FXOpen Trader

Bitcoin Surge Continues as More Institutional Investors Turn to Digital Assets The price of Bitcoin reached $57,000 over the weekend. The extent of the current bull run is so aggressive that earlier forecasts that Bitcoin will reach 200k and more in less than a year do not sound improbable anymore. If that is going to be the case, it remains to be seen. What is important now is that the price of Bitcoin is disconnected completely from reality in the sense that the technology itself has no use and that the asset is purely speculative. Why Do People Turn to Cryptocurrencies? Distrust in the financial system appears to be the main reason. People are sick-entire of the same old “medicine” applied to broken economies (i.e., printing more money to solve for either excessive debt or economic recessions. And they are right. Unfortunately, so are the policymakers. No one wished for two economic recessions less than ten years apart, but here we are. Moreover, the current one is far more impactful when compared to the 2008-2009 Great Financial Crisis for the simple reason that the health crisis affected the entire world and not just parts of it. Read Full on FXOpen Company Blog...

GBP/USD Climbs above 1.4000, USD/CAD Turns Red GBP/USD gained momentum above the 1.3900 resistance and it even broke 1.4000. USD/CAD is declining and it traded below the 1.2650 support zone. Important Takeaways for GBP/USD and USD/CAD The British Pound started a steady increase above the 1.3950 and 1.4000 resistance levels. There is a key rising channel forming with support near 1.4000 on the hourly chart of GBP/USD. USD/CAD started a steady decline below the 1.2700 and 1.2650 support levels. There is a major bearish trend line forming with resistance near 1.2710 on the hourly chart. GBP/USD Technical Analysis After forming a base above the 1.3800 level, the British Pound extended its increase against the US Dollar. The GBP/USD pair broke the 1.3900 resistance level to move further into a positive zone. The bulls gained pace above the 1.3920 level and the 50 hourly simple moving average. As a result, there was a clear break above the key 1.4000 resistance level. The pair traded to a new yearly high at 1.4051 on FXOpen and it is currently correcting lower. There was a break below the 1.4020 support level. The pair traded below the 23.6% Fib retracement level of the recent wave from the 1.3952 swing low to 1.4051 high. On the downside, the first key support is near the 1.4000 area. There is also a key rising channel forming with support near 1.4000 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent wave from the 1.3952 swing low to 1.4051 high. If there is a break below 1.4010 and 1.4000, the pair could decline towards the 1.3980 support zone or the 50 hourly simple moving average. Any more losses might call for a test of 1.3920. On the upside, an initial resistance is near the 1.4040 level. The main resistance is now near the 1.4050 zone, above which the pair is likely to accelerate higher towards the 1.4100 and 1.4120 levels. Read Full on FXOpen Company Blog...

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We need to learn trading skills and also spend time in this business to become better Forex traders.

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We need to do our Forex Trading with a Regulated Broker like FXOpen.

When we are starting our trades we need to make use of the Demo Trading accounts so that the risks are minimal to us.

We need to do our trades with a Forex Broker that is True ECN like FXOpen.

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Forex trading will require a lot of efforts from the traders and they need to prepare themself mentally for this business.

Those Forex traders who are new have to understand that they will need to spend some time in doing this business and learn Trading skills.

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I have been doing my trading since the Year 2010 with the International Forex Broker FXOpen.

Forex trading is a type of business that will keep changing its trends so we need to be ready and adapt our trading accordingly.

We need to learn Forex trading skills and spend some time into this business so that we can understand this business.

If we want to learn doing Forex trading then we need to make use of the Demo Trading accounts.

We need to use such time frames in doing our trading that are more suited to us and easy for us to do our trading.

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FXOpen Promotion: Enjoy No Deposit Bonus for TickTrader Accounts Dear traders, FXOpen is happy to introduce $10 No Deposit Bonus for TickTrader ECN Accounts. The offer is open to all new clients who have registered with FXOpen and got Grade 1 verification. How to get the bonus? Register an FXOpen eWallet Get Grade 1 verification Open a TickTrader ECN account Read Full on FXOpen Company News...

Gold Price Extends Decline, Oil Price Trimming Gains Gold price struggled to clear $1,850 and started a fresh decline below $1,800. Crude oil price traded to a new multi-month high at $62.21 before starting a downside correction. Important Takeaways for Gold and Oil Gold price failed to gain momentum and declined below $1,800 against the US Dollar. There is a key bearish trend line forming with resistance near $1,795 on the hourly chart of gold. Crude oil price traded to a new multi-month high near $62.21 before correcting lower. There was a break below a major bullish trend line with support near $61.20 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price failed to clear the $1,850 and $1,855 resistance levels against the US Dollar. As a result, there was a fresh decline below the $1,825 and $1,820 support levels. The price gained bearish momentum below the $1,800 support and it even settled well below the 50 hourly simple moving average. It traded as low as $1,760 on FXOpen and it is currently consolidating losses. An initial resistance on the upside is near the $1,775 level. It is close to the 23.6% Fib retracement level of the recent decline from the $1,826 swing high to $1,760 low. The first major resistance is near the $1,780 level or the 50 hourly simple moving average. The next major resistance is near the $1,795 level. There is also a key bearish trend line forming with resistance near $1,795 on the hourly chart of gold. The trend line resistance is close to the 50% Fib retracement level of the recent decline from the $1,826 swing high to $1,760 low. Therefore, the price might struggle to clear the $1,795 and $1,800 resistance levels in the near term. On the downside, the first major support is near the $1,760 level. The next major support is near the $1,750 level. Any more losses might call for a move towards the $1,720 support level. Read Full on FXOpen Company Blog...

LTC and EOS – Correction soon to come? LTC/USD The price of Litecoin continued increasing since last week. From its lowest point last Thursday when it was sitting at $175.78 we have seen an increase of 36.57% measured to its highest point today at $240. Currently, it is being traded just below $230, but the price is in an upward trajectory overall. Looking at the hourly chart, you can see that the price of Litecoin was in an upward trajectory from the 27th of January when it made the second test of the horizontal support level which was the lower level of the descending triangle in which it was correcting. As a breakout was made in early February it set the price for a higher high than in January. This is the development of the next five-wave move to the upside. There is still more room to go before the end of this five-wave impulse but it is still unclear where the price increase could end. If the 3rd wave ended on the $194.31 level then currently we are seeing the development of the final wave’s 3rd sub-wave. In that case, another leg up would be expected of the lower degree. But if the 3rd wave of the higher degree count ended on yesterday’s high, then the price of Litecoin has more increasing potential. Read Full on FXOpen Company Blog...