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EURUSD bullish breakout above 1.1370EURUSD bullish breakout above 1.1370 The euro is building bullish momentum against the US dollar, after breaking above the 1.1337 resistance level during Tuesday’s US trading session. If EURUSD bulls can sustain the pressure and force price above the 1.1370 level, the pair could easily rally towards the 1.1410 level. Technical indicators across the four-hour time frame are bullish and signaling further gains in the euro. The EURUSD pair is bullish while trading above the 1.1337 level, key technical resistance is found at the 1.1370 and 1.1410 levels. If the EURUSD pair moves below the 1.1337 level, sellers may test towards the 1.1300 and 1.1285 support levels.
by OctaFX_Official
USDJPY remains range boundThe US dollar continues to trade in a narrow range against the Japanese yen currency, with the retaining a slight bullish bias while trading above the 110.40 level. A break above the 110.80 level may trigger technical buying in the USDJPY pair towards the 111.40 level. A sustained move below the 110.24 support level should provoke technical selling towards key the 109.80 level. The USDJPY pair is only bullish while trading above the 110.80 level, key technical resistance is found at the 111.10 and 111.40 levels. If the USDJPY pair trades below the 110.24 level, sellers may test towards the 110.00 and 109.80 support levels.
by OctaFX_Official
GBPUSD awaiting wage and jobs dataThe British pound is holding above the 1.2900 level against the US dollar on Tuesday, as traders await the release of key wage and jobs data from the United Kingdom economy this morning. The GBPUSD pair may test towards the key 1.3000 level if the data is better than expected, while worse than expected data may see the pair failing back towards the 1.2830 level. Overall, traders should expected further upside while the GBPUSD pair trades comfortably above the 1.2900 level. The GBPUSD pair is bullish while trading above the 1.2900 level, key technical resistance is found at the 1.2960 and 1.3000 levels If the GBPUSD pair falls below the 1.2900 level, sellers may test towards the 1.2850 and 1.2830 levels.
by OctaFX_Official
BTCUSD further bullish above $3,960Bitcoin has finally turned bullish in the short-term after the number one cryptocurrency performed a technical breakout above the $3,700 level on Monday. If BTCUSD buyers can break the upcoming $3,960 resistance level, a strong rally towards the $4,600 level may occur. Technical indicators on the four-hour time frame continue to rise, with the BTCUSD pair also supported by bullish trading momentum. The BTCUSD pair is strongly bullish while trading above the $3,700 level, key technical resistance is found at the $3,960 and $4,600 levels. If the BTCUSD pair trades below the $3,700 level, key support is found at the $3,450 and $3,330 levels.
BITFINEX:BTCUSD
by OctaFX_Official
FOMC minutes and manufacturing data headline the economic docketMinutes and Manufacturing The release of FOMC meeting minutes headlines the economic calendar this week alongside the release of key PMI Manufacturing data from the eurozone economy. Market participants will be looking closely at the language used by US policymakers inside of the FOMC meeting minutes, especially any overly dovish or hawkish comments. Investors will also be focused on manufacturing activity inside the eurozone economy this week, especially the French and German PMI Manufacturing readings. This week we also see the release of the European Central Bank and Reserve Bank of Australian meeting minutes and key monthly employment and unemployment data from the Australian economy. The United Kingdom economy also releases wage, employment and housing data for the month of January. Monday 18th February, GBP UK House Price Index The Rightmove House Price Index provides a sample of monthly and annual residential property prices in the United Kingdom economy. The index provides a strong indication of the current strength of the UK housing market, with house prices generally considered vital to the overall health of the United Kingdom economy. The UK House Price Index has recently been trending lower due to nervousness from households over Brexit uncertainty. • The GBPUSD pair is only bearish while trading below the 1.2900 level, key support is found at the 1.2830 and 1.2790 levels. • If the GBPUSD pair moves above the 1.2900 level, buyers will likely test towards the 1.2990 and 1.3095 resistance levels. Tuesday 19th February, AUD RBA Meeting Minutes The Reserve Bank of Australia Monetary Policy Meeting Minutes are published two weeks after the actual