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EURUSD intraday gains expected above 1.1410The euro currency remains well supported against the US dollar in early Monday trade, following a dovish speech from Federal Reserve Chair Powell on Friday. The EURUSD is expected to advance higher on an intraday basis while the pair trades above the 1.1410 level. A daily price close above the pairs 100-day moving average is essential for further technical buying in the EURUSD. The EURUSD pair is intraday bullish while trading above the 1.1410 level, key technical resistance is found at 1.1470 and 1.1500 levels. If the EURUSD pair moves under the 1.1410 level, further losses towards the 1.1360 and 1.1330 levels remain possible.
by OctaFX_Official
BTCUSD $4400 level now in focusBitcoin has broken above the important $3,960 resistance level in early Monday trade, which has negated the formation of a bearish triple-top pattern. The move higher is being helped by positive sentiment in the cryptocurrency market, with most major cryptocurrencies advancing intraday. Buyers must now go on to break the $4,400 resistance level in order to trigger a large inverted head and shoulders pattern. The BTCUSD pair is bullish while trading above the $3,960 level, key technical resistance is found at the $4,200 and $4,400 levels. If the BTCUSD pair trades below the $3,960 level, heavy selling towards the $3,660 and $3,300 levels appears likely.
BITFINEX:BTCUSD
by OctaFX_Official
WEEKLY REVIEW - GREENBACK TUMBLES AS US RATES APPROACH NEUTRAL GREENBACK PRESSURED The US dollar index gave back early week gains after Federal Reserve Chair Jerome Powell noted that the FOMC feel that the United States benchmark interest rate is approaching a neutral level. FED Chair Powell’s statement is also seen as a sign that the US central bank are now starting to acknowledge recent criticism from US President Donald Trump, who had accused the Federal Reserve of hiking US rates to quickly. The euro and antipodean currencies made the strongest gains against the US currency, after previously languishing towards the worst trading levels of the year so far. The USDJPY is only bullish while trading above the 113.15 level, key resistance is located at the 114.02 and 114.54 levels. If the USDJPY pair trades below the 113.15 level, key support is found at the 112.20 and 111.40 levels. CRYPTOCURRENCIES RECOVER Cryptocurrencies rebounded from depressed levels this week, after opening the trading week under intense selling pressure. Bitcoin had fallen to a fresh 2018 trading low, hitting $3,507, before recovering back above the key $4,000 level, while Ethereum settled above the $100.00 level after finding support from the $97.00 level. Litecoin recovered above the $30.00 benchmark, after earlier sinking to its lowest trading level since June 2017, and briefly losing its place as the seventh largest cryptocurrency by market capitalization. The rebound in the cryptocurrency market was seen as a short-term correction, with most major digital currencies remaining in a technical downtrend. The BTCUSD pair is bearish while trading below the $4,700 level, further losses towards the $4,000 and $3,500 levels seem possible. If the BTCUSD pair moves above the $4,700 level, further upside the $5,000 and $5,200 resistance levels remains possible. BOE WARNING The British pound traded in a narrow range against the US dollar this week as the Bank of England issued a dire warning over the economic consequences of Brexit. The Bank of England offered the economic forecast, in the face of deep uncertainty over the United Kingdom business and trading climate post-Brexit. The GBPUSD pair had dipped towards the 1.2700 support level, before recovering on broad-based US dollar weakness. Investors shrugged-off the outcome of the recent EU Summit, as EU leaders approved British PM Theresa May’s Brexit deal, which is now expected to be voted-down in UK parliament on December 11th. • If the GBPUSD pair moves below the 1.2750 level, key technical support is found at the 1.2695 and 1.2662 levels. • The GBPUSD pair is only bullish while trading above the 1.2882 level, key resistance is found at the 1.3100 and 1.3315 levels. GERMAN DATA WEAKENS The euro currency staged a recovery against the US dollar and the British pound this week, despite another series of weak macroeconomic data from the German economy. The EURUSD pair recovered towards the 1.1400 resistance level, despite softer than expected German IFO, CPI Inflation and Economic Confidence data. The single currency also looked past the threat of potential trade tariffs from the United States on German car imports, with reports surfacing that the Trump administration are considering imposing trade tariffs as soon as next week. The EURUSD pair is bullish while trading below the 1.1400 level, key resistance is found at the 1.1500 and 1.1650 levels. If the EURUSD pair trades below the 1.1400 level, key support is found at the 1.1270 and 1.1216 levels.
