FXOpen Trader

November 2020 Top 10 PAMM Accounts Overview Summing up the results of November, we choose to monitor the most attractive PAMM providers for investment. Investors are mostly interested in good returns and low drawdowns. In today’s PAMM review on the eve of the Christmas holidays we will look at profitable PAMM accounts for a moderate portfolio. By November 2020, there were 172 investment accounts opened in FXOpen and $2’106’389.00 worth of capital invested. DevidGuetta This PAMM provider has been demonstrating successful trading for almost the whole of 2020. At the beginning of the fall, the provider behaved conservatively, but in November the monthly profit was +7.31%. It is worth noting that they traded very successfully without significant drawdowns. In November, they traded mainly in cryptocurrencies: LTC/USD, BTC/USD, XRP/USD. The maximum drawdown in November did not exceed 2.51%. It is possible to join the provider with 100 USD or more. MinRisk This provider has been trading fairly confidently on FXOpen since July 2016. Since April 2020 they have been trading in profit with minor losses. In November, the profit was 4.56%, in December, the positive trend persists. Deposit load in November did not exceed 7%. The manager chart shows some spikes, indicating the use of averaging on the exit from the drawdown. MinRisk account style can be considered as quite aggressive, but profitable at the same time. SuperSpeculativ The provider has been trading at FXOpen for almost a year since December 2019. The year 2020 has turned out quite well for them. Since July, they have been selling at significant drawdowns, bringing in conservative returns every month. As a result, half-year earnings were almost 40%. In November, the income was 6.74%. It should be noted that the manager traded with minimal deposit load, which did not exceed 1.5% in November. It is possible to join the trader with only 100 USD. Read more....

Gold Price Showing Bearish Signs While Oil Price Outperforms Gold price failed to surpass the $1,875 resistance and started a fresh decline. Conversely, crude oil price traded to new multi-month high close to $48.00 level. Important Takeaways for Gold and Oil Gold price started a fresh decline below the $1,870 and $1,850 levels against the US Dollar. There is a major contracting triangle forming with resistance near $1,840 on the hourly chart of gold. Crude oil price surged above the $46.75 resistance and traded as high as $47.82. There was a break above a key declining channel with resistance near $46.20 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price started a fresh increase above the $1,800 support zone against the US Dollar. The price broke the $1,840 and $1,850 resistance levels to gain bullish momentum. However, the price struggled to clear the $1,875 resistance. A high was formed near $1,875 on FXOpen and the price started a fresh decline. There was a clear break below the $1,855 support zone and the 50 hourly simple moving average. The price even broke the $1,840 level and traded close to $1,825. The price is currently consolidating above $1,825. The recent swing high was near $1,849 before the price declined to $1,829. It is currently trading above the $1,832 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $1,849 swing high to $1,829 low. On the upside, the price is facing hurdles near the $1,840 level. Moreover, there is a major contracting triangle forming with resistance near $1,840 on the hourly chart of gold. The triangle resistance is close to the 50% Fib retracement level of the recent decline from the $1,849 swing high to $1,829 low. A successful close above the triangle resistance, $1,840, and the 50 hourly simple moving average could open the doors for a decent increase in the coming sessions. The next major resistance is near the $1,850 level. Conversely, the price could continue to move down below the $1,830 and $1,828 levels. The next major support is near $1,810, below which there is a risk of a sharp decline towards $1,780. Any further losses could lead the price towards the $1,750 support zone. Oil Price Technical Analysis Crude oil price remained well bid above the $44.00 and $45.00 levels against the US Dollar. The price broke many hurdles near $45.50 to move further into a positive zone. The bulls remained in action and there was a clear break above the $46.75 resistance. During the rise, there was a break above a key declining channel with resistance near $46.20 on the hourly chart of XTI/USD. The price even broke the $47.20 resistance and settled well above the 50 hourly simple moving average. It traded close to the $47.85 level and a high is formed near $47.82. Recently, there was a downside correction below the $47.50 level. There was a break below the 23.6% Fib retracement level of the upward move from the $45.06 swing low to $47.82 high. On the downside, the previous resistance near $46.75 is acting as a strong support. The next major support is near the $46.50 level or the 50% Fib retracement level of the upward move from the $45.06 swing low to $47.82 high. On the upside, the price is facing hurdles near the $47.25 level. A close above $47.25 might set the pace for a fresh leg higher towards the $48.00 level. FXOpen Blog