RBA interest rate decision. The RBA Meeting Minutes give a full account of the RBA policy discussion, including factors that influenced policy makers decision and differences of view amongst RBA members. • The AUDUSD pair is bearish while trading below the 0.7280 level, key technical support is found at the 0.7150 and 0.7080 levels. • If the AUDUSD pair trades above the 0.7280 level, buyers will likely test towards the 0.7340 and 0.7450 levels. Wednesday 20th February, USD FOMC Meeting Minutes The Federal Open Market Committee Meeting Minutes gives some of the best insights into the Federal Reserve’s monetary policy decision-making process, and how the Federal Reserve currently thinks about economic developments inside and outside of the United States economy. The FOMC organize eight meetings in a year to give a clear guide to the future US interest rate policy. • The USDCHF pair is bullish while trading above the 0.9990 level, key resistance is found at the 1.0050 and 1.0100 levels. • If the USDCHF pair trades below the 0.9990 level, sellers may test towards the 0.9910 and 0.9845 support levels. Thursday 21st February, EUR ECB Policy Meeting Minutes The European Central Bank Monetary Policy Meeting Account details the latest meeting of the ECB Board, providing valuable indications and in-depth insights into the current conditions of the eurozone economy. The ECB Policy Meeting Minutes can influence the direction of the euro currency, especially if a new policy change is being discussed or the policy language is perceived to be overly bearish or bullish. • The EURGBP pair is bearish while trading above the 0.8845 level, further losses towards 0.8710 and 0.8580 levels seems likely. • If the EURGBP pair moves above the 0.8845 level, buyers may test towards the 0.8890 and 0.8950 resistance levels. Friday 22nd February, CAD Canadian Retail Sales Canadian Retail Sales is released by Statistics Canada and measures the overall change in the total value of inflation-adjusted sales at the retail level. The figure represents a measure of consumption and consumer confidence in the Canadian economy, as retail trade is a leading indicator for the overall health of the Canadian economy and impact on how the Bank of Canada few the current outlook of the domestic economy. • The USDCAD pair is only bearish while trading below the 1.3290 level, further losses towards the 1.3220 and 1.3100 levels remains possible. • If the USDCAD pair trades above the 1.3290 level, buyers are likely to test towards the 1.3388 and 1.3455 resistance levels.
by OctaFX_Official
ETHUSD bullish above $120.00Ethereum has made a strong move higher on Monday, with the ETHUSD pair making close to double-digit intraday gains after bulls convincingly broke above the $120.00 level. Further upside towards the $150.00 level remains possible as the technical breakout is still gathering momentum. Both the Relative Strength Index and MACD indicators on the four-hour time frame are starting to turn bullish. The ETHUSD pair is bullish while trading above the $120.00 level, key resistance is found at the $150.00 and $160.00 levels. If the ETHUSD pair trades below the $120.00 level, key support is found at the $115.00 and $109.00 levels.
BITFINEX:ETHUSD
by OctaFX_Official
USDJPY dominated by trade talksThe US dollar is attempting to recover higher against the Japanese yen currency on Monday after the pair found strong support from the 110.24 level. The movement of the USDJPY pair is increasingly being driven by news from Sino-US trade talks, with markets still optimistic a deal can be reached. Traders should carefully watch for a break of the 110.24 to 110.80 price range, as it will likely signal the next short-term directional move. The USDJPY pair is only bullish while trading above the 110.40 level, key technical resistance is found at the 110.80 and 111.10 levels. If the USDJPY pair moves below the 110.40 level, sellers may test towards the 110.24 and 109.80 support levels.
by OctaFX_Official
EURUSD bulls need to break 1.1337The euro currency has recovered above the 1.1300 level against the US dollar on hopes that European Central Bank may provide new loans to troubled European banking institutions. EURUSD bulls need to break above the 1.1337 resistance level to keep the recent bullish intact. The MACD indicator on the four-hour time frame is signalling that further upside in the pair remains possible. The EURUSD pair is only bearish while trading below the 1.1300 level, key technical support is found at the 1.1260 and 1.1238 levels. If the EURUSD pair moves above the 1.1300 level, buyers may test towards the 1.1337 and 1.1370 resistance levels.
