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EURUSD 1.1216 keyThe euro is under slight pressure against the US dollar on Monday, after the pair suffered its weakest monthly price close since June 2017. The EURUSD pair has a strong bearish bias while trading above the 1.1216 level, as it represents the neckline of a large head and shoulders pattern. Traders should note the 1.1310 level offers the strongest form of weekly resistance for the EURUSD pair. The EURUSD pair is bearish while trading below the 1.1216 level, key technical support is found at the 1.1170 and 1.1110 levels. If the EURUSD pair trades above the 1.1216 level, buyers may test back towards the 1.1250 and 1.1310 resistance levels.
by OctaFX_Official
BTCUSD above neckline supportBitcoin has opened the new trading month supported by bullish sentiment after the BTCUSD pair closed the week above its 100-day moving average for the first time since July 2018. The BTCUSD pair is also supported by bullish pattern on the four-hour time frame, with both inverted head and shoulders and triangle breakout in play. The overall intraday bullish bias will remain in place while price trades above the $3,975 level. The BTCUSD pair is intraday bullish while trading above the $3,975 level, key technical resistance remains at the $4,225 and $4,400 levels. If the BTCUSD pair trades under the $3,975 level, sellers may test towards the $3,850 and $3,650 support levels.
BITFINEX:BTCUSD
by OctaFX_Official
Global manufacturing and US job data to set the market tone Global manufacturing and US job data to set the market tone for April During the upcoming trading week global manufacturing and jobs data set the market tone as a new month of trading gets underway. This week we see PMI manufacturing data releases from the Japanese, Chinese, UK, eurozone, Canadian and United States economy. The American economy also releases the Nonfarm payrolls job report for the month of March, with most economists looking for the US economy to have created 175,000 new jobs last month. We also see a key interest rate decision from the Reserve Bank of Australia, with market participants paying close attention to the RBA policy statement as they search for clues to the timing of the next rate change from the central bank. Monday 1st April, USD United States Retail Sales US Retail Sales is released by the United States Census Bureau and measures the change in the total value of inflation-adjusted sales at the retail level over a stated time period. This figure represents an indicator of consumer spending inside the United States economy. Higher retail sales figures generally means stronger consumer spending, which is vital for US GDP and economic growth. • The USDJPY pair is only bullish while trading above the 111.00 level, further gains towards 111.20 and 111.60 levels would then seems possible. • If the USDJPY pair trades below the 111.00 level, sellers may test towards the 110.68 and 110.20 support levels. Tuesday 2nd April, AUD RBA Rate Decision The Reserve Bank of Australia Rate Decision is the market interest rate on overnight funds, with the RBA standing as the central monetary authority for the Australian economy. The Reserve Bank of Australia is widely expected to leave the nations interest rate unchanged and strike a more dovish stance towards the economy and monetary policy. • The AUDUSD pair is bullish while trading above the 0.7180 level, key resistance is found at the 0.7240 and 0.7280 levels. • If the AUDUSD pair moves below the 0.7180 level, sellers may test towards the 0.7000 and 0.6940 levels. Wednesday 3rd April, GBP UK Services PMI The United Kingdom Services PMI is released by both the Chartered Institute of Purchasing and Supply and also Markit Economics. The UK Services PMI is a key indicator of the economic situation in the UK services sector which captures an overview of the condition of sales and employment. It is worth noting that the United Kingdom service sector comprises roughly eighty percent of the United Kingdom’s gross domestic product. • The GBPUSD pair is bearish while trading below the 1.3100 level, key support is found at the 1.2970 and 1.2880 levels. • If the GBPUSD pair trades above the 1.3100 level, buyers are likely to test towards the 1.3300 and 1.3400 resistance levels. Thursday 4th April, EUR German Factory Orders German Factory orders are released by the Deutsche Bundesbank and represent a key economic indicator that includes shipments, inventories, and new and unfilled orders. An increase in factory orders may indicate an expansion in the German economy and could be considered an inflationary factor. While a fall in factory orders may indicate weakness in the German economy, which could lead to less inflationary pressures. • The EURUSD pair is only bullish while trading above the 1.1290 level, key resistance is found at the 1.1310 and 1.1360 levels. • If the EURUSD pair moves below the 1.1170 level, sellers are likely to test towards the 1.1130 and 1.1000 support levels. Friday 5th April, US Nonfarm Payrolls Job Report The NFP job report shows the monthly change in employment in the American economy, excluding the farming sector. Non-farm payrolls is the most carefully observed indicator in the employment situation inside the United States. It is considered the most inclusive calculation of job creation, which causes the Nonfarm Payrolls Job report to become highly significant to market participants, due to the great importance of labour in the United States economy. • The USDCAD pair is only bullish while trading above the 1.3310 level, further upside towards 1.3455 and 1.3670 levels remains possible. • If the USDCAD pair trades below the 1.3310 level, sellers are likely to test the 1.3220 and 1.3165 support levels.
