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GBPUSD bullish bias above 1.3240The British pound is trading close to the 1.3300 level against the US dollar in early week trade as the greenback comes under pressure across the board. The GBPUSD pair has a strong intraday bullish bias while trading above the 1.3240 support level. Further gains above the 1.3300 level may lead to an eventual technical test of the current yearly trading high, at 1.3388. The GBPUSD pair is intraday bullish while trading above the 1.32040 level, key technical resistance is found at the 1.3300 and 1.3388 levels If the GBPUSD pair trades below the 1.3240 level, sellers may test towards the 1.3200 and 1.3155 support levels.
by OctaFX_Official
British pound volatility surges as Brexit uncertainty gripsBritish pound volatility surges as Brexit uncertainty grips currency markets Brexit volatility The British pound became increasingly volatile on the foreign exchange market this week, as UK lawmakers took part in a series of crucial Brexit votes in UK Parliament. British Prime Minter Theresa May once again failed to pass her Brexit bill through UK Parliament this week, heightening uncertainty about the United Kingdom’s departure from the European Union. UK lawmakers also voted to avoid a Brexit no-deal scenario, sending the British Pound to a fresh 2019 trading high against the US dollar. Market volatility remained, as traders faced the prospect of extending Article 50 or accepting an amended Brexit deal from British PM Theresa May. • The GBPUSD pair is bullish while trading above the 1.3300 level, key resistance is found at the 1.3388 and 1.3485 levels. • If the GBPUSD pair trades below the 1.3300 level, key support is found at the 1.3100 and 1.2955 levels. Euro bulls return The euro currency staged a strong recovery against the US dollar this week after the United States economy posted a series of weaker than expected data points. The EURUSD pair advanced above the 1.1300 level as both US CPI and PPI inflation measures came in weaker than estimated. US Retail Sales data also remained muted, while the large drop in December Retail Sales was not upwardly revised as widely expected. Investors also shrugged-off much weaker than expected German economic data, with German Industrial Production and CPI inflation widely missing market expectations. • The EURUSD pair is bullish while trading above the 1.1290 level, key resistance is found at the 1.1360 and 1.1400 levels. • If the EURUSD pair trades below the 1.1260 level, sellers may test towards the 1.1200 and 1.1170 support levels. Aussie pressured The Australian dollar came under pressure against the US dollar this week as Australian bond-yields tumbled and the Chinese economy posed much weaker than expected Industrial Production data. The AUDUSD pair fell below the 0.7100 level as the Australian ten-year bond yield tumbled to levels not seen 2016. The Aussie also came under additional pressure as the Chinese economy posted much weaker than expected Industrial Production. Chinese Industrial Output tumbled to a seventeen-year low, while the Unemployment rate of the world’s second-largest economy also increased. • The AUDUSD pair is bearish while trading below the 0.7090 level, key support is found at the 0.7000 and 0.6930 levels. • If the AUDUSD pair trades above the 0.7090 level, buyers may test towards the 0.7130 and 0.7180 resistance levels. Yen softens The Japanese yen currency weakened against the US dollar this week as Japanese bond yields dropped and the Bank of Japan kept interest rates on hold as widely expected. Japanese bond-yields fell to their weakest level since 2016, which prompted overall strength in the USDJPY pair towards the 111.80 resistance level. The Bank of Japan kept rates on hold at record low levels, with the Japanese central bank’s policy statement acknowledging heightened global risks, whilst also downgrading the nations economic outlook. • The USDJPY pair is bullish while trading above the 111.60 level, key resistance is found at the 112.50 and 112.80 levels. • If the USDJPY pair trades below the 111.60 level, sellers may test below the 111.10 and 110.80 support levels.
by OctaFX_Official
USDJPY still bullishThe US dollar is holding above key weekly technical support against the Japanese yen currency, with the earlier Bank of Japan policy meeting having only a limited effect on the pair. Buyers still retain intraday control of the USDJPY pair and are likely to target a bullish weekly price close above the 112.00 level. The MACD indicator on the four-hour time frame is also trending higher and signaling that pressure remains to the upside. The USDJPY pair is intraday bullish while trading above the 111.60 level, key resistance is found at the 112.00 and 112.20 levels. If the USDJPY pair trades below the 111.60 level, sellers may test towards the 111.45 and 111.30 support levels.
by OctaFX_Official
LTCUSD bullish bias above $54.00Litecoin continues to trade around the best levels of the year, with the LTCUSD pair well-supported on any technical pullbacks. The fourth largest cryptocurrency by market capitalization holds a strong intraday bullish bias while trading above the $54.00 level. The $51.80 level is minor technical support, while the $42.00 level offers critical weekly support for the LTCUSD pair. The LTCUSD pair is strongly bullish while trading above the $54.00 level, key technical resistance is found at the $59.00 and $65.00 levels. If the LTCUSD pair trades below the $51.80 level, key support is found at the $45.00 and $42.00 levels.
