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LTCUSD upside correction pausesLitecoin has moved back under the $30.00 level after finding strong technical resistance from the $31.50 level on Wednesday. Before correcting under the $30.00 handle, the LTCUSD pair had gained close to thirty per cent in market capitalization since opening the new trading week around the $24.40 level. The MACD indicator on the four-hour time is starting to correct lower, LTCUSD traders are likely to test intraday demand around the $27.90 level. The LTCUSD pair is bullish while trading above the $27.90 level, key resistance is now found at the $30.00 and the $31.50 levels. If the LTCUSD pair moves below the $27.90, sellers may test the $25.50 and $24.00 support levels.
BITFINEX:LTCUSD
by OctaFX_Official
EURUSD bulls starting to lose momentumThe euro currency is starting to lose bullish momentum against the US dollar after another strong technical failure above the 1.1400 level. The EURUSD pair is coming under pressure after the Federal Reserve increased interest rates and committed to further gradual rate hikes next year. A strong move below the 1.1360 support level is now needed to accelerate technical selling in the EURUSD. The EURUSD pair is only bullish while trading above the 1.1400 level, key technical resistance is found at 1.1430 and 1.1470 levels. If the EURUSD pair trades below the 1.1360 level, key technical support is found at the 1.1330 and 1.1268 support levels.
by OctaFX_Official
2
GBPUSD price action turning bearishThe British pound is weakening towards the 1.2600 level against the US dollar after the Federal Reserve hiked interest rates on Wednesday. The GBPUSD pair is likely to come under further technical selling pressure if price slips below the 1.2600 support level. Overall, increasing interest rate differentials between the US and the UK and Brexit concerns are likely to weigh on sterling. The GBPUSD pair is bullish while trading above the 1.2600 level, key resistance is found at the 1.2660 and 1.2700 levels. If the GBPUSD pair moves below the 1.2600 level, key technical support is found at the 1.2550 and 1.2528 levels.
by OctaFX_Official
GBPUSD awaiting key inflation dataThe British pound is holding above the important 1.2660 level against the US dollar, ahead of the release of important inflation data from the United Kingdom economy this morning. The recent rally higher was once again capped by the GBPUSD pairs 100-period moving average on the four-hour time frame. If GBPUSD buyers can break through this key resistance area, further upside towards the 1.2770 level seems possible. The GBPUSD pair is bullish while trading above the 1.2660 level, buyers may test towards the 1.2700 and 1.2770 levels. If the GBPUSD pair falls from current levels, sellers will likely test the 1.2620 and 1.2580 support levels.
by OctaFX_Official
EURUSD 1.1400 is the key upside level to watchThe euro currency remains well-bid against the US dollar in early Wednesday trade, as traders continue to buy any dips-lower in the pair. The 1.1400 resistance level remains the key technical area to watch today, with a break above the 1.1400 level likely to accelerate technical buying towards the EURUSD pairs 100-day moving average. The 1.1360 level is the key support level to watch, with traders likely to use this area as a key daily pivot point. The EURUSD pair is only bullish while trading above the 1.1360 level, key technical resistance remains at the 1.1400 and 1.1470 levels. If the EURUSD pair falls below the 1.1360 level, sellers are likely to test the 1.1330 and 1.1268 support levels.
by OctaFX_Official
ETHUSD intraday bullish above $96.00 levelEthereum is trading sharply higher on Wednesday, with the third largest cryptocurrency by market capitalization now trading above the psychological $100.00 level. The ETHUSD pair has an intraday bullish bias while trading above the $96.00 level, which is neckline of a bullish inverted head and shoulders pattern. If the recent short-term recovery extends towards the $125.00 level, the ETHUSD pair could form a larger inverse head and shoulders pattern. The ETHUSD pair is bullish while trading above the $96.00 level, buyers are likely to test towards the $118.00 and $126.00 levels. If ETHUSD pair falls below the $100.00 level, sellers may test the 96.00 and $88.10 levels.
