there we have seen an increase of 58% measured to its highest point yesterday at around $203. Since then a minor pullback was made but the price is once again in an upward trajectory and is currently being traded at $196.3. On the hourly chart, you can see that from the 23rd of May we have seen an impulsive five-wave move after which the price started consolidating. It did so in a three-wave manner which is most likely the 2nd sub-wave of the next higher degree impulse to the upside. We have seen the completion of a 3-3-5 move with a higher low made today compared to the one on the 25th as the first pullback which validated that the support is getting higher and that buyers are stepping in. If this was a running flat correction that ended now today we have seen the start of the next wave to the upside which is set to exceed the high on the 25th and propel the price much stronger potentially to the territory of the 0.5 Fib level at around $264.65. But if this is the five-wave impulse of the higher degree it should continue moving to the upside beyond that point after another pullback on the 4th wave. Read Full on FXOpen Company Blog...

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I am trading in the Forex markets with the help of t he International Forex Broker FXOpen They have Lower Spreads in the GOLD and the Forex Pairs with USD See the screenshots

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EUR/USD Eyes Additional Gains, USD/JPY Remains At Risk EUR/USD is gaining pace above the 1.2200 resistance zone. USD/JPY is showing bearish signs below the 108.85 and 109.00 resistance levels. Important Takeaways for EUR/USD and USD/JPY The Euro started a fresh increase above the 1.2200 resistance zone. There is a key bullish trend line forming with support near 1.2240 on the hourly chart of EUR/USD. USD/JPY declined below the 109.20 and 109.00 support levels. There is a major bearish trend line forming with resistance near 109.00 on the hourly chart. EUR/USD Technical Analysis After forming a base above the 1.2050 level, the Euro started a fresh increase against the US Dollar. The EUR/USD pair broke the 1.2150 resistance level to move into a positive zone. The pair even broke the 1.2200 level and settled nicely above the 50 hourly simple moving average. A high is formed near 1.2263 on FXOpen and the pair is now consolidating gains. It corrected lower below the 1.2250 support zone. There was a break below the 23.6% Fib retracement level of the recent wave from the 1.2160 swing low to 1.2263 high. However, the pair is holding the 1.2200 support zone. There is also a key bullish trend line forming with support near 1.2240 on the hourly chart of EUR/USD. If there is a downside break below the trend line, the pair could test the 1.2210 zone. It is near the 50% Fib retracement level of the recent wave from the 1.2160 swing low to 1.2263 high. An intermediate support is near the 1.2225 level and the 50 hourly simple moving average. On the upside, the pair is likely to accelerate higher if it clears 1.2265. The next major resistance is near the 1.2300 level. Any more gains could lead the pair towards the 1.2350 level. An intermediate resistance might be near the 1.2320 level. Read Full on FXOpen Company Blog...

BTC and XRP – Starting impulse to the upside likely developing BTC/USD The price of Bitcoin has recovered significantly from Sunday’s low of around $32,000 as it made an increase of 27% measured to its highest point today at $39.723. Since then we have seen a minor pullback with the price currently being traded at $37,896 and moving to the downside again. On the hourly chart, you can see that the price made a five-wave increase from Sunday and came slightly above the significant horizontal level that served as support now turned resistance. This is why the price struggled to keep up its upward trajectory and is now headed to the downside again. From Sunday we have most likely seen the start of the next move to the upside as the corrective ABC of the highest degree ended. If this is true, then we are now seeing the first sub-wave of the next five-wave impulse coming to completion as is why the currently seen downside move would be expected to continue pushing the price further down. That would be expected to develop as the 2nd sub-wave of the higher degree count and it should now form a higher low compared to Sunday’s one, potentially around $36,000 where the next horizontal support is in line. But from there further upside movement would be expected and a breakout above the $42,000 horizontal zone. Read Full on FXOpen Company Blog...