by OctaFX_Official
Global bond yields fall over fears of an economic recessionBond yield inversion Bond yields across the globe continued to decline this week, as bond traders offered the strongest indication yet that a global economic recession may be coming. The US ten-year bond yield dipped below the yield of the three-month Treasury bill for the first time in over seven years, while German and Japanese 10-year bond yields continued to plummet. Traditionally when Treasury yields start invert, the bond market is offering a signal that an economic recession is nearing. Financial markets also become fearful about the economy when yield inversion occurs, as bank lending becomes more difficult when short-term rates are higher than longer-term yields • The USDJPY pair is bearish while trading below the 110.90 level, key support is found at the 109.70 and 108.80 levels. • If the USDJPY pair trades above the 110.90 level, buyers may test towards the 111.10 and 111.68 resistance levels. RBNZ turn dovish The New Zealand dollar fell sharply lower against the US dollar and the Japanese yen currency this week after the Reserve Bank of New Zealand struck a dovish tone towards future rate increases. RBNZ Governor Adrian Orr said that the next rate move would likely be lower, as below trend inflation and worsening global growth weighed on the New Zealand economy. The change in policy language was seen as a major shift for the New Zealand central bank, who previously held a neutral stance towards rates. The NZDUSD pair tumbled on the news, as traders priced-in a rate cut from the RBNZ coming as soon as the third quarter of this year. • The NZDUSD pair is bearish while trading below the 0.6840 level, key support is found at the 0.6740 and 0.6685 levels. • If the NZDUSD pair trades above the 0.6840 level, buyers may test towards the 0.6860 and 0.6890 resistance levels. Brexit uncertainty increases The British pound remained volatile against the US dollar, and the Japanese yen this week, as UK lawmakers failed to find a way forward for Brexit. British Prime Minter Theresa May signaled that she would step down as Prime Minister once she has delivered Brexit for the people of the UK. The House of Commons Parliament continued to reject the third vote of Theresa May’s Brexit plan, despite being unable to reach an agreement on an alternative Brexit deal. The GBPUSD pair struggled to find buying interest above the 1.3200 level and settled back toward the lower end of its medium-term trading range. • The GBPUSD pair is 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 1.3260 and 1.3388 levels. Lira’s woes continue The Turkish lira fell against the US dollar this week after the Central Bank of the Republic of Turkey attempted to raise transaction costs in order to stop speculators short selling the nation’s currency. Traders looked past the action and sold the Turkish lira, as data revealed that the central bank had lost ten billion US dollars in currency reserves in just three weeks. The Turkish lira had plummeted by over five percent last week against the greenback, over fears about continued economic stresses inside emerging market economies. • The USDTRY pair is only bullish while trading below the 5.6454 level, key resistance is found at the 5.8445 and 6.1000 levels. • If the USDTRY pair trades below the 5.6454 level, sellers may test towards the 5.4220 and 5.2200 support levels.
