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British Pound hits 5-year low against US Dollar It is not often, nor prudent, to use superlatives to describe the movements of major currencies against each other, however today it can certainly be a time when a superlative is appropriate do describe the performance of the British Pound and its seemingly unstoppable race to the bottom. Using the word 'tanking' to define the performance of a national economy or currency is somewhat drastic, but in recent weeks, the British Pound certainly has been tanking. And tank it did again this morning. As the markets open in London today, the British Pound begins the day at 1.15 against the US Dollar, representing the lowest value that it has reached in more than five years. In March 2020, when incumbent Prime Minister Boris Johnson and his now infamous aides Chris Whitty and Matt Hancock rolled out the yellow booths and continued to justify their draconian lockdowns which decimated the economy, the British Pound's value only reached a low point of 1.23 against the US Dollar, which is still considerably higher than its value today. Given that the lockdowns took place in other Western countries at the same time, it is important to note that the British government frittered away over £400 billion of national funds on white elephant projects to keep people out of their places of employment such as furlough, state-backed loans to small businesses and Orwellian track and trace systems. This emptied the coffers and along with the almost two years of disrupted industry and low productivity as well as a continuing apathy in which tens of thousands of employees are still not going to their offices, the piper now has to be paid. The British government got itself involved in the geopolitical activity in Russia and Ukraine, and in doing so created its position as an 'unfriendly' country to oil producing Russia, meaning a massive rise in energy prices, although this was mainly a knock-on effect from mainland Europe which relies on Russia for 40% of its natural gas whereas the UK only relies on Russia for less than 10%. Even so, this situation has created high energy prices, and let's not forget that over 30 energy firms exited the UK market in the third quarter of 2021, many of them having entered administration, creating a market which lacks competition. The cost of living crisis and spiraling inflation, unaffordable energy bills and low productivity has now created the bearish sentiment in the minds of investors and traders, and the British Pound languishes at a very low point. It would of course be easy to state that the United States had lockdowns too, and that it also is intent on showing that it wishes to prolong hostilities with Russia, however some US states had no lockdowns at all (Florida and Texas, two of the most populous and highly industrialized states in the Union being two of them), and the productivity levels in the United States are still high. Yes, inflation is still at its highest point since the 1980s but it is nowhere near as high as that in most mainland European nations, and certainly not as high as that in the United Kingdom which, according to some commercial bank analysts is heading for 18% or more by January this year, with interest rates possibly rising from 1.75 to over 7% next year. Should that occur, there will likely be an unsustainability in repayment of domestic and commercial loans, hence the lack of confidence in the Pound and general performance of the British economy in the immediate future. The question is, will we see parity? VIEW FULL ANALYSIS VISIT - FXOpen Blog...

GBP/USD and GBP/JPY Could Extend Losses GBP/USD started a major decline and traded below 1.1500. GBP/JPY is consolidating above the 160.80 support, with a bearish angle. Important Takeaways for GBP/USD and GBP/JPY The British Pound started a major decline below the 1.1620 support against the US Dollar. There is a major bearish trend line forming with resistance near 1.1520 on the hourly chart of GBP/USD. GBP/JPY declined steadily after it failed to clear the 162.50 resistance zone. There was a break below a key bullish trend line with support near 161.15 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound started a major decline from the 1.1880 zone against the US Dollar. The GBP/USD pair declined below the 1.1800 support to move into a bearish zone. There was a steady decline below the 1.1700 level and the 50 hourly simple moving average. The pair even traded below the 1.1620 support zone. The pair traded as low as 1.1460 on FXOpen and is currently consolidating losses. GBP/USD Hourly Chart An immediate resistance on the upside is near the 1.1510 level. It is near the 38.2% Fib retracement level of the recent decline from the 1.1588 swing high to 1.1460 level. The next major resistance is near the 1.1520 level and the 50 hourly simple moving average. There is also a major bearish trend line forming with resistance near 1.1520 on the hourly chart of GBP/USD. The trend line is near the 50% Fib retracement level of the recent decline from the 1.1588 swing high to 1.1460 level. An upside break above 1.1520 might start a fresh increase towards 1.1550. Any more gains might call for a move towards 1.1585 or even 1.1620. An immediate support is near the 1.1460. The next major support is near the 1.1400 level. If there is a break below the 1.1400 support, the pair could test the 1.1350 support. Any more losses might send GBP/USD towards 1.1300. VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Gold Price Dives While Crude Oil Price Keeps Struggling Gold price started a fresh decline below the $1,720 support zone. Crude oil price is also struggling and remains at a risk of more losses. Important Takeaways for Gold and Oil Gold price started a fresh decline after it failed to stay above $1,735 against the US Dollar. There is a key bearish trend line forming with resistance near $1,705 on the hourly chart of gold. Crude oil price also started a steady decline from the $97.25 zone. There was a break below a couple of bullish trend lines with support near $94.80 and $91.90 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price attempted to gain pace above the $1,760 level against the US Dollar. However, the price failed to stay above $1,750 and started a fresh decline. There was a clear move below the $1,735 support zone and the 50 hourly simple moving average. The price declined below the $1,720 level to move into a short-term bearish zone. The decline gained pace below the $1,700 level. Gold Price Hourly Chart The price traded as low as $1,688 and is currently consolidating losses. On the upside, the price is facing resistance near the $1,700 level. It is near the 38.2% Fib retracement level of the recent decline from the $1,723 swing high to $1,688 low. The main resistance is now forming near the $1,705 level. There is also a key bearish trend line forming with resistance near $1,705 on the hourly chart of gold. The trend line is near the 50% Fib retracement level of the recent decline from the $1,723 swing high to $1,688 low. A close above the $1,705 level could open the doors for a steady increase towards $1,720. A clear upside break above the $1,720 resistance could send the price towards $1,735. An immediate support on the downside is near the $1,692 level. The next major support is near the $1,688 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,665 support zone. VIEW FULL ANALYSIS VISIT - FXOpen Blog