Cryptocurrencies Tumble in April – What Comes Next? Over the weekend, the cryptocurrency market took another tumble. Bitcoin fell more than 10% and tested the $32k level before bouncing. Also, Ethereum and other cryptocurrencies have lost more, with most of the coins down over 50% in April. It all started with Elon Musk, the CEO of Tesla, tweeting at the start of the trading month that the company will not accept Bitcoin as payment for the purchasing of its electric vehicles. As such, Bitcoin collapsed, and other digital assets followed the same path. Is It the First Time When Bitcoin Drops That Much? A quick check at the Bitcoin’s price history reveals that such a drop is actually part of the way the asset moves. Throughout history, Bitcoin lost over 80% of its value three times – in 2013, 2016, and 2018. Some other times, it frequently lost more than 40% of its value. Yet, Bitcoin did found its way out of it, although the volatility is not for the everyone. If we look at what happened in May so far, Bitcoin’s price corrected from over $60k close to $30k. That is a drop of 50% in less than a month. This is a problem not only for the crypto assets but for traditional financial assets too. One must remember how Bitcoin’s adoption has increased among institutional investors lately, and such a drop may end up posing a systemic risk to markets. It did not, so far, as the equity markets remain stable. However, the declines in some crypto assets are so steep that institutional investors that adopted crypto have some explaining to do to their clients. All in all, the move lower in Bitcoin is not unusual if we check historical prices. The only thing that is different at this point is that the move lower does not affect only retail traders anymore but also institutional investors. If the bearish market continues, the risk of seeing some spillovers in the traditional markets increases exponentially. FXOpen Blog

GBP/USD Holding Uptrend Support, GBP/JPY Eyes Additional Gains GBP/USD found support near 1.3825 and it is now showing positive signs. GBP/JPY is stable above 149.40 and it is now facing hurdles near 150.00. Important Takeaways for GBP/USD and GBP/JPY The British Pound extended its increase above the 1.4200 region against the US Dollar. There is a major bullish trend line forming with support near 1.4135 on the hourly chart of GBP/USD. GBP/JPY is correcting gains from the 155.00 resistance zone. There is a key bearish trend line forming with resistance near 154.40 on the hourly chart. GBP/USD Technical Analysis In the past few sessions, the British Pound saw a steady increase above the 1.4000 zone against the US Dollar. The GBP/USD pair broke the 1.4100 level and extended its upward move. There was even a break above the 1.4200 resistance zone. A high was formed near 1.4233 on FXOpen and the pair is currently correcting gains. It broke the 1.4200 and 1.4180 support levels. There was also a spike below the 1.4150 level and the 50 hourly simple moving average. A low is formed near 1.4136 and the pair is now consolidating. There is also a major bullish trend line forming with support near 1.4135 on the hourly chart of GBP/USD. On the upside, an immediate resistance is near the 1.4160 level and the 50 hourly simple moving average. It is close to the 23.6% Fib retracement level of the recent decline from the 1.4233 high to 1.4136 low. The first major resistance is near the 1.4185 level. The 50% Fib retracement level of the recent decline from the 1.4233 high to 1.4136 low is also near the 1.4185 level. Any more gains could set the pace for a strong rally above the 1.4200 level. Conversely, the pair could break the trend line support and continue lower below 1.4135. The next major support is near the 1.4100 level. If there are additional losses, the pair could decline towards the 1.4000 level. Read Full on FXOpen Company Blog...

AUD/USD and NZD/USD Remain At Risk of More Losses AUD/USD failed to clear the 0.7800 resistance and corrected lower. NZD/USD is likely to decline further if there is a break below the 0.7180 level. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar is struggling to gain pace above 0.7800 zone against the US Dollar. There is a major bearish trend line forming with resistance near 0.7775 on the hourly chart of AUD/USD. NZD/USD corrected lower after it failed to surpass the 0.7270 resistance zone. There is a key contracting triangle forming with support near 0.7180 on the hourly chart of NZD/USD. AUD/USD Technical Analysis Recently, the Aussie Dollar attempted an upside break above the 0.7800 resistance against the US Dollar. The AUD/USD pair failed to settle above 0.7800 and started a fresh decline. It broke the 0.7750 support level and tested the 0.7710 level. A low was formed near 0.7710 on FXOpen and it recently there was an upside correction. The pair climbed above 0.7750 and the 50 hourly simple moving average. However, it is struggling to clear the 0.7780 level. A high is formed near 0.7781 and the pair is now correcting lower. There was a break below the 23.6% Fib retracement level of the upward move from the 0.7710 swing low to 0.7781 high. The pair is now trading near the 0.7755 level and the 50 hourly simple moving average. There is also a major bearish trend line forming with resistance near 0.7775 on the hourly chart of AUD/USD. On the upside, there is a major resistance forming near the 0.7780 and 0.7800 levels. A successful break above the trend line and the 0.7800 zone is must for a steady increase. The next major resistance could be 0.7840, above which the price could rise towards the 0.7880 resistance. Conversely, the pair could decline below the 0.7750 support zone. The next major support is near the 0.7725 level. If there is a downside break below the 0.7725 level, the pair could extend its decline towards the 0.7680 level. Read Full on FXOpen Company Blog...