by OctaFX_Official
GBPUSD tests triangle supportThe British pound has fallen towards key trendline support against the US dollar after British PM Theresa May failed to find the backing for a vote on her Brexit bill in UK Parliament. The GBPUSD pair has a strong intraday bearish bias while trading below the 1.3100 level. If bears can force price below the triangle pattern, heavy technical towards the 1.2970 support region seems increasingly likely. The GBPUSD pair is heavily bearish while trading below the 1.3100 level, key technical support is found at the 1.3040 and 1.2970 levels. If the GBPUSD pair trades above the 1.3100 level, buyers may test towards the 1.3150 and 1.3200 resistance levels.
by OctaFX_Official
EURUSD tests neckline supportThe euro continues to edge lower against the US dollar on the last trading day of the week, with the pair failing towards the neckline of a bearish head shoulders pattern on the daily time frame. If sellers can force price below the 1.1216 level, further technical selling towards the 1.1170 level will likely occur. Buyers need to move price above the 1.1290 resistance level in order to negate the strong bearish bias surrounding the pair. The EURUSD pair is heavily bearish while trading below the 1.1216 level, key technical support is found at the 1.1170 and 1.1110 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 $135.00 daily pivotEthereum continues to struggle for direction on Friday, with the second largest cryptocurrency by market capitalization contained to a $10.00 price range so far this week. The $135.00 level remains the key weekly pivot, while critical technical support is found at the $124.00 level. The daily time frame is showing that major weekly technical resistance for the ETHUSD pair is located at the $142.00 level. The ETHUSD pair is only bullish while trading above the $135.00 level, key resistance is found at the $124.00 and $115.00 levels. If the ETHUSD pair trades below the $135.00 level, key resistance is found at the $142.00 and $160.00 levels.
BITFINEX:ETHUSD
by OctaFX_Official
BTCUSD testing cloudBitcoin is coming under slight selling pressure on Tuesday after buyers failed to build bullish momentum above the $4,000 resistance level. The BTCUSD pair is testing Ichimoku cloud support on the four-hour time frame, with the $3,850 level major weekly support below. Bulls need to move price above the Kijun-Sen line, around the $3,975 level in order to regain bullish momentum. The BTCUSD pair is only bullish while trading above the $3,850 level, key technical resistance remains at the $3,975 and $4,240 levels. If the BTCUSD pair moves under the $3,850 level, sellers may test towards the $3,700 and $3,630 support levels.
BITFINEX:BTCUSD
by OctaFX_Official
GBPUSD back under pressureThe British pound is coming back under selling pressure against the US dollar after finding strong technical resistance from the 1.3245 level on Monday. If GBPUSD sellers can breach the 1.3100 support level, the key 1.3000 level may once again come into focus. Brexit news and moves in the US bond market are currently the main intraday drivers for the GBPUSD pair. The GBPUSD pair is intraday bearish while trading below the 1.3100 level, key technical support is found at the 1.3000 and 1.2970 levels. If the GBPUSD pair trades above the 1.3100 level, buyers may test towards the 1.3205 and 1.3245 resistance levels.
by OctaFX_Official
USDJPY testing 110.00 pivotThe US dollar is once again trading testing the 110.00 level against the Japanese yen as global equity markets come under downside pressure. The USDJPY pair has a strong bearish intraday bias while trading below the 110.30 resistance level. The 109.10 level now offers the strongest form of support below the pairs former weekly trading low. The USDJPY pair is bearish while trading below the 110.30 level, key support is found at the 109.10 and 108.80 levels. If the USDJPY pair trades above the 110.30 level, buyers may test towards the 110.90 and 111.20 resistance levels.
by OctaFX_Official
GBPUSD 1.3100 still key supportThe British pound has opened the new trading week slightly lower against the US dollar as news reports surface that British PM Theresa May is coming under pressure to resign. The GBPUSD pair only has a weekly bearish bias while trading under the 1.3100 level, with critical technical support, found at the 1.2970 level. If bulls move price above the 1.3200 level, the 1.3300 level remains the key weekly resistance area to watch. The GBPUSD pair is only bearish while trading below the 1.3100 level, key technical support is found at the 1.3000 and 1.2970 levels. If the GBPUSD pair trades above the 1.3200 level, buyers may test towards the 1.3255 and 1.3300 resistance levels.
