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EUR/USD and EUR/JPY Attempt Recovery Wave EUR/USD started a fresh decline and traded below 1.0150. EUR/JPY is attempting a recovery wave and might rise if it clears 139.50. Important Takeaways for EUR/USD and EUR/JPY The Euro started a major decline from the 1.0250 and 1.0280 resistance levels. There is a short-term contracting triangle forming with resistance near 1.0145 on the hourly chart. EUR/JPY also started a major decline below the 140.00 and 139.50 support levels. There is a key bearish trend line forming with resistance near 139.20 on the hourly chart. EUR/USD Technical Analysis The Euro failed to clear the 1.0280 resistance against the US Dollar. The EUR/USD pair started a major decline below the 1.0220 and 1.0200 support levels. There was a clear move below the 1.0150 level and the 50 hourly simple moving average. The pair even settled below the 1.0180 level. A low was formed near 1.0107 on FXOpen and the pair is now consolidating losses. EUR/USD Hourly Chart The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.0250 swing high to 1.0107 low. On the upside, the pair is facing resistance near the 1.0145 level. There is also a short-term contracting triangle forming with resistance near 1.0145 on the hourly chart. A clear move above the triangle resistance might send the price towards 1.0165. The next major resistance is near the 1.0180 level. It is near the 50% Fib retracement level of the downward move from the 1.0250 swing high to 1.0107 low. If the bulls remain in action, the pair could revisit the 1.0250 resistance zone in the near term. On the downside, the pair might find support near the 1.0120 level. The next major support sits near the 1.0100 level. If there is a downside break below the 1.0100 support, the pair might accelerate lower in the coming sessions. Read Full on FXOpen Company Blog...

BTCUSD and XRPUSD Technical Analysis – 26th JULY 2022 BTCUSD: Bearish Engulfing Pattern Below $24262 Bitcoin was unable to sustain its bullish momentum and after touching a high of 24195 on 20th July started to decline against the US dollar dropping below the $21500 handle in the European trading session today. We can see that after this decline the prices have entered into a consolidation zone above the $21000 handle. The drop in the prices of bitcoin comes just before the upcoming US Federal Reserve FOMC meeting, which is expected to raise the interest rates by 75 basis points. We can clearly see a bearish engulfing pattern below the $24262 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend. Bitcoin touched an intraday high of 22248 in the Asian trading session and an intraday low of 20928 in the European trading session today. Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected. The relative strength index is at 29 indicating a weaker demand for bitcoin at the current market level and the continuation of the selling pressure in the markets. Bitcoin is now moving below its 100 hourly simple moving average and 200 hourly simple moving averages. Most of the major technical indicators are giving a strong sell signal, which means that in the immediate short term, we are expecting targets of 20500 and 20000. The average true range is indicating less market volatility with a bearish momentum. Bitcoin: bearish reversal seen below $24262 STOCHRSI is indicating an overbought level The price is now trading just above its pivot level of $21077 All of the moving averages are giving a strong sell market signal Bitcoin: Bearish Reversal Seen Below $24262 The price of bitcoin continues to decline below the $22000 handle, and we are now testing the important support level of $20000 in the European trading session. The global sentiments have changed in the wake of the US Fed interest rate decision and its impact on the cryptocurrency markets worldwide. We can see the formation of a falling trend channel, and now we are facing the immediate targets of $20500 and $20100. Bitcoin was unable to clear its resistance zone located at $25000, and we can see a progression of the bearish bias in the markets. The ultimate oscillator is indicating a neutral market, and the prices can also stage an upwards correction from these levels if the bearish trend gets exhausted. The immediate short-term outlook for bitcoin is bearish; the medium-term outlook has turned neutral; and the long-term outlook remains neutral under present market conditions. Bitcoin’s support zone is located at $20000, and the prices continue to remain above these levels for any potential bullish reversal in the markets. The price of BTCUSD is now facing its classic support level of 20902, and Fibonacci resistance levels of 21034, after which the path towards 20000 will get cleared. In the last 24hrs, BTCUSD has declined by 4.19% by 922 and has a 24hr trading volume of USD 37.899 billion. We can see an increase of 33.97% in the trading volume as compared to yesterday, which is due to the selling seen by the short-term investors. The Week Ahead The price of bitcoin is moving in a mildly bearish momentum, and the immediate targets are $20500 and $20000 The daily RSI is printing at 44 which means that the medium range demand continues to remain weak. The trendline formation is seen from the $24000 level towards the $21000, indicating that if this bearish trend line gets exhausted, we may see an upwards correction in the prices. Bitcoin prices may continue to remain in a range-bound movement between the $20000 and $22000 levels this week. The price of BTCUSD will need to remain above the important support levels of $20000 this week. The weekly outlook is projected at $21500 with a consolidation zone of $20500. Technical Indicators: The average directional change (14 days): at 43.57 indicating a NEUTRAL The rate of price change: at -3.78 indicating a SELL The relative strength index (14): at 29.67 indicating a SELL The commodity channel index (14 days): at -59.39 indicating a SELL Read Full on FXOpen Company Blog...

