FXOpen Trader

If there is no Struggle, There is no Progress Understanding Harmonic Chart Patterns 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

US Dollar's sustained rally is surprising the markets, especially against Bitcoin During the past few weeks, the US Dollar has been surprisingly strong against many western majors, notably the Euro and British Pound, despite the American and European economies facing very similar obstacles over the past two years. This has been a particularly interesting dynamic, especially as the inflation levels among European Union member states, the United Kingdom and the United States are at levels not seen since the 1980s, and the geopolitical circumstances foist upon the citizens are similar. The US Dollar also lost part of its status as a settlement instrument for global oil and gas purchasing a few months ago when the Russian government rolled out a new policy that ensures all Western buyers of oil and gas from Russia settle their deliveries in Rubles. Despite all of this, the US Dollar has been performing well against its major peers, and perhaps more interestingly, against Bitcoin, too. Last year, analysts in Wall Street predicted that the Bitcoin would go to $150,000 in value over the 'next few months'. This has not happened and in reality, Bitcoin' inverse correlation with the US Dollar actually hit a 17-month high yesterday. It is unusual for analysts within Tier 1 banks in Wall Street to make incorrect predictions. They were right about the oil prices, afterall, when many analysts said in the summer of 2021 that Brent Crude would go to $80 per barrel by the autumn, as that is exactly what happened. However, when it comes to Bitcoin, things have been less predictable, even by experts who have the credibility of a Tier 1 investment bank to uphold. Bitcoin's current relatively low value has become a sustained circumstance, and now, market analysts are starting to comment that the US Dollar rally may either stll or correct by the end of 2022 against its fiat currency peers, which in turn may benefit Bitcoin. This goes some way toward suggesting that Bitcoin is now almost behaving like an established currency in that its movements are less volatile than previously and than some altcoins, and that its future performance is being viewed via the same lens as the future performance of other major fiat currencies against the US dollar. Importantly, the weekly correlation coefficient between Bitcoin and the US Dollar dropped to 0.77 below zero in the week ending July 3, its lowest in seventeen months. It appears that investors are more confident in the performance of stock market indices than currencies during a time at which the central banks of Europe and the United States are engaged in interest rate increases as attempts to curb inflation. The Federal Reserve Bank has invoked a series of rate hikes, as have the Bank of England and even the European Central Bank recently which invoked its first rate hike for several years. Therefore, the currency market is in focus, and Bitcoin has lost 60% of its value so far in 2022, whereas the NASDAQ composite index, which is the home of many publicly listed technology companies, has only declined in returns by 29% over the same period. As far as measuring the US Dollar against other currencies is concerned, the US Dollar is in a very good position as the US dollar index (DXY), which is a metric that measures its strength against a basket of top foreign currencies, has been recently consistent around its January 2003 highs of 105.78. The fervent influx of new Bitcoin investors who took to the cryptocurrency market in 2021 after Elon Musk's famous tweet which collapsed the value of 5 popular cryptocurrencies by almost a trillion dollars has subsided. These were analytical investors who 'bought the dip' realizing that soon it would correct, and it did, soon after Elon Musk put out another tweet saying that the environmental factors he had previously cited had been resolved. This level of volatility has not been experienced this year, and there are even market pundits saying that Bitcoin may have 'bottomed out', with one on-chain indicator predicting that Bitcoin could go to $15,600 as a low point this year. It is an interesting time, and the fiat currency volatility, especially that of the US Dollar, and the tinderbox situation of many western economies plus the stagnancy of Bitcoin is a conundrum of a different nature to that of just a year ago. FXOpen Blog

GBP/USD and GBP/JPY Face Uphill Task GBP/USD started a fresh decline from the 1.2320 resistance zone. GBP/JPY declined and remains at a risk of more losses below 162.00. Important Takeaways for GBP/USD and GBP/JPY The British Pound started a fresh decline after it failed near 1.2320 against the US Dollar. There is a major bearish trend line forming with resistance near 1.2120 on the hourly chart of GBP/USD. GBP/JPY declined steadily after it failed to clear the 167.00 resistance zone. There is a key bearish trend line forming with resistance near 164.25 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound attempted an upside break above the 1.2320 resistance against the US Dollar. The GBP/USD pair failed to gain bullish momentum and started a fresh decline from the 1.2200 zone. There was a sharp decline below the 1.2150 support and the 50 hourly simple moving average. The pair even traded below the 1.2000 support zone. A low was formed near 1.1975 on FXOpen before the pair started a recovery wave. GBP/USD Hourly Chart The pair climbed above the 1.2050 resistance zone. It even broke the 50% Fib retracement level of the downward move from the 1.2188 swing high to 1.1975 low. On the upside, the pair is facing resistance near the 1.2110 level. It is near the 61.8% Fib retracement level of the downward move from the 1.2188 swing high to 1.1975 low. There is also a major bearish trend line forming with resistance near 1.2120 on the hourly chart of GBP/USD. An upside break above 1.2120 could set the pace for a move towards the 1.2200 resistance zone. If there is no upside break above 1.2120, the pair could start a fresh decline. An immediate support is near the 1.2050. The next major support is near the 1.2000 level. If there is a break below the 1.2000 support, the pair could test the 1.1920 support. Read Full on FXOpen Company Blog...

We must learn how to manage the Income and plan our Investments in the same way into the Forex markets.

We must choose such types of Trading pairs that are Easy to understand and trade with.

We will need to develop our Trading Skills so that the income is reliable.

I am doing my Forex Trading with the ECN Forex Broker FXOpen Markets and they allow me to do News Trading and Scalping

We will need to use more Trading Skills so that we can get the Required Benefits.

To get income from our trading we will have to use Reliable Trading systems.

The Risks that are present into our trades needs to be Controlled.

We have to keep our Trading based accounts data as Secured.

We will have to choose the Correct Pairs in doing our trades into the markets.

When we are having more Trading Experience we can become Better Traders.

Forex trading is a type of business that needs to be done with Proper Planning and Controls.

In the Forex markets it becomes important for the traders to use a Trading system that is more Reliable.

As you can see that sometimes the Trend gets reversed very soon so we will have to understand those changes.

When we are having correct trading based Skills then our income from such trades will also get increased.

Those Forex traders who are Newbie will have to learn about doing their trades into the Forex markets.

When the Risks that are present into our trades will get reduced the income we are going to get will also get increased.

With the help of the Forex trading business we can learn about doing our trades in a Better way.

When we are doing our trades with the help of the Regulated Forex Brokers we will have Peace of Mind.

I am doing my Forex Trading with the ECN Forex Broker FXOpen Markets and they allow me to do News Trading and Scalping

To be able to start doing our trades into the Forex markets we will have to do some Hard work.

You can start trading in the Forex Markets with a Deposit of 100USD in ECN Account of FXOpen Broker

I have been making use of the FXOpen Broker and it accepts the Bitcoins for the Deposits