FXOpen Trader

To be able to do our trading correctly we will need to understand that Timings are very important in this business.

Gold Price Remains At Risk, Oil Price Extends Rally Gold price failed to clear the $1,800 resistance zone and started a fresh decline. Crude oil price is rising and it is showing a lot of positive signs above $64.50. Important Takeaways for Gold and Oil Gold price failed to clear the $1,790 and $1,800 resistance levels against the US Dollar. There is a key bearish trend line forming with resistance near $1,788 on the hourly chart of gold. Crude oil price climbed higher nicely and it even broke the $65.00 resistance zone. There is a crucial bullish trend line forming with support near $64.30 on the hourly chart of XTI/USD. Gold Price Technical Analysis Earlier this week, gold price climbed higher above the $1,780 resistance against the US Dollar. However, it failed to clear the $1,790 and $1,800 resistance levels. A high was formed near $1,789 on FXOpen before the price started a fresh decline. There was a break below the $1,780 and $1,765 support levels. The price even settled below the $1,780 level and the 50 hourly simple moving average. A low was formed near $1,756 before the price recovered. It climbed above the $1,765 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $1,789 high to $1,756 low. However, the price failed to clear the $1,780 resistance and the 50 hourly simple moving average. It also struggled near the 50% Fib retracement level of the recent decline from the $1,789 high to $1,756 low. Moreover, there is a key bearish trend line forming with resistance near $1,788 on the hourly chart of gold. The price must clear the $1,780 resistance and the trend line to start a strong increase in the coming sessions. If not, there is a risk of another decline below the $1,760 level. The first key support is near the $1,755 and $1,750 levels. Any more losses might call for a test of the $1,720 support. Read Full on FXOpen Company Blog...

LTC and EOS – Breakout seen but would it be confirmed? LTC/USD The price of Litecoin has been on the rise since the 26th of April when it fell down to $211. From there we have seen an increase of 26.4% as it came up to $266.6 at its highest point. It started moving sideways from yesterday’s high and is currently sitting slightly lower but is in an upward trajectory overall. On the hourly chart, we can see that the price has started breakout out from the symmetrical triangle in which it was since yesterday’s high. This could be an early indication that the price is now headed further up. However, a confirmation is needed which could come as the hourly candle close above the territory of the symmetrical triangle and then a successful retest of its resistance for support The previous descending move has definitely ended as a five-wave correction however it is still unclear how the current rise would end and which type of structure it could form. There are three possible scenarios in play. The first being that we are seeing the starting five-wave impulse in which case its third sub-waves 1st wave has developed. The next one is slightly negative and considered the rise from the 26th as the ABC correction with more upside potential for the C wave. The third one is the most negative one and implies that the ABC correction to the upside already ended in which case we are now seeing the start of the next descending move with the symmetrical triangle being its 2nd sub-wave. Read Full on FXOpen Company Blog...

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In the business of the Forex the main fact is that we need to use such kind of Trading Skills that can help us in earning income from the markets.

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Trading Hours Schedule for the UK Early May Bank Holiday on 3 May Dear Traders, Due to the UK Early May Bank Holiday on 3rd May, you will experience the following changes in the trading hours schedule: UK 100 Index (#UK100) Friday, April 30th: 01:00 - 23:00; Monday, May 3rd: trading closed; Tuesday, May 4th: opening at 03:00. All other financial instruments will be traded as usual. Please take these changes into consideration when planning your trading activities for the upcoming week. FXOpen Company News

EUR/USD and EUR/JPY: Euro Remains Well Supported EUR/USD started a fresh increase above the 1.2000 and 1.2050 resistance levels. EUR/JPY also gained momentum and it is now trading well above 130.00. Important Takeaways for EUR/USD and EUR/JPY The Euro formed a base above 1.2000 and started a fresh increase above 1.2050. There is a key bullish trend line forming with support near 1.2075 on the hourly chart. EUR/JPY is also trading in a positive zone above the 131.00 zone. There is a major bullish trend line forming with support near 131.25 on the hourly chart. EUR/USD Technical Analysis There was a steady increase in the Euro started above the 1.1950 resistance against the US Dollar. The EUR/USD pair broke the 1.2000 and 1.2050 resistance levels to move into a positive zone. There was also a break above the 1.2100 zone and the pair settled above the 50 hourly simple moving average. A high was formed at 1.2116 on FXOpen before there was a downside correction. The pair traded as low as 1.2056 and it is now attempting a fresh increase. There was already a spike above the 50% Fib retracement level of the recent decline from the 1.2116 high to 1.2056 low. However, the pair is struggling to settle above the 1.2085 zone and the 50 hourly simple moving average. The next major resistance is near the 1.2095 level. It is near the 61.8% Fib retracement level of the recent decline from the 1.2116 high to 1.2056 low. Any more gains could set the pace for a fresh high above the 1.2116 level in the near term. The next key resistance could be near the 1.2140 level. On the downside, there is a key bullish trend line forming with support near 1.2075 on the hourly chart. If there is a downside break, EUR/USD might continue to move down towards the 1.2050 support. Any more losses could open the doors for a test of the 1.2000 support zone in the near term. Read Full on FXOpen Company Blog...

BTC and XRP – Strong bullish momentum seen BTC/USD The price of Bitcoin has been decreasing from the 14th of April when it reached $64,735 at its highest point. From there we have seen a decline of 27.56% measured to its lowest point made on the 25th which was at $46,896. A recovery of 16.8% followed as the price came up to $55,000 area on its highest point of the week so far. Currently, it is being traded slightly lower but is still in an upward trajectory. On the hourly chart, you can see that the price made a three-wave decrease from the 14th of April which was most likely an WXY correction of the higher degree count. It ended with a double bottom with an impulsive rise that followed. This could be an early indication that the price decrease ended and that we are seeing the development of the next starting impulse. However, we could have seen another corrective ABC to the upside from the 23rd which would be the corrective WXY continuation wave leading into a lower low. We are now seeing the price looking for support above the significant horizontal support at $53,369 with a minor triangle forming, so from its breakout direction, we are to see which scenario gets validated. If we see a breakout to the upside it could mean that the starting impulse is on the move, but if the price starting impulsively moving to the downside it could be an indication that the corrective ABC to the upside ended. Read Full on FXOpen Company Blog...