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Octafx

GBPUSD AWAITING KEY MANUFACTURING DATAThe British pound continues to trade at depressed levels against the greenback in early week trade, following a strong technical rejection from the 1.2800 level. Overall, sterling traders remain cautious ahead of the upcoming vote on British PM Theresa May’s proposed Brexit deal in UK parliament next week. The release of the United Kingdom Manufacturing PMI will likely spark the next short-term directional move in the GBPUSD pair. The GBPUSD pair remains bearish while trading below the 1.2800 level, key technical support is found at the 1.2750 and 1.2695 levels. If the GBPUSD pair trades above the 1.2800 level, key resistance is found at the 1.2852 and 1.2923 levels.
by OctaFX_Official
EURUSD 1.1300 SUPPORT HOLDS FIRMThe euro has opened the new trading week on stronger footing against the US dollar currency, following a positive outcome from the weekends G20 Summit. The EURUSD pair has bounced from the 1.1300 level, putting the bullish inverted head and shoulders pattern on the lower time frames back in focus. Overall, a clear break from the 1.1300 to 1.1400 price range is needed to encourage short-term directional traders to enter into the market. 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 may test the 1.1270 and 1.1216 levels.
by OctaFX_Official
ETHUSD BULLS NEED TO BREAK THE $125.00 LEVELEthereum has slipped under the $110.00 level in early week trade after the recent short-term recovery met strong technical resistance from the $125.00 level. Buyers now need to break the $125.00 level in order to find further bullish momentum for an attack on the $140.00 resistance level. A sustained loss of the $100.00 support level should put the ETHUSD pair under considerable selling pressure. If the ETHUSD pair trades below the $100.00 level, sellers are likely to test towards the $97.60 and $90.00 support levels. If ETHUSD buyers breach the $125.00 resistance level, further upside towards the $140.00 and $170.00 levels seems possible.
BITFINEX:ETHUSD
by OctaFX_Official
USDJPY AWAITS G20 SUMMIT OUTCOMEThe US dollar is trading with a cautious tone against the Japanese yen, as financial market participants await the outcome of US President Trump’s meeting with Chinese President Xi Jinping at the G20 Summit. A bullish outcome from the leaders meeting will likely support heavy USDJPY buying, while a bearish outcome should put further downside pressure on the USDJPY pair. The USDJPY pair is only bullish while trading above the 114.02 level, key resistance is found at the 114.54 and 115.00 levels. If the USDJPY pair trades below the 113.15 level, key technical support is found at the 112.60 and 111.30 levels.
by OctaFX_Official
LTCUSD BULLISH PATTERN BUILDINGLitecoin is continuing to recover higher in early Friday trade, after finding strong dip-buying demand from the $27.19 level. Buyers need to break above the $35.67 resistance level, in order to trigger the bullish inverted head and shoulders pattern that is building across the lower time frames. A sustained move below the $29.67 support level will likely put downside pressure back on the LTCUSD pair. The LTCUSD pair is only bullish while trading above the $29.67 level, key resistance is found at the $35.67 and $40.00 levels. If the LTCUSD pair trades below the $29.67 level, sellers are likely to test towards the $28.50 and $27.20 support levels.
BITFINEX:LTCUSD
by OctaFX_Official
EURUSD TECHNICAL BREAKOUT LOOMSThe euro is trading within a narrow range against the US dollar, as price continues to consolidate inside an ascending triangle pattern. A break above the 1.1400 resistance level exposes further upside towards the 1.1470 level, while a clear breach of the 1.1370 level may provoke a technical test of the 1.1335 support level. The G20 summit and the release of EU inflation data during the European session also remains a key focus of traders and investors. The EURUSD pair is only bullish while trading above the 1.1400 level, key technical resistance is found at the 1.1470 and 1.1500 levels. If the EURUSD pair continues to trade below the 1.1370 level, sellers may test the 1.1335 and 1.1300 levels.
by OctaFX_Official
USDJPY TRIPLE TOP PATTERN IN FOCUSThe US dollar is reversing earlier gains against the Japanese yen currency, following a dovish speech from Federal Reserve Chair Jerome Powell on Wednesday. The USDJPY pair was rejected from key trendline resistance, at 114.02, creating a bearish triple-top pattern formation. A strong move below the 113.15 level may spark technical selling towards rising trendline support. The USDJPY pair is only bearish while trading below the 113.15 level, key support is found at the 112.60 and 112.28 levels. If the USDJPY pair holds above the 113.15 level, key technical resistance is found at the 113.60 and 113.79 levels.
by OctaFX_Official
EURUSD BULLS NEED TO BREAK 1.1400 RESISTANCEThe euro has recovered earlier losses against the US dollar after Federal Reserve Chair Jerome Powell’s comments prompted a strong move lower in the greenback. Buyers now need to break above the 1.1400 level, to maintain bullish intraday pressure on the EURUSD pair. The recent move higher has also confirmed the creation of an inverse head and shoulder, which is a strongly bullish reversal pattern. The EURUSD pair is bullish while trading above the 1.1382 level, key technical resistance is found at the 1.1400 and 1.1470 levels. If the EURUSD pair trades below the 1.1330 level, key technical support is found at the 1.1300 and 1.1270 levels.