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Tesla stock has volatile week despite Bitcoin unicorn Tesla has been known for as long as it has been in existence as a disruptor of its sector. Its founder, Elon Musk, is a maverick and a free thinker and has risen to prominence as one of the world's richest men via his methodology of disregarding the well-trodden path and finding ways to reinvent it. Thus, Elon Musk's influential interest in cryptocurrency has been a well-covered subject over the past year and a half, and his own advocacy of cryptocurrencies ranging from Bitcoin to oddball meme currencies such as Dogecoin has been high profile. It is fair to say that Elon Musk's interest in cryptocurrency is not just an interest, it positions him as an influencer. In May 2021, he was responsible for crashing the value of five popular cryptocurrencies by over $700 million, and then partially responsible for causing them to rise to a higher value than before his infamous Twitter post-orientated tumble. It is therefore fitting that Elon Musk would bring cryptocurrency investment into his commercial portfolio, which he did with Tesla. By the end of last year, Tesla could lay claim to being the most influential disrupting force in the automotive industry, as well as the only large cap publicly listed corporation which is a Bitcoin whale. A Bitcoin whale is an entity or person which holds enough Bitcoin to be able to influence the market. Now, as Tesla remains a major market force and all of the traditional car manufacturers have been rallying to make electric vehicles after over 100 years of not even considering moving away from internal combustion, and as a recent SEC filing showed that the company has made $64 million in gains from bitcoin sales, its own stock is volatile to say the least. This week, prices are down to $804 per share after a rally last week. Whether investors in high market cap publicly listed companies are still relatively conservative and don't favor risky and avantgarde strategies such as the Bitcoin trading activities of Tesla is perhaps a matter for discussion, but despite these crypto-fueled gains being made public information, the value of Tesla stock has been declining during the course of this week. On Friday last week, Tesla stock was trading at $840 per share, so today's $804 is a definitive downturn. Elon Musk, who is openly pro-free market, and has objected to government lockdowns across Europe and America has this week stated that Tesla’s factories in Germany and Texas are losing billions of dollars as supply-chain snags and battery-cell manufacturing hurdles limit production caused by the draconian lockdowns in 2020 and 2021. Clearly, regardless of how well capitalized and how much of a market icon Tesla is, foresight, innovation and disruption still equals volatility. FXOpen Blog

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Focus on the Journey, Not the Destination Waiting for the Perfect Timing Understand in Details and Get the Answers from the Experienced Forex Traders and FXOpen Forum Members. Learn Forex Trading with FXOpen Forum #fxopenforum #forextrading #cryptotrading #learnforex

I am Still Learning Three stages of the Current Market Correction Understand in Details and Get the Answers from the Experienced Forex Traders and FXOpen Forum Members. Learn Forex Trading with FXOpen Forum #fxopenforum #forextrading #cryptotrading #learnforex