by OctaFX_Official
LTCUSD bulls need a strong move above $36.00The LTCUSD pair is consolidating above the $30.00 level in early Friday trade, after two failed attempts to surpass the $33.00 resistance area. Buyers now need a strong move above the $36.00 level in order to trigger the bullish inverted head and shoulders pattern on the lower time frames. Repeated failure to launch higher may prompt a further technical test of the $26.00 support level. The LTCUSD pair is only bullish while trading above the $33.00 level, key resistance is found at the $36.60 and the $45.00 levels. If the LTCUSD pair moves below the $30.00, sellers may test the $26.00 and $21.50 support levels.
BITFINEX:LTCUSD
by OctaFX_Official
3
EURUSD 1.1430 level key for bullsThe euro currency has continued to advance higher against the US dollar, with the pair now testing above the 1.1400 resistance level. Bulls now need to break above the pivotal 1.1430 level, in order to encourage further technical buying towards the weekly trading high. To the downside, a strong move under the 1.1360 support level is currently needed for sellers to regain control of price action. The EURUSD pair is bullish while trading above the 1.1430 level, key technical resistance is found at 1.1470 and 1.1500 levels. If the EURUSD pair moves under the 1.1360 support level, further losses towards the 1.1300 and 1.1260 levels remain possible.
by OctaFX_Official
USDJPY attempting to recover above 108.10The US dollar is attempting to recover short-term bullish momentum against the Japanese yen currency on Friday, after breaking above the important 108.10 resistance level. Technical indicators for the USDJPY pair are extremely oversold, further short-term gains still remain possible. A decline below the 108.10 level will likely place the emphasis back on the 107.00 support region. The USDJPY pair is only bearish while trading below the 108.10 level, key technical support is found at the 107.00 and 106.45 levels. If USDJPY pair holds above the 108.10 level, a further correction towards the 108.80 and 110.00 levels remains possible.
by OctaFX_Official
BTCUSD $3,960 now key resistanceBitcoin is attempting to recover short-term bullish momentum, with buyers now testing towards the important $3,960 resistance level. Failure for the BTCUSD pair to move above the $3,960 level will create the formation of a bearish triple-top pattern. If buyers can break above the $3,960 level, the $4,200 and $4,400 levels will become the immediate upside targets for bulls. The BTCUSD pair is bearish while trading below the $3,960 level, key support remains at the $3,550 and $3,300 levels. If the BTCUSD pair trades above the $3,960 level, buyers may test towards the $4,200 and $4,400 resistance levels.
BITFINEX:BTCUSD
by OctaFX_Official
2
GBPUSD 1.2528 key intraday level to watchThe British pound is now under heavy selling pressure against the US dollar, following a flash crash in the foreign exchange market which saw the pair hitting 1.2424. The GBPUSD pair has made a recovery above the 1.2500 level, although short-term sellers still retain control of price action. A continuation to the downside is expected if sellers can hold price below the pivotal 1.2528 level. If the GBPUSD pair trades below the 1.2528 level, sellers are likely to test the 1.2470 and 1.2424 support levels. If buyers can hold price above the 1.2528 level, a correction towards the 1.2600 and 1.2620 level may occur.
by OctaFX_Official
USDJPY heavily bearish below 108.10 levelThe US dollar remains under intense downside pressure against the Japanese yen currency in early Thursday trade, due to a heavy technical sell-off in the pair and increasing fears about a global economic slowdown. The USDJPY pair is now trading below the key May 2018 trading low, at 108.10, and is vulnerable to further losses while below this important area. Only a strong move back above the 110.00 resistance level can negate short-term bearish pressures. The USDJPY pair is heavily bearish while trading below the 108.10 level, key technical support is now found at the 107.00 and 106.35 levels. If USDJPY pair trades above the 108.10 level, a technical correction towards the 108.80 and 110.00 levels remains possible.
by OctaFX_Official
USDJPY back under downside pressureThe US dollar is once again back under downside pressure against the Japanese yen, as safe-haven currencies remain in strong demand. The USDJPY has now erased Thursday’s gains and is likely to trade lower while price holds below the 110.80 level. The MACD indicator on the daily time frame is also showing that the USDJPY pair is likely to continue to trend lower. The USDJPY pair is intraday bearish while trading below the 110.80 level, key technical support is found at the 110.26 and 109.76 levels. If USDJPY pair trades above the 110.80 level, buyers may test towards the 111.35 and 110.75 levels.