by OctaFX_Official
USDJPY testing key pivotThe US dollar has reversed sharply lower against the Japanese yen currency, after recent news reports from Sino-US trade talks revealed that both sides are still far from reaching a deal. The USDJPY pair is now testing the pivotal 110.40 level with bearish momentum likely to increase below this area. Any strong bounce from this area will likely target the 111.10 level, while sellers will aim to move price below the 110.00 support level. The USDJPY pair is only bullish while trading above the 110.40 level, key technical resistance is found at the 110.80 and 111.10 levels. If the USDJPY pair moves below the 110.40 level, sellers may test towards the 110.00 and 109.80 support levels.
by OctaFX_Official
LTCUSD turning bearish below $41.00Litecoin is under increasing selling pressure on Friday, with the popular cryptocurrency now testing the $41.00 support level. The $41.00 level was formerly the LTCUSD pairs yearly trading high and now becomes formed key resistance turned key support. A sustained break of this level may encourage selling towards the $36.00 level, while a strong bounce may provoke another test of the $46.00 level. The LTCUSD pair is bullish while trading above the $41.00 level, key technical resistance is found at the $46.00 and $50.00 levels. If the LTCUSD pair trades below the $41.00 level, key support is found at the $36.00 and $33.00 levels.
BITFINEX:LTCUSD
by OctaFX_Official
GBPUSD 1.2740 next key support zoneThe British pound has slumped to a fresh monthly trading low against the US dollar, with the pair falling below the important 1.2790 support level. If sellers can sustain bearish momentum below the 1.2790 level, a further decline towards the 1.2740 support level remains possible. Traders now await the release of Retail Sales data from the UK economy, with expectations tilted to the downside. The GBPUSD pair is heavily bearish while trading below the 1.2790 level, key technical support is found at the 1.2740 and 1.2710 levels If the GBPUSD pair moves above the 1.2840 level, buyers may test towards the 1.2900 and 1.2930 levels.
by OctaFX_Official
USDJPY 111.40 level now keyThe US dollar is now testing the key 111.00 level against the Japanese yen currency after buyers easily broke through the 110.80 resistance area. Strong technical resistance is seen around the 111.10 level, although the 111.40 level remains the target for bulls. The USDJPY pair risks losing recent bullish momentum if sellers force price back under the 110.40 support level. The USDJPY pair is strongly bullish while trading above the 110.80 level, key technical resistance is found at the 111.10 and 111.40 levels. If the USDJPY pair moves below the 110.80 level, sellers may test towards the 110.40 and 110.00 support levels.
by OctaFX_Official
EURUSD heavily bearish below 1.1260The euro has fallen to fresh monthly trading low against the greenback after the eurozone economy posted much weaker than expected data and the US dollar reversed direction. The EURUSD pair is heavily bearish while trading below the 1.1260 level and may soon challenge its multi-year trading low, around the 1.1215 level. Traders now await the release of key eurozone GDP this morning, which will likely impact the pair if it much weaker than estimated. The EURUSD pair is heavily bearish while trading below the 1.1260 level, key technical support is found at the 1.1215 and 1.1180 levels. If the EURUSD pair holds above the 1.1260 level, buyers may test towards the 1.1280 and 1.1310 resistance levels.
by OctaFX_Official
BTCUSD awaiting triangle breakBitcoin is trading inside a triangle pattern on the lower time frame, with the BTCUSD pair once again confined to extremely narrow ranges. Bulls failed to make progress about the $3,700 level, as the former weekly rally in the number one cryptocurrency stalls. A break below the triangle pattern would likely provoke a technical test of the important $3,460 support level. The BTCUSD pair is strongly bullish while trading above the $3,700 level, key technical resistance is found at the $3,960 and $4,200 levels. If the BTCUSD pair trades below the $3,460 level, key support remains at the $3,280 and $3,120 levels.
BITFINEX:BTCUSD
by OctaFX_Official
ETHUSD testing key resistanceEthereum is pressing against the $120.00 resistance level, with short-term bulls struggling to move price above the ETHUSD pairs 200-period moving average on the four-hour time frame. If buyers break this key moving average an advance towards the $140.00 level is possible, with the $160.00 level extended resistance. Continued failure around the $120.00 may provoke technical selling back towards the $108.00 technical support region. The ETHUSD pair is bullish while trading above the $120.00 level, key resistance is found at the $140.00 and $160.00 levels. If the ETHUSD pair fails around the $120.00 level, key support is found at the $115.00 and $108.00 levels.
