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USDJPY triple top pattern formingThe US dollar has fallen to a fresh weekly trading low against the Japanese yen currency as the greenback comes under selling pressure ahead of the release of the FOMC meeting minutes. USDJPY sellers need to move price below the 110.90 support level in order to turn the weekly sentiment towards the pair bearish. Traders should note that a bearish triple top pattern formation is also creating technical selling pressure on the four-hour time frame. If the USDJPY pair trades below the 110.90 level, sellers may test towards the 110.65 and 111.40 levels. If bulls move price above the 111.30 level, buyers may test towards the 111.65 and 112.20 levels.
by OctaFX_Official
EURUSD bullish bias above 1.1250The euro is testing back towards major weekly technical support against the US dollar, after the pair found strong resistance from the 1.1283 level. The EURUSD pair retains a bullish intraday bias above the 1.1250 level, although buyers must soon move price above the 1.1290 resistance level. The 1.1350 level currently offers the strongest form of weekly technical resistance. The EURUSD pair is only bullish while trading above the 1.1250 level, key technical resistance is found at the 1.1290 and 1.1350 levels. If the EURUSD pair trades below 1.1250 level, key support is found at the 1.1216 and 1.1170 resistance levels.
by OctaFX_Official
ETHUSD bulls need to break $185.00Ethereum continues to trade towards the best levels of the year so far, as the second largest cryptocurrency edges closer to major another technical breakout. ETHUSD bulls need to move price above the $185.00 level in order to accelerate buying interest towards the $220.00 level. The daily time frame is showing that key weekly support is located at the $160.00 and $155.00 levels. The ETHUSD pair is bullish while trading above the $160.00 level, key technical resistance is found at the $185.00 and $220.00 levels If the ETHUSD pair trade below the $160.00 level, key support is found at the $155.00 and $149.00 levels.
BITFINEX:ETHUSD
by OctaFX_Official
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LTCUSD testing cloud resistanceLitecoin continues to trade at elevated levels on Tuesday as the fifth largest cryptocurrency attempts to break past the $100.00 resistance barrier. The weekly time frame shows that the LTCUSD pair is testing Ichimoku cloud resistance, which extends up towards the $200.00 level. The weekly time frame also shows that key Ichimoku support is currently located at the $70.00 and $60.00 levels. The LTCUSD pair is bullish while trading above the $60.00 level, key resistance is found at the $100.00 and $150.00 levels. If the LTCUSD pair fails before the $100.00 levels, key support is found at the $70.00 and $60.00 levels.
BITFINEX:LTCUSD
by OctaFX_Official
GBPUSD 1.2980 still key supportThe British pound continues to drift lower against the US dollar as traders remain nervous ahead of Wednesday’s EU leaders meeting over Brexit. The overall target of the triangle pattern on the four-hour time frame suggests that the GBPUSD pair could fall towards the 1.2900 level. Buyers need to move price above the 1.3100 level to negate the bearish weekly sentiment towards the GBPUSD pair. If the GBPUSD pair trades above the 1.3060 level, key resistance is found at the 1.3100 and 1.3180 levels. If the GBPUSD pair trades below the 1.3160 level, key intraday support is found at the 1.3000 and 1.2980 level.
by OctaFX_Official
EURUSD bullish pattern workingThe euro continues to trade higher against the US dollar on Tuesday after buyers lifted the pair above the pivotal 1.1250 level. The four-hour time frame shows that a bullish inverted head and shoulders pattern has been ignited, with the overall upside target close to the 1.1320 level. EURUSD sellers will need to move price below the 1.1250 level to negate the bullish intraday outlook. The EURUSD pair is only bearish while trading below the 1.1250 level, key technical support remains at the 1.1216 and 1.1170 levels. The EURUSD pair is bullish while trading above the 1.1250 level, key resistance is found at the 1.1290 and 1.1320 resistance levels.