LTC and EOS – Descending Channel Ending Soon LTC/USD The price of Litecoin has been decreasing since the start of the month when it came up to $93. Measured to its lowest point of the month made yesterday at $74.45 we have seen a decrease of 20%. The price is currently being traded around the levels of yesterday’s low, but it appears that it found support there and is now looking to start increasing again. On the hourly chart, you can see that the price of Litecoin formed a descending channel from the start of the month with yesterday’s low being a retest of its support level. Now as the price has managed to stay on the same levels as on its lowest yesterday and didn’t make a lower one, before finding some support we could be seeing the start of the upside move that is to propel the price at least to the channels resistance level. On Tuesday we have seen a breakout below the significant $78.442 horizontal support level, today the price tested it for resistance and found it, which is why we have seen another descending move. This is why we could still see lower lows before the ending of the descending channel formation in which case the price would most likely go to the 1.618 Fib level. EOS/USD Since the start of the month, the price of EOS has decreased by 18.8%, coming from its high at $3.334 on December 1st to $2.70 on its yesterday’s low. Currently, the price is being traded at $2.7567 and is moving slowly to the downside. Looking at the hourly chart, we can see a similar pattern like in the case of Litecoin as a descending channel was formed. Inside the channel, we have seen a five-wave structure developing which could be a lower degree ABCDE or an impulse five-wave but like an ending diagonal. Since the structure appears near completion the current descending move could be the 2nd wave out of the next five-wave move to the upside that is set to push the price for a breakout to the upside. If that is the case then the price can’t go below the level of yesterday’s low, which is why the $2.71 area serves as a pivot point. FXOpen Blog

EUR/USD Is Showing Bullish Signs, USD/JPY Could Resume Decline EUR/USD gained bullish momentum above the 1.2000 and 1.2080 resistance levels. USD/JPY is currently recovering, but it might decline again if it fails to clear 104.30. Important Takeaways for EUR/USD and USD/JPY The Euro started a strong upward move above the 1.2000 and 1.2100 levels. There is a major contracting triangle forming with resistance near 1.2120 on the hourly chart of EUR/USD. USD/JPY is correcting higher and trading above the 104.00 support level. There is a major bullish trend line forming with support near 104.10 on the hourly chart. EUR/USD Technical Analysis This past week, the Euro started a strong upward move above the 1.2000 resistance against the US Dollar. The EUR/USD pair broke many hurdles near 1.2050 and 1.2080 to move into a positive zone. The pair even broke the 1.2150 resistance and settled above the 50 hourly simple moving average. It traded as high as 1.2177 on FXOpen before starting a downside correction. There was a break below the 1.2100 level, but the pair remained well bid near the 1.2080 zone. The recent low was formed near 1.2095 and the pair is currently rising. There was a break above the 1.2110 resistance levels. The pair also climbed above the 23.6% Fib retracement level of the recent decline from the 1.2166 high to 1.2095 low. There is a major contracting triangle forming with resistance near 1.2120 on the hourly chart of EUR/USD. The pair is currently attempting upside above 1.2120. The next key resistance is near the 1.2130 level. It is close to the 50% Fib retracement level of the recent decline from the 1.2166 high to 1.2095 low. A clear break above 1.2125 and 1.2130 could open the doors for more gains. The next major resistance is near the 1.2170 and 1.2180 levels. Conversely, the pair could start a fresh decline below the 1.2100 support. The main support is near the 1.2080 zone, below which the EUR/USD pair could slide towards the 1.2025 and 1.2000 support levels in the near term. USD/JPY Technical Analysis The US Dollar faced a strong resistance near the 104.30 and it started a fresh decline against the Japanese Yen. The USD/JPY pair broke the 104.00 support level, but dips were limited. A low was formed near 103.92 and the pair started a decent recovery wave. There was a break above the 104.05 and 104.10 levels. The pair climbed above the 50% Fib retracement level of the downward move from the 104.31 high to 103.92 low. The pair is now trading above the 104.10 level and the 50 hourly simple moving average. An initial resistance is near the 104.16 level. It is close to the 61.8% Fib retracement level of the downward move from the 104.31 high to 103.92 low. The first major resistance is near the 104.30 level. A clear break above the 104.30 zone is needed to start a steady rise towards the 104.55 and 104.80 levels. On the downside, the 104.00 level is a strong support. There is also a major bullish trend line forming with support near 104.10 on the hourly chart. If there is a downside break below the trend line support, the pair could dive towards the 103.80 level. Any further losses may lead the USD/JPY pair towards the 103.50 support zone. The next major support is near the 103.00 level. FXOpen Blog