BITFINEX:ETHUSD
by OctaFX_Official
USDJPY UNDER HEAVY SELLING PRESSUREThe US dollar is coming under increasing selling pressure against the Japanese yen on Tuesday, as global equity markets tumble into the red. The USDJPY pair is also under pressure technically, as the recent decline has created a bearish fourth lower price high. The 112.20 support level is the key downside area to watch, a break below the 112.20 level exposes further downside towards the 111.30 level. The USDJPY pair is intraday bearish while trading below the 112.90 level, key support is found at the 112.20 and 111.30 levels. If the USDJPY pair trades above the 112.90 level, key resistance is found at the 113.20 and 113.50 levels.
by OctaFX_Official
EURUSD 1.1360 NEXT KEY UPSIDE LEVEL TO WATCHThe euro has continued to press higher against the US dollar, with the recent rally so far finding interim technical resistance from the 1.1360 level. If buyers can edge price above the 1.1360 level, further bullish advancement towards the 1.1400 level appears likely. Only a move below the 1.1330 support level can change the current bullish sentiment surrounding the EURUSD pair. The EURUSD pair is strongly bullish while trading above the 1.1360 level, key technical resistance is found at the 1.1400 and 1.1470 levels. If the EURUSD pair trades below the 1.1330 level, sellers are likely to test towards the 1.1300 and 1.1268 support levels.
by OctaFX_Official
LTCUSD STRONG OPEN TO THE NEW TRADING WEEKLitecoin has opened the new trading week strongly, with the LTCUSD pair gaining over five percent intraday and regaining its place as the seventh largest cryptocurrency by market capitalization. The LTCUSD pair is trading around the $25.00 level and has moved above its 100-hour moving average for the first time this month. If bullish momentum continues, the move higher could easily extend towards the $28.00 and $30.00 resistance levels. The LTCUSD pair is bullish while trading above the $25.00 level, key resistance is found at the $28.00 and the $30.00 levels. If the LTCUSD pair trades below the $25.00, sellers may test the $24.50 and $23.00 support levels.
BITFINEX:LTCUSD
by OctaFX_Official
GBPUSD ATTEMPTING TO RECOVERThe British pound is attempting to move back above the 1.2600 level against the US dollar after finding strong dip-buying demand from the 1.2528 support level. The recent move lower has created a bullish higher low, as sellers failed to breach the current yearly trading low. If price recovers strongly above the 1.2600 level, the formation of a bullish inverted head and shoulders pattern may start to take shape. If the GBPUSD pair continues to trade below the 1.2600 level, sellers will likely press towards the 1.2550 and 1.2528 support levels. If the GBPUSD pair trades above the 1.2600 level, key resistance is found at the 1.2657 and 1.2700 levels.
by OctaFX_Official
EURUSD WATCHING 1.1328 RESISTANCE LEVELThe euro currency has recovered above the 1.1300 level against the US dollar after finding buying interest from the 1.1269 support level. Price is now moving towards key trendline resistance from the well-defined triangle pattern, found at the 1.1328 level. If sellers fail to defend this key technical area, buyers can easily force the EURUSD pair much higher towards the 1.1360 level. The EURUSD pair is only bullish while trading above the 1.1328 level, key technical resistance is found at the 1.1360 and 1.1400 levels. If the EURUSD pair trades below the 1.1300 level, sellers are may test towards the 1.1269 and 1.1216 support levels.
by OctaFX_Official
USDJPY UNDER RISING WEDGEThe US dollar is reversing earlier gains against the Japanese yen currency after technical failure before the important November swing-high. The USDJPY has fallen outside of a well-defined rising wedge pattern on the one-hour timeframe, putting further bearish pressure on the pair. If price continues to trade lower, we may see the formation of a bearish head and shoulders pattern. The USDJPY pair is intraday bearish while trading below the 113.50 level, key support is found at the 112.90 and 112.50 levels. If the USDJPY pair trades above the 113.50 level, key resistance is found at the 113.80 and 114.00 levels.