by OctaFX_Official
EURUSD bears need to break 1.1175The euro currency has started the new trading week under pressure against the US dollar as fears grow that the German economy could be headed into a recession. Bearish pressure is likely to heighten while price trades below the 1.1290 level, although sellers need to break the 1.1175 level to increases selling pressures. Traders now await the release of key IFO survey data from the German economy. The EURUSD pair bearish while trading below the 1.1290 level, key technical support is found at the 1.1237 and 1.1170 levels. If the EURUSD pair trades above the 1.1290, buyers may test back towards the 1.1330 and 1.1360 resistance levels.
by OctaFX_Official
ETHUSD range break neededEthereum is struggling to find direction in early Monday trading, with the second largest cryptocurrency trapped in its narrowest four-week trading range in over six months. The Ichimoku cloud on the daily time frame shows that critical support is found at the $124.00 level. Above the current monthly trading high, the Kinjin-sen line offers breakout resistance around the $158.00 level The ETHUSD pair is only bullish while trading above the $145.00 level, key resistance is found at the $158.00 and $175.00 levels. If the ETHUSD pair trades below the $130.00 level, key support is found at the $124.00 and $118.00 levels.
BITFINEX:ETHUSD
by OctaFX_Official
EURUSD bearish below 1.1360The euro currency is losing ground against the greenback on Friday, following a strong technical reversal in the US dollar index. The EURUSD pair has a bearish intraday bias while trading below the 1.1360 level, whilst the 1.1400 level is former key support now turned resistance. Sellers will likely target the 1.1290 level if price continues to trade beneath the 1.1360 level. The EURUSD pair is only bullish while trading above the 1.1360 level, key technical resistance is found at the 1.1400 and 1.1450 levels. If the EURUSD pair trades below the 1.1360, sellers may test back towards the 1.1290 and 1.1260 support levels.
by OctaFX_Official
GBPUSD 1.3100 critical supportThe British pound is under pressure against the US dollar as the United Kingdom still faces the prospect of leaving the EU without a deal in just seven days time. If the GBPUSD pair once again falls below the 1.3100 support level, the bearish sentiment will increase. Bulls now need to move price above the 1.3200 resistance level in order to stabilize the GBPUSD pair. The GBPUSD pair is heavily bearish while trading below the 1.3100 level, key technical support is found at the 1.3000 and 1.2970 levels If the GBPUSD pair trades above the 1.3155 level, buyers may test towards the 1.3200 and 1.3250 resistance levels.
by OctaFX_Official
LTCUSD price divergence buildingLitecoin is testing interim support on Friday, as the fourth largest cryptocurrency struggles to make gains above the $60.00 resistance level. Bearish price divergence is also building on the Momentum and MACD indicators on the four-hour time frame. A sustained break under the $53.00 support level should accelerate technical selling back towards the important $46.50 level. The LTCUSD pair is only bullish while trading above the $53.00 level, key technical resistance remains at the $60.00 and $65.00 levels. If the LTCUSD pair moves under the $53.00 level, sellers may test towards the $46.50 and $36.00 support levels.
BITFINEX:LTCUSD
by OctaFX_Official
USDJPY under pressureThe US dollar is under increasing downside pressure against the Japanese yen currency following yesterday’s FOMC interest rate decision. A bearish triple-top pattern formation is present, while price has also convincingly broken outside of the rising price channel on the four-hour time frame. The 110.40 and 109.80 levels offer bearish weekly targets while the USDJPY pair trades below the 110.80 level. The USDJPY pair is bearish while trading below the 110.80 level, key support is found at the 110.40 and 109.80 levels. If the USDJPY pair trades above the 110.80 level, buyers may test towards the 111.20 and 111.50 resistance levels.