BITFINEX:ETHUSD
by OctaFX_Official
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GBPUSD awaiting inflation dataThe British pound has recovered back towards the 1.2900 level against the greenback due to the US dollar index coming under heavy selling pressure. The GBPUSD pair bullish bias above the 1.2930 level, with the 1.2900 level another key intraday area to watch for bullish signs. Traders are likely to remain cautious, as the United Kingdom economy is releasing a raft of key inflation data later this morning. The GBPUSD pair only bearish while trading below the 1.2930 level, key technical support is found the 1.2850 and 1.2830 levels If the GBPUSD pair moves above the 1.2930 level, buyers may test towards the 1.2970 and 1.3000 levels.
by OctaFX_Official
EURUSD bullish above 1.1360The euro currency has recovered above the 1.1300 level against the US dollar, with the pair correcting from extremely oversold trading conditions. If the EURUSD moves above the 1.1360 level, strong technical buying may force the pair back towards the 1.1410 area. Technical indicators are turning bullish on the four-hour time frame with the RSI and MACD indicators both showing potential for further upside. The EURUSD pair is only bearish while trading below the 1.1360 level, key technical support is found at the 1.1300 and 1.1255 levels. If the EURUSD pair moves above the 1.1360 level, buyers may test towards the 1.1410 and 1.1470 resistance levels.
by OctaFX_Official
LTCUSD bulls targeting $50.00Litecoin is under mild selling pressure on Tuesday after cryptocurrency traders started to book profits from the $45.00 region. The LTCUSD pair may continue to trade higher, as the bullish inverted head and shoulders pattern seen on the lower time frame has an upside projection close to the $50.00 level. Overall, short-term bulls are in charge of the LTCUSD pair while price trades comfortably above the $36.00 level. The LTCUSD pair is bullish while trading above the $36.00 level, key technical resistance is found at the $50.00 and $55.00 levels. If the LTCUSD pair trades below the $36.00 level, key support is found at the $34.50 and $33.00 levels.
BITFINEX:LTCUSD
by OctaFX_Official
EURUSD heavily bearish below 1.1300The euro is trading at its weakest level against the US dollar since December last year after sellers finally broke through the important 1.1300 support level. If sellers can move the EURUSD pair below the 1.1260 level, a further decline towards the 1.1215 support region appears possible. It is worth noting that the 1.1300 level is now former support turned key intraday resistance. The EURUSD pair is heavily bearish while trading below the 1.1300 level, key technical support is found at the 1.1260 and 1.1215 levels. If the EURUSD pair moves above the 1.1280 level, buyers may test towards the 1.1300 and 1.1330 resistance levels.
by OctaFX_Official
GBPUSD further bearish below 1.2850The British pound is coming under increasing downside pressure against the US dollar on Tuesday after sellers forced price below the important 1.2890 level. The 1.2850 level is the major support region to watch, further losses under this area may provoke additional technical selling towards the 1.2780 level. Sterling traders should be aware that Bank of England Governor Mark Carney is delivering a scheduled speech later today. The GBPUSD pair is heavily bearish while trading below the 1.2890 level, key technical support remains at the 1.2850 and 1.2780 levels If the GBPUSD pair moves above the 1.2890 level, buyers may test towards the 1.2920 and 1.2970 levels.
