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GDP Growth Follows Success In Vaccination Efforts The week ahead is marked by two important central banks delivering their monetary policy statements – the Bank of Japan and the Federal Reserve in the United States. While the two events are crucial for Japanese yen and U.S. dollar traders, the market is also interested in what the GDP data in the United States and Canada will reveal. Since the COVID-19 pandemic hit the world, the GDP or Gross Domestic Product fell sharply in all countries. For the first time, the entire world was in an economic recession. Last November, the world found out for the first time that vaccines have promising results. Since that moment, a race against the clock started, with the price being not only the defeat of the virus but also a quick economic recovery. Chinese GDP Growth Signals Strong Bounce in Developed Economies Too Unfortunately, there are not enough vaccines for everybody at this point, but the situation gets better by the day. The more time passes, the more vaccines will be delivered throughout the world, and the faster the economic recovery will be. However, because of the inequalities in vaccine deliveries, some countries will experience economic growth faster and stronger than others. Hence, their currencies will likely benefit from it, as well as the stock market. The Chinese GDP grew by over 18% in the first quarter of the year, when compared to the same quarter a year ago. The bounce was much stronger than expected, and the chances are that the U.S. economic growth will also exceed expectations. Next Thursday, the advanced GDP in the United States is expected to show that the U.S. economy grew by 6.5% in the first quarter of the year. Judging by how the Chinese economy performed, the chances are that the U.S. economy will also beat expectations. One day earlier, Jerome Powell will have a hard time explaining to market participants why the Fed is not preparing to taper its asset purchases. As the chart above shows, America is one of the nations that lead in the vaccination race, and so the economic recovery is much stronger – why the need for easing? To sum up, the bigger the economic expansion, the more difficult for the Fed to keep its policy unchanged. The tapering may be closer than market participants expect. FXOpen Blog

FXOpen Launches Instant Bank Transfers in Vietnam and South Korea Dear Clients, FXOpen is pleased to announce that we've added a new method of depositing and withdrawing funds. Clients from Vietnam and South Korea can now carry out transactions via Instant Bank Transfers. Instant Bank Transfers are transactions made from an online bank account in a local currency. To celebrate the launch, clients can deposit for free, paying 0% commission for the first month of use. Read Full on FXOpen Company News...

GBP/USD and GBP/JPY: British Pound Eyes Fresh Increase 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 tested the 1.3825 support zone and it is now recovering against the US Dollar. There was a break above a major contracting triangle with resistance near 1.3885 on the hourly chart of GBP/USD. GBP/JPY is holding the main 149.40 and 149.20 support levels. There was a break above a key bearish trend line with resistance near 149.65 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound saw a steady decline below the 1.3950 support zone against the US Dollar. The GBP/USD pair even broke the 1.3880 support level. However, the pair found support near the 1.3825 zone. A low was formed near 1.3823 on FXOpen and the pair recently started a fresh increase. It broke the 1.3850 and 1.3880 resistance levels. There was also a break above a major contracting triangle with resistance near 1.3885 on the hourly chart of GBP/USD. Moreover, there was a break above the 50% Fib retracement level of the key decline from the 1.3949 swing high to 1.3823 low. The pair is now trading nicely above the 1.3750 level and the 50 hourly simple moving average. It is testing the 61.8% Fib retracement level of the key decline from the 1.3949 swing high to 1.3823 low. If there is a clear upside break above the 1.3900 and 1.3920 levels, there are chances of more upsides. In the stated case, the pair is likely to accelerate higher towards the 1.4000 resistance. If there is a fresh decline, the previous resistance near 1.3880 or the 50 hourly simple moving average might provide support. If there are additional losses, the pair could decline towards the 1.3850 level. Read Full on FXOpen Company Blog...

March 2021 Top 10 PAMM Accounts Overview You would not want to forget about investing at any time of year, as it is essential to prepare your portfolio, taking into account all the changes in FXOpen’s PAMM rating. More and more managers are joining the platform, and this PAMM overview will help investors navigate among their offers and choose the best ones to shape investment strategies. There were 192 active managers with $2,908,613.00 on their FXOpen accounts in early May. Read Full on FXOpen Company Blog...

AUD/USD and NZD/USD Could Extend Losses AUD/USD failed to clear the 0.7800 resistance and corrected lower. NZD/USD is likely to extend losses if there is a clear break below the 0.7150 support. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar failed to gain strength above the 0.7800 level against the US Dollar. There is a key bearish trend line forming with resistance near 0.7730 on the hourly chart of AUD/USD. NZD/USD corrected lower and it is now testing the 0.7150 support zone. There was a break below a major contracting triangle with support near 0.7180 on the hourly chart of NZD/USD. AUD/USD Technical Analysis After a steady increase, the Aussie Dollar struggled above the 0.7800 level against the US Dollar. The AUD/USD pair traded as high as 0.7815 on FXOpen and it recently started a fresh decline. There was a break below the 0.7780 and 0.7750 support levels. The pair even settled below the 0.7750 level and the 50 hourly simple moving average. It traded as low as 0.7689 and it is now correcting losses. It broke the 23.6% Fib retracement level of the downward move from the 0.7764 swing high to 0.7689 low. On the upside, there is a major resistance forming near the 0.7725 and 0.7730 levels. There is also a key bearish trend line forming with resistance near 0.7730 on the hourly chart of AUD/USD. The trend line is close to the 50% Fib retracement level of the downward move from the 0.7764 swing high to 0.7689 low. The 50 hourly simple moving average is also near the trend line. Therefore, a clear break above the trend line and 0.7730 is must for a steady increase. The next major resistance could be 0.7750, above which the price could rise towards the 0.7800 resistance. Conversely, the pair could decline below the 0.7700 support zone. If there is a downside break below the 0.7700 and 0.7685 levels, the pair could extend its decline towards the 0.7650 level. Read Full on FXOpen Company Blog...

LTC and EOS – Are we seeing the establishment of an uptrend? LTC/USD The price of Litecoin has been on the rise since Tuesday when it fell to $234 at its lowest point. It is currently being traded at $281 which is an increase of 21.45% from Tuesday and is still in an upward trajectory. On the hourly chart, you can see that the price of Litecoin is currently sitting at the level of its Monday’s high and has found resistance, indicated but the wick on the seller’s side on the hourly candle. However, we have seen a breakout from the descending triangle which is why the momentum looks strong enough to push the price higher. If we have seen the completion of the corrective move from the 17th, the next move could be the starting five-wave impulse to the upside that is going to make new highs. Another possibility could be that the price is forming the second sub-wave of the higher degree correction in which case the current rise would end as a three-wave formation. But in either way from here another high to around the $310 area would be expected. From the pullback that would be anticipated after we are going to see which scenario is in play as if the price falls back below $280 again on the pullback, it would invalidate the possibility of the price forming a five-wave impulse. In that case another lower low could be seen below the $230 area but for now the chart of Litecoin looks bullish. Read Full on FXOpen Company Blog...

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