BITFINEX:LTCUSD
by OctaFX_Official
GBPUSD 1.3300 key resistanceThe British pound continues to firm above the 1.3200 level against the US dollar, with the volatile currency pair still enjoying strong dip-buying demand. GBPUSD bulls have been struggling to hold price above the 1.3300 resistance level this week. The 1.3300 level is critically important, as it represents the neckline of a bullish inverted head and shoulder pattern on the four-hour time frame. The GBPUSD pair is intraday bullish while trading above the 1.3200 level, key technical resistance is found at the 1.3300 and 1.3388 levels If the GBPUSD pair trades below the 1.3200 level, sellers may test towards the 1.3155 and 1.3100 support levels.
by OctaFX_Official
USDJPY further bullish above 111.60The US dollar is advancing higher against the Japanese yen on Thursday, with the pair breaking range and moving towards its weekly pivot point. Further intraday gains in the USDJPY pair are expected if bulls can hold price trades above the pivotal 111.60 level. The overall upside objective of the rising price channel on the four-hour time frame is currently located at the 112.80 level. The USDJPY pair is intraday bullish while trading above the 111.60 level, key resistance is found at the 112.00 and 112.80 levels. If the USDJPY pair falls below the 111.45 level, sellers may test towards the 111.30 and 111.10 support levels.
by OctaFX_Official
GBPUSD volatility continuesThe British pound has moved to a fresh 2019 trading high against the US dollar after UK Parliament voted that a Brexit no-deal scenario should be ruled out. The GBPUSD pair has moved back under the 1.3300 level but still retains an intraday bullish bias while trading above the 1.3100 level. Traders should note that buyers have control of price-action, with the pair making higher highs and lower lows. The GBPUSD pair is intraday bullish while trading above the 1.3100 level, key technical resistance is found at the 1.3300 and 1.3380 levels If the GBPUSD pair trades below the 1.3100 level, sellers may test towards the 1.3055 and 1.2975 support levels.
by OctaFX_Official
BTCUSD testing breakout resistanceBitcoin continues to trade around key weekly resistance, with the number one cryptocurrency by market capitalization moving closer to a major technical breakout. The BTCUSD pair has been trapped inside the triangle pattern for all of this year, with a bullish breakout likely to encourage strong technical buying. If sellers move price back under the $3,800 level, the BTCUSD pair may start to lose bullish momentum. The BTCUSD pair is strongly bullish while trading above the $3,900 level, key technical resistance remains at the $4,200 and $4,400 levels. If the BTCUSD pair moves under the $3,800 level, sellers may test towards the $3,700 and $3,630 support levels.
BITFINEX:BTCUSD
by OctaFX_Official
GBPUSD heavily bearish under 1.2970The British pound has opened the new trading week under further downside against the US dollar, as fear of a hard-Brexit scenario increase. The GBPUSD pair has broken below the psychological 1.3000 level and is trading close to the neckline of a large head and shoulders pattern on the four-hour time frame. The overall target for the bearish head and shoulders pattern is around three-hundred and seventy pips below the 1.2975 level. The GBPUSD pair is heavily bearish while trading below the 1.2975 level, key technical support is found at the 1.2900 and 1.2840 levels If the GBPUSD pair trades above the 1.3000 level, buyers may test towards the 1.3130 and 1.3055 resistance levels.
by OctaFX_Official
EURUSD bearish under 1.1230The euro currency is attempting to recover higher against the US dollar in early Monday trade, with the pair testing above key neckline resistance. If short-term buyers take back control of price-action above the 1.1230 level, the EURUSD pair could correct back towards the 1.1290 level. The MACD indicator on the four-hour time frame is also attempting to correct from oversold territory. The EURUSD pair is intraday bearish while trading below the 1.1230 level, key technical support is found at the 1.1200 and 1.1170 levels. If the EURUSD pair moves above the 1.1230 level, buyers may test towards the 1.1260 and 1.1290 levels.