BTC and XRP – Consolidation Seen But A Breakout Likely Started BTC/USD The price of Bitcoin has been moving sideways since the 1st of December when it reached a new all-time high, spiking above the $19,677 level. Since then we have seen the formation of a descending triangle with the price now going back to its support level and has been testing it for support once again. Currently, it is being traded at around $18,819. On the hourly chart, you can see that the price is finding support on the current interaction and has closed the hourly candle above it with now forming a green one. This could be an early indication that the price found support there and is now going to make a bounce. The triangle we have seen form could be the consolidative 4th wave out of the five-wave impulse to the upside that started on the 26th of November. In that case, after this sideways movement ends and it could have ended now on another support validation we are to see a breakout to the upside and an uptrend continuation. The price has already attempted a breakout but has been rejected slightly above the $19,380 level which is why we have seen a decrease. But if this a consolidation below the all-time high a breakout above the upper horizontal level would be seen for another higher high at around $21,230 area. XRP/USD From the 1st of December, the price of Ripple has decreased by around 20%, measured to its lowest point on the 5th, when it came down to $0.543 but started increasing from there again and came up to $0.625 on yesterday’s open. Now it is being traded slightly lower as another decrease was made but the price has made a higher low and a breakout from the higher degree symmetrical triangle on its upper side. As you can see by looking at the hourly chart, the price made a breakout and a pullback to the support level of the symmetrical triangle where is now testing it for support. Like in the case of Bitcoin we could be seeing an early indication that the support is present at those levels as the hourly candle managed to close above it and now a green candle has started forming. If this was the 2nd wave out of the next five-wave impulse after the WXY correction, then the price is now headed towards a higher high compared to the one made on the 24th of November. FXOpen Blog

All Eyes on Euro and the ECB This Week Following the weak NFP report in the United States last Friday, the market moves to the key event of the week ahead – the European Central Bank (ECB) decision. The central bank already pre-committed to act in December, and most of the impact may already be priced in the market. However, it can still surprise the market, especially if we consider the strong Euro across the board. Strong Euro Remains a Headache for the ECB The EURUSD exchange rate reached 1.2175 ahead of the NFP report last Friday. By the time that it first reached 1.20 in the summer, the ECB verbally intervened, suggesting that the exchange rate level is too high. From that moment on, the EURUSD consolidated below 1.20, but the level eventually gave way. At this point, the Euro rallies across the FX dashboard. Not only the EURUSD rate is higher, but the EURJPY or EURGBP too. This makes this week’s ECB decision even more interesting, as if it is to surprise markets, it may do so by delivering an ultra-dovish statement. What Will the ECB Do? The ECB already hinted that it would not lower the interest rate on the deposit facility more into the negative territory. It also vowed to ease more the financial conditions since most European economies are in some kind of lockdown mode. While the decisions may already be priced in, the ECB may still surprise markets. One way of doing so is to extend the duration of policy support much more into the future than the market expects. The ECB might also extend the Pandemic Emergency Purchase Programme (PEPP) by June 2022. While the extension is expected by the market participants, the focus will be on the actual size of the package – the higher the number, the stronger the impact on the Euro. Finally, the ECB will likely use this press conference to deliver its concerns about the high exchange rate. If the central bank manages to surprise the markets, then the EURUSD should ease to 1.20 and below. On the other hand, any statement interpreted as less dovish should trigger a further rally in the EURUSD, especially considering that next week the Fed in the United States is expected to ease the policy too. All in all, expect a lot of volatility on the Euro pairs this week, considering the ECB and the ongoing Brexit negotiations. Finally, the end of the year flows should have an impact on the exchange rate too. FXOpen Blog