by OctaFX_Official
GBPUSD STILL BEARISH BELOW 1.2657 LEVELThe British pound is once again testing demand above the 1.2600 level against the US dollar after British Prime Minister Theresa May won yesterday’s Conservative party leadership challenge. The GBPUSD pair remains bearish while trading below the 1.2657 level and is still vulnerable to losses below the 1.2500 level. The GBPUSD pair is likely to take direction from the outcome of the European Central Bank policy meeting. The GBPUSD pair is only intraday bullish while trading above the 1.2657 level, key technical resistance is found at the 1.2700 and 1.2730 levels. If the GBPUSD pair trades below the 1.2600 level, key technical support is found at the 1.2550 and 1.2480 levels.
by OctaFX_Official
EURUSD NEUTRAL BIAS AHEAD OF ECB MEETINGThe euro currency is trading at the mid-point of its trading range against the US dollar after sellers failed to break below key trendline support. The EURUSD currently has a neutral bias heading into today’s ECB policy meeting, with the pair stuck in range bound mode. Overall, a definitive technical breakout from the well-defined triangle pattern is needed before a short-term trend can be established. The EURUSD pair is only bearish while trading below the 1.1315 level, key technical support is found at the 1.1267 and 1.1216 levels. If the EURUSD pair moves above the 1.1430 level, buyers may test the 1.1500 and 1.1550 resistance levels.
by OctaFX_Official
ETHUSD INDICATORS ATTEMPTING TO RECOVEREthereum remains under downside pressure on Thursday, with the ETHUSD pair still struggling to move away from worst trading levels of 2018 so far. The MACD and Stochastic indicators are attempting to move away from extremely oversold conditions on the daily time frame, although bullish momentum remains weak. If the ETHUSD pair can establish a price floor, buyers may attempt to rally price towards the $122.00 resistance level. If the ETHUSD pair moves above the $100.00 level, buying may attempt a recovery towards the $115.00 and $122.00 resistance levels. A decline below the $80.00 support level will likely accelerate ETHUSD selling towards the $75.00 and $70.00 levels.
BITFINEX:ETHUSD
by OctaFX_Official
GBPUSD TESTING 1.2500 SUPPORT LEVELThe British pound is back under pressure against the US dollar, after reports surfaced that British Prime Minister Theresa May could face a leadership challenge. The GBPUSD pair is now testing the psychological 1.2500 level, after being sold heavily following a brief technical correction above the 1.2600 level. The bearish head and shoulders pattern continues to unfold, with the downside projection extending towards the 1.2200 level. The GBPUSD pair is strongly bearish while trading below the 1.2550 level, key technical support is found at the 1.2480 and 1.2380 levels. If the GBPUSD pair trades above the 1.2550 level, key resistance is found at the 1.2600 and 1.2637 levels.
by OctaFX_Official
EURUSD TESTING TRIANGLE SUPPORTThe euro is trading lower against the US dollar in early Wednesday trade, with price testing key trendline support around the 1.1310 level. If sellers break under the triangle pattern, a decline towards the former important swing low, at 1.1267, seems likely. The MACD indicator on the four-hour time frame is also signalling further intraday losses for the EURUSD pair. The EURUSD pair is strongly bearish while trading below the 1.1310 level, key technical support is found at the 1.1267 and 1.1216 levels. If the EURUSD pair moves above the 1.1377 level, buyers may test the 1.1390 and 1.1430 resistance levels.
by OctaFX_Official
2
BTCUSD BEARISH PATTERN STILL WORKINGBitcoin remains under technical selling pressure on Wednesday, with the number one cryptocurrency trading close to its 2018 trading low, at $3,196. The bearish head and shoulders pattern on the lower timeframes has yet to reach its full downside projection, close to the $2,700 level. Overall, the BTCUSD pair is likely to continue to drift lower unless buyers can perform a sustained recovery above the $3,500 level. The BTCUSD pair is strongly bearish while trading below the $3,500 level, key support is located at the $3,196 and $2,700 levels. If the BTCUSD pair moves above the $3,500 level, a correction towards the $3,700 and $4,000 levels remains possible.