by OctaFX_Official
BTCUSD bullish bias above $3,900Bitcoin is moving closer to key trendline resistance in early-week trading, with the number one cryptocurrency pressing against the $3,900 level. If bulls can edge price above this key technical area, the BTCUSD pair could easily advance towards the $4,200 and $4,400 resistance levels. Should we see key upside resistance holding, the BTCUSD pair will likely move lower towards the $3,800 and $3,700 support levels. The BTCUSD pair is strongly bullish while trading above the $3,900 level, key technical resistance is found at the $4,200 and $4,400 levels. If the BTCUSD pair fails around the $3,900, sellers may test towards the $3,800 and $3,700 support levels.
BITFINEX:BTCUSD
by OctaFX_Official
GBPUSD range break under 1.3100The British pound has turned short-term bearish against the US dollar, with the pair falling below major weekly technical support. If GBPUSD sellers maintain price below the 1.3100 level, the pair could continue to weaken towards the 1.2955 level. The MACD indicator on the daily time frame is turning lower and is signaling that downside selling pressure is gathering pace. The GBPUSD pair is intraday bearish while trading below the 1.3100 level, key technical support is found at the 1.3055 and 1.3000 levels. If the GBPUSD pair trades above the 1.3100 level, buyers may test towards the 1.3130 and 1.3190 resistance levels.
by OctaFX_Official
EURUSD 1.1120 next key supportThe euro has fallen sharply lower against the US dollar after ECB President Mario Draghi lowered eurozone growth forecasts for the rest of 2019. The EURUSD pair tumbled to a multi-year trading low, with the 1.1120 level the next key support zone to watch below the 1.1200 level. The EURUSD is likely to remain under extreme selling pressure while trading below the 1.1215 support level. The EURUSD pair is strongly bearish while trading below the 1.1215 level, key technical support is found at the 1.1180 and 1.1120 levels. If the EURUSD pair moves above the 1.1215 level, buyers may test towards the 1.1235 and 1.1275 levels.
by OctaFX_Official
ETHUSD awaiting triangle breakEthereum is attempting to recover higher, after the second largest cryptocurrency found strong technical support from the $120.00 level earlier this week. The ETHUSD pair is awaiting a directional breakout, as price remains trapped within a large symmetrical triangle pattern on the four-hour time frame. Traders should watch for a sustained breakout from the $115.00 to $158.00 price range. The ETHUSD pair is bearish while trading below the $115.00 level, key support is found at the $100.00 and $85.00 levels. If the ETHUSD pair trades above the $158.00 level, key resistance is found at the $175.00 and $200.00 levels.
BITFINEX:ETHUSD
by OctaFX_Official
USDJPY sellers in control below 111.60The US dollar is under slight downside pressure against the Japanese yen on Thursday, with sellers testing towards the pivotal 111.60 level. If USDJPY sellers hold price below the 111.60 level, further intraday losses towards the 111.10 level are expected. Traders should note that the recent move lower has invalidated the bullish inverted head and shoulders pattern on the one-hour time frame. The USDJPY pair is only intraday bullish while trading above the 111.60 level, key technical resistance is found at the 112.00 and 112.20 levels. If the USDJPY pair trades below the 111.60 level, sellers are expected to test towards the 111.10 and 110.70 support levels.
by OctaFX_Official
GBPUSD recovery continuesThe British pound is continuing to stage a recovery against the US dollar in early Thursday trade with the pair edging closer to the 1.3200 resistance level. If GBPUSD buyers can force price above the 1.3200 level, we should expect a test of the pivotal 1.3230 level. Technical indicators on the four-hour time frame suggest that the intraday recovery is gathering bullish momentum. The GBPUSD pair is intraday bullish while trading above the 1.3170 level, key technical resistance is found at the 1.3200 and 1.3230 levels If the GBPUSD pair trades below the 1.3170 level, sellers may test towards the 1.3155 and 1.3130 support levels.
by OctaFX_Official
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BTCUSD $4,200 key resistanceBitcoin is attempting to stage an upside recovery on Thursday, after key trendline support on the daily time frame held firm earlier this week. If BTCUSD bulls can move price above the February trading high, the number one cryptocurrency is likely to test its 100-day moving average, at $4,200. The daily time frame also shows that the Stochastic and RSI indicators have turned bullish. The BTCUSD pair is bullish while trading above the $3,650 level, key technical resistance is found at the $4,000 and $4,200 levels. If the BTCUSD pair trades below the $3,650 level, sellers may test towards the $3,500 and $3,300 support levels.