GBP/USD and GBP/JPY: British Pound Remains Supported GBP/USD started a fresh increase above the 1.3400 resistance zone. GBP/JPY traded as high as 140.70 before starting a major downside correction. Important Takeaways for GBP/USD and GBP/JPY The British Pound climbed higher towards the 1.3540 level before correcting lower. There was a break below a connecting bullish trend line with support near 1.3430 on the hourly chart of GBP/USD. GBP/JPY traded close to the 141.80 resistance level before starting a downside correction. There was a break below a major contracting triangle with support near 139.70 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound saw a decent increase above the 1.3400 resistance area against the US Dollar. The GBP/USD pair even broke the 1.3480 resistance to move further into a positive zone. Finally, there was a break above the 1.3500 level and the pair traded as high as 1.3539 on FXOpen. Recently, the pair started a downside correction and traded below the 1.3500 level. There was a break below the 1.3480 and 1.3450 support levels. There was also a break below a connecting bullish trend line with support near 1.3430 on the hourly chart of GBP/USD. The pair traded close to the 1.3400 level and it is currently correcting higher. It is facing resistance near the broken trend line, 1.3440, and the 50 hourly simple moving average. The 23.6% Fib retracement level of the recent decline from the 1.3539 high to 1.3408 low is also near the 1.3440 area. If there is an upside break above the 1.3440 level and the 50 hourly simple moving average, the pair could start a fresh increase. The next major resistance is near the 1.3475 level. The 50% Fib retracement level of the recent decline from the 1.3539 high to 1.3408 low is also near the 1.3473 level. Any more upsides could lead the pair above 1.3500. Conversely, the pair could decline further below 1.3408. The next major support is near the 1.3400 and 1.3385 levels. A close below the 1.3385 level might call for a larger decline towards the 1.3320 level in the near term. GBP/JPY Technical Analysis The British Pound also climbed higher above the 140.00 resistance against the Japanese Yen. The GBP/JPY pair even climbed above the 140.50 level, but it failed to continue higher above 140.75. A swing high was formed near 140.70 before the pair started a downside correction. There was a steady decline below the 140.50 and 140.20 levels. The pair even broke the 50% Fib retracement level of the upward move from the 139.47 swing low to 140.70 high. There was also a break below a major contracting triangle with support near 139.70 on the hourly chart. The pair is now trading below the 139.80 level and the 50 hourly simple moving average. It is now approaching the 139.47 swing low. The next major support is near the 139.20 level. It is close to the 1.236 Fib extension level of the upward move from the 139.47 swing low to 140.70 high. Any more losses could lead the pair towards the 139.00 support zone. On the upside, the recent breakdown zone near the 140.00 level and the 50 hourly simple moving average might act as a hurdle. The next major resistance is near the 140.25 level, above which the pair could revisit the 140.70 high. FXOpen Blog

AUD/USD and NZD/USD Signaling Downside Correction AUD/USD gained momentum above the 0.7400 level before it faced sellers near 0.7445. NZD/USD is also correcting gains and it could test the 0.7020 support. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar followed a bullish path above the 0.7350 and 0.7400 resistance levels against the US Dollar. There was a break above a key contracting triangle with resistance near 0.7385 on the hourly chart of AUD/USD. NZD/USD surged above 0.6950 and 0.7000, and even traded close to 0.7120. A major ascending channel is forming with support near 0.7055 on the hourly chart of NZD/USD. AUD/USD Technical Analysis In the past few days, the Aussie Dollar saw a steady increase above the 0.7320 pivot against the US Dollar. The AUD/USD pair even broke the 0.7400 resistance level to move into a positive zone. During the increase, there was a break above a key contracting triangle with resistance near 0.7385 on the hourly chart of AUD/USD. The upward move gained pace above 0.7400 and the pair settled above the 50 hourly simple moving average. It traded to a new monthly high at 0.7449 and recently started a downside correction. There was a break below the 0.7430 level. It is testing a key support zone near 0.7425, and the 23.6% Fib retracement level of the recent increase from the 0.7351 swing low to 0.7449 high. If there are more losses and a downside break below 0.7425, the pair could extend losses towards the 0.7400 support. The 50 hourly simple moving average is also near the 0.7405 level to act as a support. Moreover, the 50% Fib retracement level of the recent increase from the 0.7351 swing low to 0.7449 high is at 0.7400. Any more losses could lead the pair towards the 0.7350 support. Conversely, the pair could start a fresh increase above the 0.7440 level. The first major resistance is near the 0.7450 level, above which AUD/USD could accelerate higher towards the 0.7500 level. NZD/USD Technical Analysis In the past few days, there was a major increase in the New Zealand Dollar above the 0.6950 resistance level against the US Dollar. The NZD/USD pair even surged above the 0.7000 resistance zone. The pair climbed above the 0.7050 level and spiked above the 0.7100 level. A high is formed near 0.7104 and it is currently correcting lower. There was a break below the 0.7080 support level, and the pair broke the 50% Fib retracement level of the upward move from the 0.7031 swing low to 0.7104 high. The pair is now trading below the 0.7070 level and the 50 hourly simple moving average. It is testing the 61.8% Fib retracement level of the upward move from the 0.7031 swing low to 0.7104 high. There is also a major ascending channel is forming with support near 0.7055 on the hourly chart of NZD/USD. If there is a downside break below the channel support, there is a risk of more losses towards the 0.7040 and 0.7020 support levels. Conversely, the pair could stay above the channel support and start a fresh increase above 0.7065. The first major resistance is near the 0.7080 level, above which the pair could make another attempt to settle above the 0.7100 level. FXOpen Blog