by OctaFX_Official
Financial markets await the latest ECB economic assessmentFinancial markets await the latest economic assessment from the ECB ECB headlines During the upcoming trading week traders and investors look to the European Central Bank rate decision and press conference with ECB President Mario Draghi. The ECB is widely expected to keep rates on hold, with market participants expecting President Draghi to turn even more dovish, as economic growth and data points from the German and French economies are steadily worsening. Aside from the ECB, we see the release of global inflation data from the United States, German, Chinese, Italian and Indian economies. Traders also await the FOMC Meeting Minutes, the latest Brexit news and important Trade data from the United Kingdom and Chinese economies. Monday 8th April, USD US Factory Orders Domestic US manufacturers report Factory Orders in regards to the US dollar volume of new orders, shipments, unfilled orders, and inventories. Factory Orders provides an intelligible, clear view of the whole US manufacturing sector. More precisely, the new orders figure acts as an indicator of overall demand across industries while Shipments provide a gauge of supply. Unfilled orders and Inventory figures accommodate the balance between orders and shipments. • The EURUSD pair is only bullish while trading above the 1.1250 level, further upside towards the 1.1290 and 1.1330 resistance levels seems possible. • If the EURUSD pair moves below the 1.1250 level, sellers are likely to test towards the 1.1170 and 1.1050 support levels. Tuesday 9th April, USD US JOLTS Job Survey The Job Openings and Labor Turnover Survey, also known as, JOLTS, is a US jobs survey that is published monthly. JOLTS examines the jobs market and collects information from more than 15,000 workplaces across the United States. The survey collects numerical and qualitative data that concerns job hires, job openings, layoffs, separations, resignations and also recruitments. • The AUDUSD pair is only bullish while trading above the 0.7230 level, key resistance is found at the 0.7380 and 0.7450 levels. • If the AUDUSD pair moves below the 0.7230 level, sellers may test towards the 0.7130 and 0.7000 levels. Wednesday 10th April, USD US Consumer Price Index The US Consumer Price Index is released by the US Bureau of Labor Statistics and evaluates the fluctuations in the cost of living by measuring the changes in prices consumers pay for a set of items. CPI is used as the headline figure for inflation, as inflation reflects a decline in the US dollars purchasing power, which means that the US dollar depreciates and is therefore capable of buying fewer goods and services. In terms of an inflation measurement, the Consumer Price Index is the most obvious way to quantify fluctuations in purchasing power. • The GBPUSD pair is only bullish while trading above the 1.3100 level, further upside towards the 1.3180 and 1.3300 levels seems likely. • If the GBPUSD pair moves below the 1.3100 level, sellers are likely to test towards the 1.2970 and 1.2880 support levels. Thursday 11th April, EUR ECB Interest Rate Decision After the ECB Interest Rate Decision is announced, the European Central Bank holds a lengthy monthly conference with ECB President Mario Draghi delivering a prepared statement. The main points of the conference are inflation and an economic overview and examination of the causes behind the Governing Council’s decision. During the conference, ECB President Mario Draghi answers questions and also gives important clues related to future monetary policy. • The EURGBP pair is bearish while trading below the 0.8640 level, further downside towards the 0.8510 and 0.8440 support levels seems possible. • If the EURGBP pair moves above the 0.8640 level, buyers are likely test towards the 0.8680 and 0.8740 resistance levels. Friday 12th April, CNY Chinese Trade Balance The Chinese Trade Balance released by the General Administration of Customs of the People's Republic of China is the difference in value between imported and exported goods and services over the reported period. A positive number indicates that more goods and services were exported than imported and is known as a trade surplus if the exports exceed imports. When imports are greater than exports, a deficit is created. • The USDCAD pair is only bullish while trading above the 1.3300 level, further upside towards 1.3400 and 1.3550 levels then remains possible. • If the USDCAD pair trades below the 1.3300 level, sellers are likely to test the 1.3220 and 1.3160 support levels.