by OctaFX_Official
2
LTCUSD heavily bearish below $26.00Litecoin has fallen to a fresh weekly low in early Friday trade as the entire cryptocurrency market comes under heavy selling pressure. After peaking around the $36.60 level on Christmas Eve, the LTCUSD pair has now lost over twenty-five per cent of its market capitalization. A sustained move below the $26.00 support level may prompt traders to attempt to close the price gap around the $24.00 level. The LTCUSD pair is heavily bullish while trading below the $26.00 level, key support is found at the $24.00 and the $20.80 levels. If the LTCUSD pair moves above the $30.00, buyers may test the $33.00 and $36.00 resistance levels.
BITFINEX:LTCUSD
by OctaFX_Official
2
EURUSD bullish above 1.1430 levelThe euro is moving higher against the US dollar on Friday, following a clear technical break above the 1.1430 resistance level. EURUSD traders now need to hold price above the pairs one-hundred day moving average, for further bullish advancement towards the 1.1500 level. A loss of the 1.1430 level will likely provoke a technical test of the 1.1410 support level. The EURUSD pair is bullish while trading above the 1.1430 level, key technical resistance is found at 1.1470 and 1.1500 levels. If the EURUSD pair trades below the 1.1430 level, sellers may test towards the 1.1410 and 1.1380 levels.
by OctaFX_Official
USDJPY only intraday bullish above 111.00 levelThe US dollar is attempting to move higher against the Japanese yen currency after the pair staged a strong recovery above the 111.00 level on Wednesday. US equity markets made a strong recovery yesterday, which helped to boost overall risk-sentiment in financial markets. The MACD indicator on the four-hour time frame is starting to trend higher, pointing to further intraday strength in the USDJPY pair. The USDJPY pair is intraday bullish while trading above the 111.00 level, key technical resistance is found at the 111.40 and 111.88 levels. If USDJPY pair trades below the 111.00 level, sellers may test towards the 110.80 and 110.26 levels.
by OctaFX_Official
GBPUSD heavily bearish below 1.2660The British pound has given back early week gains against the US dollar, following a strong technical rejection from the 1.2700 level on Wednesday. The GBPUSD pair has a strong bearish bias while trading below the 1.2660 level and may weaken towards the 1.2600 support level. It is also worth noting that price is once again trading below the GBPUSD pairs one-hundred-period moving average on the four-hour time frame. The GBPUSD pair is heavily bearish while trading below the 1.2660 level, sellers may now test towards the 1.2600 and 1.2528 levels. If the GBPUSD pair trades above the 1.2660 level, buyers may test towards the 1.2700 and 1.2738 resistance levels.
by OctaFX_Official
BTCUSD under pressure below $4,000 levelBitcoin is back under selling pressure below the $4,000 level in early Thursday trade after buyers failed to break above the important $4,400 resistance. The recent move higher may be classed as a technical correction rather than a change in the short-term trend. The $3,600 level is now the foremost support level to watch if the BTCUSD pair declines below its one-hundred period moving average on the four-hour time frame. The BTCUSD pair is bearish while trading below the $4,000 level, key support is found at the $3,600 and $3,300 levels. If the BTCUSD pair trades above the $4,000 level, buyers may test towards the $4,400 and $5,000 resistance levels.
BITFINEX:BTCUSD
by OctaFX_Official
ETHUSD bullish above $126.00 levelEthereum is attempting to recover higher in early Wednesday trading, after finding strong weekly technical resistance from the $158.00 level. The ETHUSD pair still retains an intraday bullish bias while trading above the $126.00 level, which represents neckline support from an inverse head and shoulders pattern. If buyers can surpass the $142.00 level, a further test of the $158.00 level appears possible. The ETHUSD pair is bullish while trading above the $126.00 level, key resistance is now found at the $142.00 and $158.00 levels. If ETHUSD pair falls below the $126.00 level, sellers may test the $120.00 and $100.00 levels.