LTC and EOS – Final Push To The Upside Coming? LTC/USD From last Thursday, November 26th when the price of Litecoin was sitting at the $65 level, we have seen an increase of 42.64% measured to its highest point at $92.664 made on Tuesday. Since then the price has been moving sideways, spiking to the downside at first but then making a series of lower highs. Currently, it is being traded $90 and is starting to move to the upside again. On the hourly chart, you can see that the price formed a symmetrical triangle from Tuesday’s high around the significant horizontal level at $86.486. Now we are seeing an attempt for a breakout to the upside after the price reached its apex. It is currently making a higher high compared to the last one and has started going above the territory of the triangle, moving above its resistance level. A breakout looks like developing but can still end as a fakeout on the hourly time-frame. If we see further upside movement with the hourly candle closing above the prior local high the breakout would be validated and would indicate further price growth. This rise would be the uptrend continuation from last Thursday and would be the ending wave from the five-wave impulse that is set to push the price above its higher degree high made on the 24th of November after which a significant corrective descending move was made. EOS/USD The price of EOS has also been increasing from last Thursday, coming from $2.77 area to $3.315 which was an increase of 19.26%, but has since then fallen to $3 and is currently being traded at $3.1. On the hourly chart, we can see that the price has started moving the to upside again after falling back to the levels of the 1st wave’s ending point after a previous higher degree descending move. This is why there is still a possibility that the price is developing its 5th wave from the impulsive five-wave move to the upside. If that is the case then we could see it increasing past its highest point in December made last Thursday when it found resistance at the 0.786 Fib level. The price is likely to continue increasing from here but it could very well be another corrective move before the further decline is made so we are yet to see if it manages to break the Fib level resistance and continues for a higher high. Significant horizontal resistance is sitting around $3.3 area so it might end as a truncation before its completion. FXOpen Blog