Oil price bonanza may trigger dividend hike for big firms The incessant increase in the price of oil over recent months has been a moot point for many people, especially those in western countries who are now having to battle with the cost of paying for their domestic heating or the painful cost of buying fuel for their car. What appeared inconceivable last year when oil prices were very low and had only just begun to recover from the negative equity position that crude oil was in in March 2020, is now a very harsh reality for many domestic and commercial consumers, just as it is for commodities traders who have to make their investment in crude oil work against the backdrop of a surprisingly strong US Dollar. Currently, the price of oil is still extremely high, with Brent Crude commanding a price of $103 per barrel at July 25, and oil companies are quite simply raking in the profits. The sanctions which were placed on companies in all sectors of industry based in Russia earlier this year have also had an impact on the price of crude oil, as Russia is an OPEC country and has a vast oil and raw materials industry which exports its products globally. Once the ability for Russian oil companies to access their settlement payments for oil and gas in Euros or US Dollars via European and North American banks became impossible due to the freezing of those accounts, and Russian oil companies ended up insisting that European and American customers settle their oil and gas purchases in Rubles via Russian banks, the US Dollar became less connected to the commodities settlement business and the ruble shot up, but of course overall demand for oil remained very high. As a result, the dollar value of oil is still high indeed. Some of the top international oil majors have already announced expectations of extremely high revenues, especially in their refining divisions, for the second quarter of this year. A number of analysts expect at least some of them to step up share buybacks and some even to announce an increase in dividends due to record cash flows and record or near-record earnings. Some Western oil companies are doing very well indeed, as this is a global phenomenon and a global supply and demand issue. French supermajor TotalEnergies said last week that “Refining & Chemicals results are expected to be exceptional given the very high levels of distillate and gasoline cracks.” American oil giant ExxonMobil revealed in an SEC filing earlier this month that the rise in industry margins is set to add between $4.4 billion and $4.6 billion to its Q2 results. At Shell, which recently moved its headquarters from its native Holland to London purely so that it can be in the global trading center for electronic financial services, the refining margin nearly tripled in Q2 compared to Q1 and is expected to add between $800 million and $1.2 billion to the second quarter results of Shell’s Products division compared to the first quarter of 2022. Therefore, not only are oil stocks in view, but oil prices themselves. FXOpen Blog

GBP/USD Faces Resistance And GBP/JPY Is Sliding GBP/USD started a recovery wave above the 1.1950 resistance zone. GBP/JPY declined and remains at a risk of more losses below 163.00. Important Takeaways for GBP/USD and GBP/JPY The British Pound started a recovery wave above the 1.1950 resistance against the US Dollar. There is a major bullish trend line forming with support near 1.1960 on the hourly chart of GBP/USD. GBP/JPY declined steadily after it failed to clear the 166.20 resistance zone. There was a break below a key bullish trend line with support near 165.60 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound found support near the 1.1750 zone against the US Dollar. The GBP/USD pair started a recovery wave and was able to settle above the 1.1850 zone. There was a steady increase above the 1.1900 zone and the 50 hourly simple moving average. The pair even traded above the 1.2000 resistance zone. However, the bears were active near the 1.2050 and 1.2060 levels. GBP/USD Hourly Chart A high was formed near 1.2063 on FXOpen and the pair is now correcting lower. There was a move below the 1.2000 support zone. It even broke the 50% Fib retracement level of the upward move from the 1.1916 swing low to 1.2063 high. An immediate support is near the 1.1975 and the 50 hourly simple moving average. The next major support is near the 1.1960 level. There is also a major bullish trend line forming with support near 1.1960 on the hourly chart of GBP/USD. If there is a break below the 1.1960 support, the pair could test the 1.1920 support. Any more losses might send GBP/USD towards 1.1850. On the upside, the pair is facing resistance near the 1.2000 level and the 1.2020. An upside break above 1.2020 could set the pace for a move towards the 1.2060 resistance zone. The next major resistance sits near the 1.2120 level. Read Full on FXOpen Company Blog...

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