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EURUSD 1.1260 breakdown supportThe euro currency has slumped to a fresh weekly trading lower against the US dollar after the pair broke through the 1.1280 support barrier. Sustained losses below the 1.1260 level may trigger the next heavy EURUSD sell-off towards at least the 1.1235 support zone. Worse than expected US retail sales data later today may help to send the US dollar index lower and give the EURUSD a boost back towards the 1.1300 level. The EURUSD pair is only bearish while trading below the 1.1300 level, key technical support is found at the 1.1260 and 1.1235 levels. If the EURUSD pair trades above the 1.1300 level, buyers may test the 1.1321 and 1.1347 levels.
by OctaFX_Official
BTCUSD working through cloud resistanceBitcoin has been steadily working through Ichimoku cloud resistance on the four-hour time frame as the BTCUSD pair enjoys a late-week bid. The Ichimoku cloud is also showing that future key resistance for the BTCUSD pair is located around the $8,800 level. Bulls first need to break through the $8,400 resistance level to encourage the next round of technical buying. The BTCUSD pair is only bullish while trading above the $8,400 level, key resistance is located at the $8,800 and $9,000 levels. If the BTCUSD pair trades under the $8,200 level, sellers may test towards the $8,000 and $7,700 support levels.
BITSTAMP:BTCUSD
by OctaFX_Official
GBPUSD only bearish below 1.2710The British pound has reversed sharply from the 1.2750 level against the US dollar after UK Parliament was unable to block a hard-Brexit on Wednesday. The bullish pattern on the four-hour time frame still remains valid, with the 1.2655 level the foremost support zone. Bulls need to move price back above the 1.2710 level to install the intraday bullish sentiment towards the GBPUSD pair. The GBPUSD pair is only bullish while trading above the 1.2710 level, key resistance is located at the 1.2755 and 1.2820 levels. The GBPUSD pair is only bearish while trading below the 1.2710 level, key intraday support remains at the 1.2655 and 1.2610 levels.
by OctaFX_Official
EURUSD needs to make a new highThe euro has fallen back towards the lower end of its weekly trading range against the US dollar after bulls failed to move price above its former weekly trading high. The EURUSD pair is under technical pressure while trading back under the 1.1310 level and risks further losses towards the 1.1265 level. Overall, the US dollar index is starting to retrace last weeks losses, forcing majors lower against the greenback. The EURUSD pair is only bearish while trading below the 1.1310 level, key technical support is found at the 1.1280 and 1.1260 levels. If the EURUSD pair trades above the 1.1310 level, buyers may test the 1.1330 and 1.1347 levels.
by OctaFX_Official
ETHUSD still in the danger zoneEthereum has returned towards the $260.00 resistance level as the second largest cryptocurrency tracks the broader market higher on Thursday. Ethereum is still in the danger zone while trading below the $280.00 as the bearish head and shoulders pattern still remaining valid. Overall, the ETHUSD pair is still tracking BTCUSD fairly closely this week and has yet to break the strong correlation. If the ETHUSD pair trades above the $260.00 level, key resistance is found at the $280.00 and $320.00 levels. If the ETHUSD pair fails from the $260.00 level, key support is found at the $230.00 and $205.00 levels.
BITSTAMP:ETHUSD
by OctaFX_Official
GBPUSD dip buying still presentThe British pound is struggling to reclaim the 1.2700 level against the US dollar after yesterday’s much weaker set of data points from the UK economy. However, dip-buying demand for sterling still remains present, with bulls still maintaining the upper-hand while price holds above the 1.2660 level. GBPUSD bulls are likely to place stops around the 1.2600 level ahead of today’s next round of UK data points. The GBPUSD pair is only bullish while trading above the 1.2710 level, key resistance is located at the 1.2762 and 1.2817 levels. The GBPUSD pair is only bearish while trading below the 1.2710 level, key intraday support remains at the 1.2680 and 1.2660 levels.
by OctaFX_Official
EURUSD bulls still in chargeThe euro has made a quick recovery higher after briefly dipping below the 1.1300 level against the US dollar and finding strong buying demand just below the 1.1290 level. Buyers now need to break the former weekly higher and aim to close the daily candle above the EURUSD pairs 200-day moving average. Overall, the upside target for short-term bulls is likely to be the 1.1390 to 1.1410 area if weakness in the greenback persists. The EURUSD pair is only bearish while trading below the 1.1280 level, key technical support is found at the 1.1260 and 1.1230 levels. If the EURUSD pair trades above the 1.1280 level, buyers may test the 1.1360 and 1.1390 levels.
by OctaFX_Official
LTCUSD could hit $160.00Litecoin has advanced to fresh 2019 trading high following a bullish technical breakout above the $120.00 resistance level on Tuesday. The LTCUSD pair is now marching forward, with the $134.00 and $160.00 levels the two major bullish targets ahead. The daily time frame is clearly showing that a huge inverted head and shoulders pattern could now be in the forming. The LTCUSD pair is only bullish while trading above the $110.00 level, key resistance is found at the $134.00 and $160.00 levels. If the LTCUSD pair trades below the $110.00 level, key support is found at the $100.00 and $90.00 levels.