EUR/USD and EUR/JPY: Euro Gaining Bullish Momentum EUR/USD started a strong increase and it surged above the 1.2000 resistance. EUR/JPY is also gaining momentum and it is trading well above the 125.00 resistance. Important Takeaways for EUR/USD and EUR/JPY The Euro started a strong increase above the 1.1950 and 1.2000 resistance levels. There was a break above a key connecting resistance trend line at 1.2030 on the hourly chart of EUR/USD. EUR/JPY followed a similar pattern and broke the main 125.00 resistance. There was a break above a major rising channel with resistance near 125.30 on the hourly chart. EUR/USD Technical Analysis This week, the Euro formed a strong support zone above the 1.1920 and 1.1950 levels against the US Dollar. The EUR/USD pair started a strong increase and it broke the main 1.2000 resistance level. The pair even gained strength above 1.2020 and settled above the 50 hourly simple moving average. Moreover, there was a break above a key connecting resistance trend line at 1.2030 on the hourly chart of EUR/USD. The pair even surpassed the 1.2050 resistance and traded as high as 1.2079 recently on FXOpen. It seems like the pair might continue to move higher above the 1.2080 level. The next key resistance is near the 1.2120 level, above which the pair could test 1.2150. If there is a downside correction, an initial support could be 1.2050 or the 23.6% Fib retracement level of the recent increase from the 1.1960 swing low to 1.2079 high. The next major support is near the 1.2030 level. Any more losses could lead the pair towards the 1.2020 support or the 50% Fib retracement level of the recent increase from the 1.1960 swing low to 1.2079 high. EUR/JPY Technical Analysis The Euro also followed a similar path above 124.00 against the Japanese Yen. The EUR/JPY pair broke the main 125.00 resistance level to move into a positive zone. There was also a close above the 125.20 level and the 50 hourly simple moving average. Moreover, there was a break above a major rising channel with resistance near 125.30 on the hourly chart. The pair gained strength above the 125.50 level and it even broke the 126.00 level. A high is formed near 126.14 and the pair is currently consolidating gains. An initial support is near the 125.85 level. It is close to the 23.6% Fib retracement level of the recent increase from the 124.86 swing low to 126.14 high. The next major support is near the 125.65 level (a multi-touch zone). Any more losses could lead the pair towards the 125.50 support. It is close to the 50% Fib retracement level of the recent increase from the 124.86 swing low to 126.14 high. The main uptrend support seems to be forming near the 125.00 level since it is also close to the 50 hourly simple moving average. On the upside, the pair could accelerate higher if it clears the 126.15 and 126.20 levels. The next resistance could be near the 126.80 level. Any more upsides might lead the EUR/JPY higher further higher above the 127.00 level. In the stated case, the bulls may possibly aim a larger increase towards the 128.50 and 129.20 resistance levels in the coming days. FXOpen Blog

FXOpen Cashback Program FXOpen Cashback Program lets traders receive an additional refund for any kind of trades including loss-making. It is easy to get cashback: it is added to your Commission account that is open automatically, with no further actions. The cashback amount is determined in accordance with the total margin used on all client's trading accounts. The program is available for all types of FXOpen trading accounts: ECN, STP, Crypto, Micro, PAMM ECN, PAMM STP. The 90-day Cashback program lets you receive an additional refund up to $1,000 for your trades. Available for all trading accounts The advantages of FXOpen Cashback Program Cashback amount can reach up to 150% of Standard commission per trade. It is one of the highest refunds among Forex brokers. Cashback is fully automated. The funds are credited to the client's Commission account. They can be withdrawn or used for trading right after crediting. The program is activated automatically at the time of registration with no additional requests. It is valid throughout the 90 days. Read more...

FXOpen Launches Local Bank Transfers in Argentina, Brazil, and Mexico Dear Clients, FXOpen is pleased to announce that we've added new methods of depositing funds. Clients from Argentina, Brazil, and Mexico can now carry out transactions via local bank transfers: Rapipago, Boleto Bancário and Oxxo. Rapipago is an Argentinian prepaid payment method used for online purchases. The system generates a voucher that can be paid offline at one of the 6000+ Rapipago payment locations. Rapipago supports payments between 1200+ companies and their consumers — around 19 million transactions per month. Rapipago’s card, check, and cash-based transactions ultimately collect money on behalf of merchants and utility firms. OXXO is a chain of convenience stores that offers alternative cash payments in Mexico. Around 71 million Mexicans do not own a bank account, and OXXO allows merchants to tap into this substantial group of online buyers. With more than 16,000 stores across the country, consumers can pay for their online purchases in cash, and merchants have a zero chance of a chargeback. Boleto Bancário is an official Brazilian payment method regulated by the Central Bank of Brazil. It is a push payment system which was launched in 1993 and today generates 3.7 billion transactions per year. Accounting for around 25% of all online payment transactions, it is a must for doing business in Brazil. Read more...

FXOpen Launches CASHU Payments Dear Clients, FXOpen is delighted to announce a new, cutting-edge payment method for our clients, via CASHU. CASHU is a safe and secure online payment method that was established in 2002 by Maktoob.com. It is recognized as the first and the largest in the MENA region, serving nearly 2.3 million consumers with accessible and easy solutions to pay online. Read more...

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