by OctaFX_Official
EURUSD 1.1500 key resistanceThe euro has soared higher against the US dollar after the US FOMC Dot Plot showed that the central bank does not expect to hike US interest rates again this year. The EURUSD pair has a strong intraday bullish bias while trading above the 1.1400 level, key weekly resistance is now found at the 1.1500 level. Only a sustained move under the 1.1360 support level can negate the bullish sentiment surrounding the EURUSD pair. The EURUSD pair is strongly bullish while trading above the 1.1400 level, key technical resistance is found at the 1.1450 and 1.1500 levels. If the EURUSD pair trades below the 1.1360, sellers may test back towards the 1.1335 and 1.1290 support levels.
by OctaFX_Official
BTCUSD testing $4,000Bitcoin is testing above the $4,000 resistance level in early Thursday trade, with the number one cryptocurrency confined to its smallest two-week trading range since October 2018. Despite the narrow trading ranges, the BTCUSD pair still retains a bullish bias while trading above the symmetrical triangle pattern on the four-hour time frame. Only a sustained move below the $3,850 support level can negate the intraday bullish bias surrounding the BTCUSD pair. The BTCUSD pair is bullish while trading above the $3,850 level, key technical resistance remains at the $4,240 and $4,400 levels. If the BTCUSD pair moves under the $3,850 level, sellers may test towards the $3,700 and $3,630 support levels.
BITFINEX:BTCUSD
by OctaFX_Official
USDJPY moves back to weekly pivoThe US dollar has recovered higher against the Japanese yen currency after sellers failed to hold price below key trendline support from the rising price channel on the four-hour time frame. Bulls need to break above the 111.80 level to negate a potential triple top pattern formation and push price above the 112.15 resistance level. Sellers will have to force the USDJPY pair under the 110.80 level in order to create a bearish lower weekly low. The USDJPY pair is bullish while trading below the 111.80 level, key resistance is found at the 112.15 and 112.80 levels. If the USDJPY pair trades below the 111.45 level, sellers may test towards the 110.80 and 110.45 support levels.
by OctaFX_Official
EURUSD struggling with 1.1360The euro is struggling to break above the key 1.1360 resistance level against the US dollar on Wednesday, as traders await the FOMC monetary policy decision later today. The EURUSD pair may test back towards the 1.1290 level if bulls fail to break the 1.1360 level. A strong advance above the 1.1360 level will likely provoke buying towards the 1.1400 level, with extended resistance found at the 1.1454 level. The EURUSD pair is only bullish while trading above the 1.1360 level, key technical resistance is found at the 1.1400 and 1.1454 levels. If the EURUSD pair starts to turn lower, sellers may test back towards the 1.1325 and 1.1290 levels.
by OctaFX_Official
ETHUSD bulls still in controlEthereum is edging closer to major trendline resistance on Wednesday as short-term bulls continue to retain control of the second largest cryptocurrency. The ETHUSD pair has now broken above the Ichimoku cloud on the four-hour time frame, with the $145.00 level the strongest form of resistance above. If bulls can break above triangle resistance, the overall bullish projection of the pattern would take the ETHUSD pair above the $200.00 level. The ETHUSD pair is bullish while trading above the $130.00 level, key resistance is found at the $155.00 and $175.00 levels. If the ETHUSD pair trades below the $130.00 level, key support is found at the $125.00 and $118.00 levels.
BITFINEX:ETHUSD
by OctaFX_Official
BTCUSD triangle break underwayBitcoin has performed a bullish breakout above a long-term triangle pattern on the daily time frame, with the number one cryptocurrency test the $4,000 resistance level. The BTCUSD pair had been trapped inside the symmetrical triangle pattern since last December. The overall projection for the upside breakout would take the BTCUSD towards the $5,200 resistance level. The BTCUSD pair is bullish while trading above the $3,900 level, key technical resistance remains at the $4,100 and $4,240 levels. If the BTCUSD pair moves under the $3,900 level, sellers may test towards the $3,700 and $3,630 support levels.
BITFINEX:BTCUSD
by OctaFX_Official