BITSTAMP:LTCUSD
by OctaFX_Official
GBPUSD complex bullish pattern formingThe British pound has so far found strong technical resistance from the 1.2762 level against the US dollar, with price falling below neckline support. If the GBPUSD pair holds below the 1.2747 level we may see the start of a complex inverted head and shoulders pattern forming across the four-hour time frame. Overall, traders may also be feeling cautious ahead of the key data being released from the United Kingdom economy later today and tomorrow. The GBPUSD pair is strongly bullish while trading above the 1.2747 level, key resistance is located at the 1.2762 and 1.2817 levels. The GBPUSD pair is only bearish while trading below the 1.2710 level, key intraday support is found at the 1.2680 and 1.2660 levels.
by OctaFX_Official
EURUSD 200-day still a struggleThe euro is holding onto most of Friday’s impressive gains against the US dollar in early week trade after the pair performed another impressive technical break. The EURUSD is struggling to surpass its 200-day, with the pair failing to close the daily candle above this key technical area. Corrective moves back towards the 1.1260 level still remain possible if bulls continue to struggle with the 1.1360 to 1.1370 technical zone. The EURUSD pair is only bearish while trading below the 1.1300 level, key technical support is found at the 1.1260 and 1.1230 levels. If the EURUSD pair trades above the 1.1300 level, buyers may test the 1.1360 and 1.1410 levels.
by OctaFX_Official
ETHUSD right shoulder completeEthereum has slipped backed to key neckline support as the second largest cryptocurrency continues to trade in lockstep with Bitcoin. The four-hour time frame is showing that a right-hand shoulder has now formed, which completes the bearish head and shoulders pattern. Sustained moves below the $230.00 level are likely to provoke technical selling, with the $205.00 level the most prominent downside target. If the ETHUSD pair trades below the $230.00 level, key support is found at the $205.00 and $190.00 levels. If the ETHUSD pair holds above the $230.00 level, key resistance is found at the $255.00 and $285.00 level.
BITSTAMP:ETHUSD
by OctaFX_Official
USDJPY 108.65 upcoming resistanceThe US dollar has started to rise against the Japanese yen currency, with buyers now attempting to break away from the pair’s recently established trading range. The 108.65 level offers solid resistance, while the 109.00 level is the major intraday resistance level. If the move higher is a false breakout, the USDJPY pair could easily still test towards the 107.40 level this week. The USDJPY pair is only bearish while trading below the 108.44 level, key support is found at the 107.70 and 107.40 levels. If the USDJPY pair trades above the 108.44 level, key technical resistance is found at the 108.65 and 109.00 levels.
by OctaFX_Official
1
EURUSD 1.1321 next big levelThe euro has slipped back towards the key 1.1265 level against the US dollar after the pair briefly traded above the 1.1300 level following the ECB policy decision. The 1.1321 level is the key upside level to watch today, with the 1.1380 and 1.1410 key resistance above. The 1.1265 and 1.1230 levels are major intraday support following the EURUSD pairs rollercoaster ride lower on Thursday. The EURUSD pair is only bearish while trading below the 1.1230 level, key technical support is found at the 1.1200 and 1.1165 levels. If the EURUSD pair trades above the 1.1300 level, buyers may test the 1.1320 and 1.1380 levels.
by OctaFX_Official
2
ETHUSD $230.00 downside level to watchEthereum is back under pressure on Friday, with the second largest cryptocurrency by market capitalization testing towards neckline support. The four-hour time frame highlights that bearish breakdown towards the $205.00 level is possible if price slips below the $230.00 level. Bulls ideally need to lift the ETHUSD pair above the $280.00 level to negate the bearish head and shoulders pattern. The ETHUSD pair is intraday bearish while trading below the $230.00 level, key support is found at the $220.00 and $205.00 levels. If the ETHUSD pair trades above the $230.00 level, key resistance is found at the $245.00 and $280.00 levels.
BITSTAMP:ETHUSD
by OctaFX_Official
2
GBPUSD bullish pattern spottedThe British pound has fallen back under the 1.2700 level against the US dollar in early Thursday trade after bulls failed to break the former key trading high, at 1.2747. However, yesterday’s move higher has helped to create a bullish inverted head and shoulders pattern on the four-hour time frame. All moves lower in the GBPUSD pair are expected to find strong buy dip-buying demand around the 1.2660 support level. The GBPUSD pair is strongly bullish while trading above the 1.2700 level, key resistance is located at the 1.2747 and 1.2800 levels. The GBPUSD pair is only bearish while trading below the 1.2660 level, key intraday support is found at the 1.2645 and 1.2630 levels.