by OctaFX_Official
GBPUSD 1.2980 key weekly supportThe British pound is trading back towards the lower end of its recent trading range against the US dollar as the United Kingdom approaches its Brexit deadline this week. The 1.2980 level is major weekly support area to watch for the GBPUSD pair this week. Weakness below the 1.2980 support level will likely trigger heavily technical selling towards the 1.2880 support region. If the GBPUSD pair trades below the 1.3000 level, key support is found at the 1.2980 and 1.2880 levels. If the GBPUSD pair trades above the 1.3060 level, key resistance is found at the 1.3100 and 1.3180 levels.
by OctaFX_Official
EURUSD opening under pressureThe euro has opened the new trading week under pressure against the US dollar following another bearish price close on Friday. The EURUSD pair is likely to come under further technical selling pressure while trading below the important 1.1216 support level. Only a move above the 1.1250 resistance level can negate the bearish weekly sentiment towards the EURUSD pair. The EURUSD pair is heavily bearish while trading below the 1.1216 level, key technical support remains at the 1.1170 and 1.1130 levels. If the EURUSD pair trades above the 1.1250 level, buyers may test back towards the 1.1290 and 1.1330 resistance levels.
by OctaFX_Official
BTCUSD intraday bullish above $4,900Bitcoin retains a strong bid tone on Monday, after the number one cryptocurrency had its strongest monthly start in over twelve month. Bulls need to keep the BTCUSD pair above the $4,900 level in order to maintain the bullish intraday bias surrounding the cryptocurrency. Key weekly resistance for the BTCUSD pair is currently located at the $6,200 level. The BTCUSD pair has a bullish bias while trading above the $4,900 level, key intraday resistance is found at the $5,300 and $5,700 levels. Id the BTCUSD pair trades under the $4,900 level, sellers may test towards the $4,700 and $4,380 support levels.
BITFINEX:BTCUSD
by OctaFX_Official
USDJPY testing rising wedgeThe US dollar has moved to a new monthly trading high against the Japanese yen currency following more bullish news coming from Sino-US trade talks. The USDJPY pair has now moved above the 111.60 level and may attempt to move back inside the rising wedge pattern. Overall, the USDJPY pair will retain its strong weekly bullish bias while trade above the 110.90 support level. The USDJPY pair is strongly bullish while trading above the 111.60 level, key resistance is found at the 111.90 an 112.25 levels. If the USDJPY pair falls below the 111.30 level, key technical support is located at the 110.90 and 110.60 level.
by OctaFX_Official
GBPUSD moving lowerThe British pound is coming under selling pressure towards the 1.3050 support level against the US dollar after buyers failed to break key trendline resistance on the four-hour time frame. The GBPUSD pair may weaken towards the 1.3000 level if sellers can move price below key trendline support. The 1.3180 level is now acting as the strongest form of daily resistance for the GBPUSD pair. If the GBPUSD pair trades below the 1.3050 level, key support is found at the 1.3000 and 1.2970 levels. If buyers move price above the 1.3100 level, key resistance is found at the 1.3155 and 1.3180 levels.
by OctaFX_Official
ETHUSD targeting $200.00Ethereum has moved to its highest trading level since November 2018 after the ETHUSD performed a strong bullish breakout earlier this week. The ETHUSD pair has now broken above a triangle pattern on the four-hour time frame, with the pattern still holding upside projection of over $50.00. Technical indicators also show the recent move higher is gathering bullish trading momentum. The ETHUSD pair is bullish while trading above the $160.00 level, key technical resistance is found at the $180.00 and $205.00 levels If the ETHUSD pair trade below the $160.00 level, key support is found at the $155.00 and $149.00 levels.