by OctaFX_Official
BTCUSD POTENTIAL BULLISH PATTERN FORMINGBitcoin continues to trade above the $4,000 level in early Thursday trade, with the recent short-term recovery in the BTCUSD pair finding interim resistance above the $4,300 level. The one-hour time frame is showing that a potential bullish inverted head and shoulders pattern may be starting to form. The MACD indicator on the one-hour time frame is also signalling that bullish momentum is building. The BTCUSD pair is intraday bullish while trading above the $4,000 level, key resistance is found at the $4,350 and $4,680 levels. If the BTCUSD pair trades below the $4,000 level, sellers may test towards the $3,700 and $3,510 support levels.
BITFINEX:BTCUSD
by OctaFX_Official
ETHUSD FINDS BUYING DEMAND BELOW $100.00Ethereum is recovering towards the $110.00 level in early Wednesday trade, after finding strong dip-buying demand below the psychological $100.00 level. The MACD and RSI indicators on the one-hour time frame are also signalling that short-term bullish momentum is building. A sustained move below the $106.00 level may prompt another technical test of the $97.60 support level. The ETHUSD pair is only bullish while trading above the $113.00 level, key resistance is found at the $117.00 and $123.00 levels. If the ETHUSD pair trades below the $106.00 level, sellers are likely to test towards the $100.00 and $97.60 support levels.
BITFINEX:ETHUSD
by OctaFX_Official
1
EURUSD STRONGLY BEARISH BELOW 1.1300The euro currency is trading below the important 1.1300 level against the US dollar after key Federal Reserve members called for further US interest rates hikes. Bearish pressures are continuing to build on the EURUSD, with the pair strongly intraday bearish while trading below the 1.1300 level. A breach of the 1.1216 support level is likely to spark heavy technical selling in the EURUSD. The EURUSD pair is strongly bearish while trading below the 1.1300 level, key technical support is found at the 1.1270 and 1.1216 levels. If the EURUSD pair trades above the 1.1300 level, key technical resistance is found at the 1.1330 and 1.1370 levels.
by OctaFX_Official
GBPUSD HEAVY LOSSES EXPECTED BELOW 1.2740The British pound has continued to slump lower against the US dollar in early Wednesday trade, with price now trading below key trendline support. Sterling risks heavy technical selling while trading below the 1.2740 level, while the pair is also approaching the neckline of a bearish head and shoulders pattern. Only a move above the 1.2882 resistance level can negate short-term selling pressures on the GBPUSD pair. The GBPUSD pair is strongly bearish while trading below the 1.2740 level, key technical support is found at the 1.2695 and 1.2662 levels. If the GBPUSD pair trades above the 1.2800 level, key resistance is found at the 1.2882 and 1.2900 levels.
by OctaFX_Official
USDJPY BULLS NEED TO CLEAR 114.19The US dollar continues to press higher against the Japanese yen currency, following a confirmed technical break above the 113.15 level. Going forward, buyers need to break above the 114.19 level to negate the recent bearish double-top created earlier this month. If the USDJPY pair is rejected from current trading levels, a further technical test of the 112.79 support level appears likely. The USDJPY pair is strongly bullish while trading above the 113.15 level, key resistance is found at the 114.19 and 114.54 levels. If the USDJPY pair trades below the 113.15 level, key technical support remains at the 112.79 and 112.53 levels.
by OctaFX_Official
EURUSD BUYERS NEED TO DEFEND 1.1300 LEVELThe euro currency is back under pressure against the US dollar after being firmly rejected from its weekly pivot point on Monday. The bullish inverse head and shoulders pattern on the one-hour time frame remains valid, although buyers need to defend the 1.1300 support level. In the short-term, the 1.1330 level remains the key area to watch when trading the EURUSD pair. The EURUSD pair is only intraday bullish while trading above the 1.1379 level, key technical resistance is found at the 1.1400 and 1.1470 levels. If the EURUSD pair trades below the 1.1330 level, key technical support is found at the 1.1300 and 1.1216 levels.
by OctaFX_Official
LTCUSD RSI REACHES EXTREME LEVELSLitecoin has fallen to a fresh 2018 trading low on Tuesday, breaking below the $29.60 support level as downward technical selling pressures resume. The LTCUSD pair is heavily intraday bearish while trading below the $30.00 level and may soon move to test the next key support level, at $26.00. It is worth noting that the RSI indicator on the daily time frame has moved into record oversold territory. The LTCUSD pair is strongly bearish while trading below the $30.00 level, key support is found at the $26.00 and $20.00 levels. If the LTCUSD pair trades above the $30.00 level, buyers are likely to test towards the $33.00 and $35.00 resistance levels.