by OctaFX_Official
EURUSD bearish correction underwayThe euro currency is undergoing a bearish correction against the US dollar after meeting strong selling interest from the 1.1300 resistance level. Additional weakness in the EURUSD is likely, with a technical test of the 1.1165 support possible if price moves below the 1.1200 level. Overall, profit taking and a downward correction in some technical indicators are weighing on the EURUSD in the near-term. The EURUSD pair is only bearish while trading below the 1.1200 level, key technical support is found at the 1.1180 and 1.1165 levels. If the EURUSD pair trades above the 1.1265 level, buyers may test the 1.1300 and 1.1325 levels.
by OctaFX_Official
2
BTCUSD at a crossroad in the short-termBitcoin remains technically weak in the short-term, with the number one cryptocurrency so far finding weekly support from the $7,400 level. The one-hour time frame is showing that the BTCUSD pair is truly at a crossroad, with both a head and shoulders and inverted head and shoulders patterns now present. The BTCUSD pair can trade in a broad range between the $7,400 to $8,400 levels before the next directional move becomes clear. The BTCUSD pair is only bullish while trading above the $8,400 level, key resistance is found at the $9,000 and $9,600 levels. If the BTCUSD pair trades under the $7,400 level, sellers may test towards the $7,000 and $6,500 support levels.
BITSTAMP:BTCUSD
by OctaFX_Official
2
LTCUSD $100.00 breakout supportLitecoin has followed the broader cryptocurrency market lower this week, with the sixth largest crypto so far finding technical support from the $96.50 level. The $100.00 level is still seen as major breakout support on both the four-hour and daily time frames. Bulls need to rally the cryptocurrency towards the $120.00 level to negate the bearish double-top pattern formation on the four-hour time frame. The LTCUSD pair is only intraday bullish while trading above the $110.00 level, key resistance is found at the $120.00 and $135.00 levels. If the LTCUSD pair trades below the $110.00 level, key support is found at the $96.50 and $85.00 levels.
BITSTAMP:LTCUSD
by OctaFX_Official
GBPUSD awaiting UK services dataThe British pound is trading towards the best levels of the week against the US dollar ahead of the release of key PMI Services data from the United Kingdom economy this morning. The GBPUSD pair has been overlooking weaker than expected UK data this week, with bulls now needing to send price above the former weekly high, at 1.2747. Overall, buyers now have the upper hand in the short-term, despite the bearish monthly candle and the uncertainty towards the UK political landscape. The GBPUSD pair is only intraday bearish while trading below the 1.2655 level, key support is located at the 1.2600 and 1.2550 levels. The GBPUSD pair is bullish while trading above the 1.2655 level, key intraday resistance is found at the 1.2747 and 1.2800 levels.
by OctaFX_Official
EURUSD gains slowingThe recent gains in the euro currency against the US dollar has started to slow as traders await EU PMI data and Thursday’s important ECB meeting. EURUSD buyers are now testing the 1.1265 level, with further gains towards the 1.1300 to 1.1320 resistance level is still possible. Overall, the next strong directional move in the EURUSD is unlikely to occur until after ECB President Mario Draghi speaks on Thursday. The EURUSD pair is only bullish while trading above the 1.1265 level, key technical resistance is found at the 1.1300 and 1.1320 levels. If the EURUSD pair trades below 1.1265 level, key technical support is found at the 1.1230 and 1.1215 levels.
by OctaFX_Official
EURUSD 1.1265 still the level to watchThe euro has advanced to a fresh monthly trading high against the US dollar following the release of much weaker than expected economic data from the United States economy. The EURUSD pair has firmed above the 1.1200 level, with bulls now needing to break above major technical resistance a the 1.1265 level. A bullish confirmed bullish breakout above the important 1.1265 level may trigger heavy technical buying towards the 1.1300 level. The EURUSD pair is only bullish while trading above the 1.1216 level, key technical resistance is found at the 1.1265 and 1.1300 levels. If the EURUSD pair trades below 1.1216 level, key technical support is found at the 1.1190 and 1.1165 levels.
by OctaFX_Official
BTCUSD bearish below $8,400Bitcoin has stared the month of June fairly subdued, with bulls so far failing to stop the cryptocurrency moving back under the $8,000 level. However, the bullish pattern on the four-hour time frame still remains in play, with neckline support currently located at the $8,400 level. Overall, the BTCUSD pair needs to move price above the $8,400 level or it risks a much deeper technical pullback towards the $7,000 level. The BTCUSD pair is only bullish while trading above the $8,400 level, key resistance is found at the $9,000 and $9,600 levels. If the BTCUSD pair trades under the $8,400 level, sellers may test towards the $7,000 and $6,500 support levels.
BITSTAMP:BTCUSD
by OctaFX_Official
USDJPY 107.40 bearish targetThe US dollar starts the new trading month under heavy downside pressure against the Japanese yen following the bearish breakout below the 109.00 level. Further losses in the USDJPY pair still appear possible as the bearish head and shoulders pattern has a target of 107.40 level. The United States ISM report later today is likely to have a big impact on the direction of the US dollar. The USDJPY pair is heavily bearish while trading below the 108.70 level, key support is found at the 108.00 and 107.70 levels. If the USDJPY pair trades above the 108.70 level, key technical resistance is found at the 109.00 and 109.30 levels.
by OctaFX_Official