BITFINEX:ETHUSD
by OctaFX_Official
Bitcoin hits $5,000 as cryptocurrency market bulls returnBitcoin bulls return Bitcoin surged above the $5,000 resistance level this week as the market capitalization of the entire digital currency market reached its highest level of the year so far. Bitcoin moved above its 200-day moving average for the first time since May 2018, as the BTCUSD pair advanced towards the $5,300 level before correcting lower, as traders booked profits from overstretched levels. Bitcoin had spent much of the last trading month consolidating in a narrow price range between the $3,800 to $,4,000 level prior to its strong technical breakout above the $4,200 level. • The BTCUSD pair is only bearish while trading below the $4,200 level, key support is found at the $4,100 and $4,000 levels. • If the BTCUSD pair trades above the $4,400 level, buyers may test towards the $5,300 and $6,000 resistance levels. RBA turning dovish The Australian dollar moved lower against the US dollar and the Japanese yen currency following the release of the Reserve Bank of Australia interest rate statement. The RBA maintained interest at record low levels as widely expected, with the central bank issuing more dovish forward policy guidance. The RBA noted that domestic risks in the global and domestic economy continue to be the main areas of concern for Australian policymakers. Financial market participants are now speculating that RBA will slash interest rates as soon as August this year. • The AUDUSD pair is bearish while trading below the 0.7245 level, key support is found at the 0.7030 and 0.6930 levels. • If the AUDUSD pair trades above the 0.7245 level, buyers may test towards the 0.7310 and 0.7380 resistance levels. Brexit wrangling The British pound moved higher against the greenback this week as British Prime Minter Theresa May lost control of Brexit. UK Parliament voted to take power away from PM May over key Brexit decisions, as she failed to find a clear resolution to the United Kingdom’s departure from the EU. Markets cheered the move by UK Parliament, to take control of Brexit, as traders and investors perceived that the chances of a no-deal Brexit have now decreased. The GBPUSD pair advanced towards the 1.3200 level, after briefly dipping towards the 1.3000 level in early week trading. • The GBPUSD pair is only bearish while trading below the 1.3100 level, key support is found at the 1.2975 and 1.2660 levels. • If the GBPUSD pair trades above the 1.3100 level, key resistance is found at the 1.3200 and 1.3270 levels. Litecoin rally Litecoin performed its strongest weekly advance since February 2018 this week, as the surge in the value of Bitcoin provoked a wave of buying towards other digital assets. Litecoin advanced towards the $100.00 level, with the fifth largest cryptocurrency by market capitalization adding close to fifty percent in value. Ethereum also posted strong double-digit gains, with the second largest cryptocurrency moving towards the $180.00 level, after starting the month of April close to the pivotal $140.00 level. • The LTCUSD pair is only bullish while trading below the $56.00 level, key resistance is found at the $100.00 and $120.00 levels. • If the LTCUSD pair trades below the $56.00 level, sellers may test towards the $50.00 and $42.00 support levels.
BITFINEX:LTCUSD
by OctaFX_Official
USDJPY awaits trade talk newsThe US dollar continues to consolidate at elevated levels against the Japanese yen currency on Thursday as traders await the latest news from Sino-US trade talks in Washington. Bullish trade talks news could provoke a move higher in the USDJPY pair towards the 112.10 level. Bearish news will likely cause the USDJPY pair to decline sharply back towards the 110.00 support level. If bulls move price above the 111.60 level, further gains towards the 112.10 and 112.60 levels appear likely. If the USDJPY pair falls below the 111.00 level, key technical support is located at the 110.60 and 110.00 level.
by OctaFX_Official
EURUSD struggling with 1.1250The euro is struggling to break above the 1.1250 resistance level against the US dollar in early Thursday trade, as traders become cautious ahead of tomorrow’s monthly job report from the American economy. If bulls can move edge price above the 1.1250 level, technical buying is likely to accelerate towards the 1.1290 level. Continued failure around the 1.1250 level may see the EURUSD pair sold back towards the important 1.1216 support level. The EURUSD pair is only bearish while trading below the 1.1250 level, key technical support is found at the 1.1216 and 1.1170 levels. If the EURUSD pair trades above the 1.1250 level, buyers may test back towards the 1.1290 and 1.1330 resistance levels.
by OctaFX_Official
ETHUSD targeting $200.00Ethereum has moved to its highest trading level since November 2018 as the ETHUSD performed a bullish breakout above the $160.00 level. The ETHUSD has broken above a triangle pattern on the four-hour time frame, with the pattern holding upside projection of over $50.00. Technical indicators also show the recent move higher is gathering bullish trading momentum. The ETHUSD pair is bullish while trading above the $160.00 level, key technical resistance is found at the $185.00 and $205.00 levels If the ETHUSD pair trade below the $160.00 level, key support is found at the $155.00 and $149.00 levels.