BITFINEX:BTCUSD
by OctaFX_Official
LTCUSD $54.00 major resistanceLitecoin has moved sharply higher on Wednesday, with the fifth largest cryptocurrency moving to its highest trading level since November last year. If bulls can break above the $54.00 resistance level, the LTCUSD pair could rally towards the $65.00 region. Traders should note that a large inverted head and shoulders pattern is building on the four-hour time frame. The LTCUSD pair is bullish while trading above the $39.50 level, key technical resistance is now found at the $54.00 and $65.00 levels. If the LTCUSD pair trades below the $39.50 level, key support is found at the $36.00 and $33.00 levels.
BITFINEX:LTCUSD
by OctaFX_Official
GBPUSD holds key supportThe British pound is attempting to move higher against the US dollar in early Wednesday trade after finding strong dip-buying demand from the 1.3100 support level. The GBPUSD pair may move back towards the top-end of its recent trading range if bulls continue to defend the 1.3100 level. Traders should note that the bullish inverted head and shoulders pattern still remains valid on the four-hour time frame. The GBPUSD pair is bearish while trading below the 1.3155 level, key technical support is found at the 1.3100 and 1.3050 levels If the GBPUSD pair trades above the 1.3155 level, buyers may test towards the 1.3200 and 1.3260 resistance levels.
by OctaFX_Official
EURUSD testing 1.1300 supportThe euro has come under further selling pressure against the US dollar, with the pair moving to a fresh monthly trading low below the 1.1300 level. If sellers can break the 1.1275 level, the next major support zone to watch is the key 1.1230 technical area. Traders should note that the MACD and RSI indicators on the four-hour time frame are starting to approach oversold territory. The EURUSD pair is heavily bearish while trading below the 1.1300 level, key support is found at the 1.1275 and 1.1230 levels. If the EURUSD pair trades above the 1.1337 level, key technical resistance is found at the 1.1370 and 1.1390 levels.
by OctaFX_Official
BTCUSD below major supportBitcoin has fallen below the important $3,700 support level in early Tuesday trade, with the number one cryptocurrency at increasing risk of losing its short-term bullish bias. The broader cryptocurrency market is also under pressure, with a number of top digital currencies declining on light trading volumes. A sustained break below the $3,700 level should accelerate technical selling toward the $3,550 support level. The BTCUSD pair is bearish while trading below the $3,700 level, key technical support is found at the $3,550 and $3,330 levels. If the BTCUSD pair moves back the $3,700 level, buyers may test towards the $3,980 and $4,100 resistance levels.
BITFINEX:BTCUSD
by OctaFX_Official
EURUSD further losses expectedThe euro remains under bearish pressure against the US dollar on Tuesday, with the pair briefly dropping towards the key 1.1300 support level. Further intraday losses are expected while the EURUSD pair trades below the 1.1337 level, which is former support now turned key resistance. Technical indicators on the four-hour time frame continue to suggest that more weakness is likely for the EURUSD pair. The EURUSD pair is bearish while trading below the 1.1337 level, key support remains at the 1.1300 and 1.1275 levels. If the EURUSD pair trades above the 1.1337 level, key technical resistance is found at the 1.1370 and 1.1390 levels.
by OctaFX_Official
GBPUSD 1.3100 key weekly supportThe British pound is under selling pressure against the greenback on Tuesday, with the pair now trading below the key 1.3200 support level. The GBPUSD pair is now testing minor support around the 1.3170 level, with key weekly support below, at 1.3100. Technicals indicators on the four-hour time suggest that the GBPUSD pair has further scope to trade lower in the short-term. The GBPUSD pair is bearish while trading below the 1.3200 level, key technical support is found at the 1.3155 and 1.3100 levels If the GBPUSD pair trades above the 1.3200 level, buyers may test towards the 1.3230 and 1.3260 resistance levels.
by OctaFX_Official