BITFINEX:LTCUSD
by OctaFX_Official
GBPUSD ONLY BULLISH ABOVE 1.2882The British pound remains under pressure against the greenback in early week trade, as investors look past the positive outcome from the EU Summit. The GBPUSD continues to create higher price low, although the pair is only intraday bullish while trading above the 1.2882 level. Sterling traders now look to the return of US markets and a scheduled speech from Bank of Governor Mark Carney later today. The GBPUSD pair is only intraday bullish while trading above the 1.2882 level, key technical resistance is found at the 1.2920 and 1.3000 levels. If the GBPUSD pair trades below the 1.2800 level, key support is found at the 1.2755 and 1.2695 levels.
by OctaFX_Official
2
EURUSD STRONGLY BEARISH BELOW 1.1330 LEVELThe euro is back under pressure against the US dollar after price broke below key trendline support, prompting heavy technical selling. A strong decline below the 1.1330 level is likely to prompt EURUSD sellers to test the important 1.1300 support level. Traders now look to key German IFO data and a scheduled speech from European Central Bank President Mario Draghi. The EURUSD pair is strongly bearish while trading below the 1.1330 level, key technical support is found at the 1.1300 and 1.1250 levels. If the EURUSD pair trades above the 1.1370 level, key technical resistance is found at the 1.1400 and 1.1425 levels.
by OctaFX_Official
BTCUSD MAY HAVE REACHED BEARISH TARGETBitcoin has opened the new trading week strongly and is currently posting intraday gains after briefly dipping below the $4,000 support level. A sizeable upside correction remains possible as the BTCUSD pair has reached the bearish head and shoulders pattern downside objective. The MACD and RSI indicators on the four-hour time frames are also starting to correct higher. The BTCUSD pair is strongly bearish while trading below the $4,500 level, key support is located at the $4,000 and $3,780 levels. If the BTCUSD pair moves above the $4,500 level, key resistance is found at the $4,700 and $5,000 levels.
BITFINEX:BTCUSD
by OctaFX_Official
2
LTCUSD HEAVILY BEARISH BELOW $29.60 LEVELLitecoin has resumed its recent downward move following a strong technical rejection from the $35.00 resistance level on Thursday. The LTCUSD pair has also broken below the recently symmetrical triangle pattern on the four-hour time frame. A strong move below the current weekly and monthly trading low will likely accelerate technical selling towards the $27.00 level. The LTCUSD pair is strongly bearish while trading below the $35.00 level, key support is found at the $29.60 and $27.00 levels. If the LTCUSD pair trades above the $35.00 level, buyers are likely to test towards the $38.00 and $40.10 resistance levels.
BITFINEX:LTCUSD
by OctaFX_Official
GBPUSD WATCHING 1.2940 RESISTANCE LEVELThe British pound has moved towards the 1.2900 level against the US dollar after British PM Theresa May moved closer to securing a soft Brexit deal for the United Kingdom. The GBPUSD pair retains an intraday bullish bias while trading above the 1.2880 level. If buyers can break the above the upper trendline, at 1.2940, further upside towards the 1.3100 level would then seem possible. The GBPUSD pair is intraday bullish while trading above the 1.2880 level, key technical support remains at the 1.2940 and 1.3000 levels. If the GBPUSD pair trades below the 1.2880 level, a correction towards the 1.2820 and 1.2790 level remains possible.
by OctaFX_Official
EURUSD AWAITING EUROPEAN MANUFACTURING DATAThe euro currency is trading close to the 1.1400 support level against the US dollar, ahead of the release of key November PMI Manufacturing data from the eurozone. The EURUSD pair has had a muted reaction to the news surrounding a potential soft Brexit deal between the UK and the EU. A clear technical break from the wedge pattern on the four-hour time frame will likely prompt the next directional move. The EURUSD pair is only bearish while trading below the 1.1400 level, key technical support is found at the 1.1355 and 1.1330 levels. If the EURUSD pair trades above the 1.1465 level, key technical resistance is found at the 1.1500 and 1.1553 levels.
by OctaFX_Official
USDJPY MAY HAVE REACHED CORRECTIVE TARGETThe US dollar is consolidating around the 113.00 area against the Japanese yen, after finding strong technical resistance from the 113.15 level. If buyers fail to create a new higher price high the USDJPY pair may come under selling pressure, ending the recent corrective move higher. Buyers need to maintain price above the 112.79 level to maintain bullish pressure on the USDJPY pair. The USDJPY pair is only bullish while trading above the 112.79 level, key technical resistance is found at the 113.15 and 113.40 levels. If the USDJPY pair trades below the 112.79 level, sellers will likely test the 112.30 and 111.90 support levels.
by OctaFX_Official
5
EURUSD STRUGGLING FOR DIRECTIONThe euro is currently struggling to find an intraday directional bias against the US dollar, as the Italian budget issue and Brexit negotiations create uncertainty for traders and investors. The EURUSD pair is also suffering from low trading volumes, as the United States is observing Thanksgiving Holiday. Overall, a clear break from the 1.1355 to 1.1470 price range is currently needed before a short-term trend can once again be established. The EURUSD pair is only bearish while trading below the 1.1355 level, key technical support is found at the 1.1330 and 1.1300 levels. If the EURUSD pair trades above the 1.1470 level, key technical resistance is found at the 1.1500 and 1.1553 levels.
by OctaFX_Official