BITFINEX:ETHUSD
by OctaFX_Official
USDJPY losing bullish momentumThe US dollar is losing bullish momentum above the 111.00 level against the Japanese ye, despite the recent surge in the value of the greenback. The USDJPY pair could reverse back towards the pivotal 110.90 level if buyers fail to move price above the 111.60 resistance area. Technical indicators across the four-hour time frame are also starting to appear overstretched. If the USDJPY pair falls to move above the 111.60 level, sellers may test towards the 110.90 and 110.40 support levels. If bulls move price above the 111.60 level, further gains towards the 112.00 and 112.25 levels appear likely.
by OctaFX_Official
EURUSD 1.1216 daily pivotThe euro currency remains weak against the US dollar on Wednesday with the pair now trading around neckline support, at 1.1216. If the weekly decline continues to gathers pace, the 1.1170 level still offers the strongest form of technical support prior to the 1.1100 level. Technical indicators across the four-hour time frame are now starting to move higher and could correct into Friday’s US jobs report. The EURUSD pair is heavily bearish while trading below the 1.1216 level, key technical support is found at the 1.1170 and 1.1100 levels. If the EURUSD pair trades above the 1.1216 level, bulls may test back towards the 1.1230 and 1.1250 resistance levels.
by OctaFX_Official
BTCUSD turns bullishBitcoin has surged to a fresh 2019 trading high, with the number one cryptocurrency by market capitalization briefly trading above the psychological $5,000 resistance level. The BTCUSD pair has a strong weekly bullish bias while trading above the $4,225 support level. If the bullish move continues, the BTCUSD pair could extend towards the $5,550 level over the medium-term. The BTCUSD pair is bullish while trading above the $4,225 level, key technical resistance remains at the $5,000 and $5,500 levels. If the BTCUSD pair trades under the $4,225 level, sellers may test towards the $4,110 and $3,985 support levels.
BITFINEX:BTCUSD
by OctaFX_Official
USDJPY turns bullishThe US dollar continues to advance against the Japanese yen currency on Tuesday as overall risk-sentiment in financial markets continue to improve. The USDJPY pair has now turned bullish, with the 111.68 level critical technical resistance before the 112.00 level. The USDJPY pair will only turn intraday bearish if sellers can once again move price below the pivotal 110.90 support level. The USDJPY pair is bullish while trading above the 110.90 level, key resistance is found at the 111.68 and 112.00 levels. If the USDJPY pair falls under the 110.90 level, sellers may test towards the 110.66 and 110.40 support levels.
by OctaFX_Official
LTCUSD $52.00 key weekly supportLitecoin is once trading close to the $60.00 resistance level as the fifth largest cryptocurrency by market capitalization remains trapped within a tight $10.00 price range. The $52.00 level is now key weekly support if bears start to take control of the LTCUSD pair. If bulls can break above the $60.00 level the $80.00 level offer the strongest form of weekly technical resistance. If the LTCUSD pair fails around the $60.00 level, sellers may test towards the $52.00 and $40.00 support levels. If the LTCUSD pair fails around the $60.00 level, key resistance is found at the $68.00 and $80.00 levels.
BITFINEX:LTCUSD
by OctaFX_Official
EURUSD 1.1170 breakout supportThe euro currency is under heavy selling pressure against the US dollar on Tuesday after the pair was strongly rejected from the 1.1250 resistance level. Intraday technical selling will likely increase in the EURUSD pair if bears can force price below the 1.1170 support level. Traders should note that the head and shoulders pattern on the four-hour time frame has a downside projection of close to three-hundred points. The EURUSD pair is heavily bearish while trading below the 1.1216 level, key technical support is found at the 1.1170 and 1.1130 levels. If the EURUSD pair trades above the 1.1250 level, bulls may test back towards the 1.1290 and 1.1310 resistance levels.
by OctaFX_Official