BITFINEX:ETHUSD
by OctaFX_Official
GBPUSD now trading above key moving averageThe British pound is gaining bullish momentum against the US dollar on Wednesday, following a sustained break above the 1.2700 resistance level. The GBPUSD pair is also trading above its key one-hundred period moving average on the four-hour time frame, which has provided strong technical resistance since November. The former weekly trading high, at 1.2738, remains the next upside hurdle for intraday buyers. The GBPUSD pair is strongly bullish while trading above the 1.2700 level, buyers may now test towards the 1.2738 and 1.2770 levels. If the GBPUSD pair trades below the 1.2700 level, sellers may test the 1.2680 and 1.2666 support levels.
by OctaFX_Official
USDJPY 109.76 level now key supportThe US dollar remains under downside pressure against the Japanese yen on Wednesday, following Monday’s steep drop towards the 110.26 support level. The sentiment surrounding the USDJPY pair is extremely bearish while price trades below the 110.80 level. The 109.76 support level is the most important technical level to watch if the 110.00 support level is broken. The USDJPY pair is strongly bearish while trading below the 110.80 level, key technical support is now found at the 110.26 and 109.76 levels. If USDJPY pair trades above the 110.50 level, buyers may test towards the 110.80 and 111.00 levels.
by OctaFX_Official
GBPUSD sterling bulls struggle to break 1.2700The British pound remains under downside pressure against the greenback on Monday, as buyers continue to struggle to break the 1.2700 resistance level. A clear break from the 1.2600 to 1.2700 price range is currently needed for a near-term directional bias to be established. The MACD indicator on the daily time frame is signalling that a short-term recovery is still underway. The GBPUSD pair is only bullish while trading above the 1.2700 level, buyers may then test towards the 1.2770 and 1.2850 levels. If the GBPUSD pair continues to trade below the 1.2660 level, sellers will likely test the 1.2625 and 1.2560 support levels.
by OctaFX_Official
EURUSD sellers need to break 1.1360 levelThe euro is back under selling pressure against the US dollar on Monday, following Friday’s strong reversal lower from the 1.1470 level. Sellers now need to force price below the 1.1360 support level, in order to encourage further technical selling in the EURUSD pair. Failure to move price below key support may prompt a bullish recovery back towards the 1.1430 resistance level. The EURUSD pair is bearish while trading below the 1.1400 level, key technical support is found at the 1.1360 and 1.1300 levels. If the EURUSD pair trades above the 1.1400 level, buyers may test towards the 1.1430 and 1.1470 resistance levels.
by OctaFX_Official
ETHUSD bullish pattern workingEthereum has opened the new trading week strongly, with the ETHUSD pair the strongest performing cryptocurrency amongst the top twenty cryptocurrencies by market capitalization. The recent break above the $126.00 level has triggered a bullish inverted head and shoulders pattern, with an upside projection extending well above the $150.00 level. Sellers need to move price back under the $142.00 in order to ease intraday bullish momentum. The ETHUSD pair is bullish while trading above the $126.00 level, key resistance is found at the $160.00 and $195.00 levels. If ETHUSD pair falls below the $142.00 level, sellers may test the $126.00 and $120.00 levels.
BITFINEX:ETHUSD
by OctaFX_Official
USDJPY approaching oversold levelsThe US dollar remains under downside pressure against the Japanese yen, with the risk-sensitive pair trading at its weakest level since October this year. The USDJPY pair may have reached its short-term bearish objective, as the latest decline extended below the 111.00 level. Technically, the MACD and RSI indicators on the four-hour time frame have reached extremely oversold levels. The USDJPY pair is strongly bearish while trading below the 111.30 level, key technical support is found at the 111.00 and 110.50 levels. If USDJPY buyers move price above the 111.30 level, a technical correction towards the 111.70 and 112.00 levels remains possible.
by OctaFX_Official
EURUSD bulls need to defend the 1.1430 levelThe euro is correcting lower against the US dollar after the recent rally higher found strong technical resistance from the pairs 100-day moving average. Intraday buyers need to defend the important 1.1430 support level in order to keep short-term bullish momentum intact. A breach of the 1.1430 support level will likely provoke technical selling towards at least the 1.1410 level. The EURUSD pair is strongly bullish while trading above the 1.1430 level, key technical resistance is found at the 1.1480 and 1.1550 levels. If the EURUSD pair trades below the 1.1430 level, sellers are likely to test towards the 1.1410 and 1.1390 support levels.
by OctaFX_Official
2