by OctaFX_Official
Markets look for direction from global inflation WEEKLY FORECAST Markets look for direction from global inflation and economic growth data Inflation and growth data During the upcoming trading week global inflation and Gross Domestic Product data are heavily in focus. We see the release of Consumer Price Index numbers from the Swiss, United Kingdom, United States and Chinese economies. We also see important quarterly Gross Domestic Product data from the United Kingdom, Japan, Germany and the entire eurozone economy. This week we also see an important interest rate decision from the Reserve Bank of New Zealand and key Retail Sales data from the US economy. The United States economy will also release monthly jobs, consumer confidence, export, import and manufacturing data. Monday 11th February, GBP UK quarterly GDP UK quarterly Gross Domestic Product represents the market value of all final goods and services from United Kingdom economy. Strong GDP growth is related to a healthy economy while stagnating or contracting GDP usually means that an economy has temporary or long-term economic issues. UK quarterly GDP is expected to have increased 0.6 percent during the last quarter, despite headwinds from Brexit. • The GBPUSD pair is bearish while trading below the 1.3000 level, key support is found at the 1.2840 and 1.2740 levels. • If the GBPUSD pair moves above the 1.3000 level, key resistance is found at the 1.3095 and 1.3200 levels. Tuesday 12th February, NZD RBNZ Rate Decision The RBNZ Interest Rate Decision, published by the Reserve Bank of New Zealand, represents the Central Bank Governor’s decision concerning where to set the nations interest rate after consulting senior bank staff and external advisers. The RBNZ has kept monetary policy unchanged since November 2016 and is widely tipped to maintain the nations interest rate at 1.75 percent this week. • The NZDUSD pair is bullish while trading above the 0.6680 level, further upside towards the 0.6780 and 0.6900 levels seems likely. • If the NZDUSD pair moves below the 0.6680 level, sellers are likely to test towards the 0.6640 and 0.6580 support Wednesday 13th February, 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. In terms of an inflation measurement, the Consumer Price Index is the most obvious way to quantify fluctuations in purchasing power, although the Federal Reserve relies on the PCE Deflator as its primary means to determine whether inflation is occurring. • The USDJPY pair is bullish while trading above the 110.00 level, key resistance is found at the 110.40 and 110.90 levels. • If the USDJPY pair moves below the 109.60 level, sellers will likely test towards the 109.10 and 108.60 support levels. Thursday 14th February, EUR Eurozone Consumer Price Index The eurozone Consumer Price Index, released by Eurostat measures the changes in the price of goods and services from the perspective of the consumer. A higher value of the CPI represents significant inflationary pressures in the eurozone economies and also puts pressure on the European Central Bank to raise interest rates. CPI data may not affect the markets significantly because CPI is the European Central Bank's mandated inflation target. • The EURUSD pair is only bullish while trading above the 1.1410 level, key resistance is then found at the 1.1460 and 1.1550 levels. • If the EURUSD pair moves below the 1.1300 level, sellers will likely test towards the 1.1215 and 1.1180 support levels. Friday 15th February, CNY Chinese Consumer Price Index The Chinese Consumer Price Index, released by the National Bureau of Statistics of China, measures the change in the price level of a market basket of consumer goods and services purchased by households. The Consumer Price Index is a key indicator that measures inflation and changes in purchasing trends. CPI is also one of the most frequently used statistics for identifying periods of inflation or deflation. • The AUDUSD pair is only bullish while trading above the 0.7220 level, further upside towards 0.7280 and 0.7345 levels remains possible. • If the AUDUSD pair trades below the 0.7000 level, sellers are likely to test the 0.6930 and 0.6880 support levels.
by OctaFX_Official
BTCUSD further bullish above $3,700Bitcoin has a bullish short-term bias on Monday after BTCUSD buyers forced price towards the $3,700 resistance, after weeks of price consolidating inside a descending channel. The $3,460 level is now former key resistance turned support, while moves above the $3,700 may provoke a test of the $4,000 level. The Moving Average Convergence Divergence indicator on the four-hour time frame is also starting to trend higher. The BTCUSD pair is bullish while trading above the $3,460 level, key technical resistance is found at the $3,700 and $4,000 levels. If the BTCUSD pair trades below the $3,460 level, key support is found at the $3,280 and $3,120 levels.
BITFINEX:BTCUSD
by OctaFX_Official
EURUSD indicators risingThe euro remains under downside pressure against the US dollar in early Monday trading, after a bearish weekly price close near the 1.1300 support level. Technical indicators on the four-hour time frame are rising, although caution is advised given the current weakness in the EURUSD pair. Any technical corrections higher are likely to target the rising trendline, which is located around the 1.1360 level. The EURUSD pair is bearish while trading below the 1.1360 level, key technical support is found at the 1.1300 and 1.1268 levels. If the EURUSD pair moves above the 1.1360 level, buyers may test towards the 1.1390 and 1.1428 resistance levels.
by OctaFX_Official