ETHUSD and LTCUSD Technical Analysis – 01st SEP, 2022 ETHUSD: Bearish Engulfing Pattern Below $1721 Ethereum was unable to sustain its bullish momentum and after touching a high of 1721 on 25th Aug started to decline against the US dollar, coming down below the $1500 handle on 29th Aug. We can see heavy selling pressure in Ethereum because of which it continued its decline touching a low of $1424. We can clearly see a bearish engulfing pattern below the $1721 handle which is a bearish pattern and signifies the end of a bullish phase and the start of a bearish phase in the markets. ETH is now trading just above its pivot level of 1541 and is moving into a strong bearish channel. The price of ETHUSD is now testing its classic support level of 1522 and Fibonacci support level of 1536 after which the path towards 1500 will get cleared. The relative strength index is at 40 indicating a WEAK demand for Ether and the continuation of the downtrend in the markets. We can see the adaptive moving average bearish crossover pattern in AMA20 and AMA50 indicating a bearish trend reversal in the 30-minutes time frame. Both the STOCHRSI and Williams percent range are indicating an OVERSOLD market, which means that the prices are expected to correct upwards in the short-term range. Most of the technical indicators are giving a STRONG SELL market signal. Most of the moving averages are giving a STRONG SELL signal and we are now looking at the levels of $1450 to $1500 in the short-term range. ETH is now trading above both its 200 hourly simple and exponential moving averages. Ether: bearish reversal seen below the $1721 mark The short-term range appears to be strongly BEARISH ETH continues to remain below the $1600 level The average true range is indicating LESS market volatility Ether: Bearish Reversal Seen Below $1721 ETHUSD is now moving into a strong bearish channel with the price trading below the $1600 handle in the European trading session today. ETH touched an intraday low of 1534 and an intraday high of 1583 in the Asian trading session today. The movements remain range-bound between the $1500 and $1600 levels. The MACD has crossed down its moving average in the 4-hour time frame indicating the underlying bearish nature of the markets. We can see the formation of a bearish harami pattern in the 30-minute time frame which indicates that now we are heading towards the $1500 mark. The daily RSI is printing at 45 indicating a neutral demand in the long-term range. Ethereum continues to move into a falling trend channel which is expected to continue in the short-term range. The key support levels to watch are $1400 and $1420 and the prices of ETHUSD need to remain above these levels for any potential bullish reversal in the markets. ETH has decreased by 1.56% with a price change of 24$ in the past 24hrs and has a trading volume of 17.680 billion USD. We can see a decrease of 24.09% in the total trading volume in the last 24 hrs which appears to be normal. The Week Ahead We can see a continuous progression of a bearish trendline formation from 1721 towards the 1459 level. The price of Ethereum is now testing its support zone located at $1400 and we are likely to witness a rally in the prices once it touches these levels. The immediate short-term outlook for Ether has turned strongly BEARISH, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions. The prices of ETHUSD will need to remain above the important support level of $1400 this week. The weekly outlook is projected at $1500 with a consolidation zone of $1400. Technical Indicators: The relative strength index (14): at 40.90 indicating a SELL The moving averages convergence divergence (12,26): at -5.39 indicating a SELL The rate of price change: at -2.28 indicating a SELL The ultimate oscillator: at 47.37 indicating a SELL VIEW FULL ANALYSIS VISIT - FXOpen Blog

Trading Hours Schedule for the US Labour Day Dear Traders, Due to the Labour Day in the US on 5th September, you will experience the following changes in the trading hours schedule (all times are GMT+3): Monday, September 5 Commodities CFD's: XAUUSD (Gold): trading till 20:30; XAGUSD (Silver): till 20:30; XBRUSD (UK Brent): till 20:15; XTIUSD (US Crude): till 20:15; XNGUSD (US Natural Gas): till 20:15. Indices CFD's: Europe 50 (#ESX50): till 23:00; France 40 (#FCHI): till 23:00; Germany 30 (#GDAXIm): till 23:00; Hong Kong 50 (#HSI): till 22:00; Japan 225 (#J225): till 20:00; UK100 (#UK100): till 23:00; US SPX 500 (#SPXm): till 20:00; US Tech 100 (#NDXm): till 20:00; Wall Street 30 (#WS30m): till 20:00. Stock CFD's: trading closed. All other financial instruments will be traded without changes. Please consider these changes when planning your trading activities. VIEW FULL NEWS VISIT - FXOpen Company News... Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.

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