BITFINEX:BTCUSD
by OctaFX_Official
LTCUSD PSYCHOLOGICAL $20.00 LEVEL IN FOCUSLitecoin continues to drift lower in early Tuesday trade, with the ninth largest cryptocurrency by market capitalization recently hitting a fresh 2018 trading low, at $21.90. The psychological $20.00 support level is now coming into focus, despite the RSI and MACD indicators being extremely oversold on the daily time frame. If buyers can create a bullish double-bottom, a short-term relief rally towards the $27.00 would then seem possible. The LTCUSD pair is strongly bearish while trading below the $27.00 level, key support is found at the $21.90 and the $20.00 levels. If the LTCUSD pair moves above the $25.00, buyers may test the $27.00 and $30.00 resistance levels.
BITFINEX:LTCUSD
by OctaFX_Official
GBPUSD HEAD AND SHOULDERS PATTERN IN PLAYThe British pound has fallen to a twenty-month trading low against the US dollar after British PM Theresa May cancelled the Meaningful Brexit vote, creating further uncertainty for the UK economy. The GBPUSD pair has broken the neckline of a large head and shoulders pattern and remains heavily bearish while trading below the 1.2657 level. Bearish fundamentals and technicals are aligning, indicating further downside ahead for sterling. The GBPUSD pair is strongly bearish while trading below the 1.2657 level, key technical support is found at the 1.2500 and 1.2380 levels. If the GBPUSD pair trades above the 1.2600 level, key resistance is found at the 1.2657 and 1.2690 levels.
by OctaFX_Official
EURUSD INTRADAY BEARISH BELOW 1.1377 LEVELThe euro continues to drift lower against the greenback, as US dollar strength and ongoing Brexit concerns push the single currency lower. Yesterday’s strong technical rejection from the top-end of the triangle pattern is also weighing on the EURUSD pair. Further intraday losses towards the triangle bottom remain the most likely scenario while price continues to trade below the EURUSD weekly pivot point, at 1.1377. The EURUSD pair is intraday bearish while trading below the 1.1377 level, key technical support is found at the 1.1300 and 1.1216 levels. If the EURUSD pair moves above the 1.1377 level, buyers may test the 1.1400 and 1.1430 resistance levels.
by OctaFX_Official
GBPUSD INTRADAY BEARISH BELOW THE 1.2758 LEVELThe British pound has moved sharply lower against the US dollar, with price briefly dipping below the important 1.2700 support level. The GBPUSD has also clearly broken under the well-defined wedge pattern, placing heavy technical selling pressure on the pair. It is also worth noting that the price is trading closer to the neckline of a bearish head and shoulders pattern, with a large downside projection. The GBPUSD pair is strongly bearish while trading below the 1.2758 level, key technical support is found at the 1.2662 and 1.2550 levels. If the GBPUSD pair trades above the 1.2758 level, key resistance is found at the 1.2800 and 1.2830 levels.
by OctaFX_Official
2
EURUSD WATCHING MONTHLY PIVOT POINTThe euro has made another recovery higher against the US dollar, after finding strong dip-buying interest from the 1.1323 support level. The EURUSD continues to create higher price lows and is now trading back above the pairs monthly pivot point, at 1.1345. The short-term outlook for the EURUSD remains neutral until a clear breakout from the 1.1300 to 1.1400 price range has occurred. The EURUSD pair is only bullish while trading above the 1.1400 level, key technical resistance remains at the 1.1470 and 1.1500 levels. If the EURUSD pair trades below the 1.1300 level, sellers are increasingly likely to test the 1.1270 and 1.1216 levels.
by OctaFX_Official