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ETHUSD TRADING IN A SYMMETRICAL TRIANGLEEthereum continues to trade at depressed levels on Tuesday, as the second largest cryptocurrency continues to diverge from the value of its nearest rival Bitcoin. The ETHUSD pair is currently trading in a symmetrical triangle pattern, pointing to an impending technical breakout. The MACD indicator on the four-hour time frame is also suggesting that downside pressure is starting to resume. The ETHUSD pair is bearish while trading below the $260.00 level, key support is found at the $240.00 and $220.00 levels. If the ETHUSD pair moves above the $290.00 level, buyers may push price towards the $300.00 and $351.00 resistance levels.
BITFINEX:ETHUSD
by OctaFX_Official
BTCUSD BULLISH ABOVE $7,000 LEVELThe BTCUSD pair has started the month of September with a positive tone, as the number one digital currency continues to trade above key support. Bitcoin is now trading above the $7,000 level and may target its 200-day exponential moving average (EMA), around the $7,500 level. The bullish sentiment surrounding BTCUSD pair is likely to remain in place while price trades above the $7,000 level. The BTCUSD pair remains bullish while trading above the $7,000 level, key resistance is now found at the $7,350 and $7,800 levels. If the BTCUSD pair trades below the $7,000 level, a decline towards the $6,800 and $6,550 levels seems likely.
BITFINEX:BTCUSD
by OctaFX_Official
GBPUSD ON THE DEFENSIVE AHEAD OF MANUFACTURING DATAThe British pound has dropped towards key support against the US dollar after buyers failed to hold onto the psychological 1.3000 level on Friday. Negative MACD divergence on the daily time frame and reports of a possible leadership challenge to British PM Theresa May are weighing on the GBPUSD pairs intraday sentiment. Sterling traders now await the release of the United Kingdom Manufacturing PMI for the month of August. The GBPUSD pair is only intraday bullish while trading above the 1.2930 level, key resistance is found at the 1.2950 and 1.3000 levels. If the GBPUSD pair moves below the 1.2930 level, sellers may test towards the 1.2900 and 1.2850 support levels.
by OctaFX_Official
EURUSD UNDER TECHNICAL PRESSUREThe euro remains under technical selling pressure against the US dollar after price fell below the 1.1650 level on Friday, triggering the bearish head and shoulders pattern. The EURUSD pair is likely to remain under selling pressure while trading below the neckline of the bearish pattern, at 1.1650. Sellers may now target the 1.1553 level, while buyers will need to stabilize price above the 1.1681 level. The EURUSD pair is intraday bearish while trading below the 1.1650 level, key support is found at the 1.1553 and 1.1500 levels. If the EURUSD pair moves above the 1.1650 level, buyers are will likely to test towards the 1.1681 and 1.1713 resistance levels.
by OctaFX_Official
USDJPY TURNS INTRADAY BEARISH BELOW 111.10The US dollar has erased earlier gains against the Japanese yen, as global equity markets turn lower over growing concerns about emerging market economies. The USDJPY pair has been hurt by growing risk-off trading sentiment, as traders seek the safety of the Japanese yen. Selling pressure is likely to remain on the USDJPY pair while price continues to trade below the 111.10 level. The USDJPY pair is bearish while trading below the 111.10 level, key support is found at the 110.90 and 110.55 levels. If the USDJPY pair trades moves above the 111.10 level, buyers may once again test towards the 111.39 and 111.80 resistance levels.
by OctaFX_Official
EURUSD HEAD AND SHOULDERS PATTERN IN PLAYThe euro is trading on the back foot against the US dollar on Friday after the United States economy posted much better than inflation data during yesterday’s US session. The EURUSD pair is intraday bearish while trading below the 1.1681 level and continues trade within a bearish head and shoulders pattern. Financial market participants now look to key Inflation and Unemployment data from the eurozone economy. The EURUSD pair is intraday bearish while trading below the 1.1681 level, key support is found at the 1.1640 and 1.1590 levels. If the EURUSD pair moves above the 1.1681 level, buyers are will likely to test towards the 1.1700 and 1.1730 support levels.
by OctaFX_Official
ETHUSD SET FOR BEARISH MONTHLY CLOSEEthereum continues to drift lower in early Friday trade, with the second largest cryptocurrency by market capitalization approaching the lower-end of its recent range. The ETHUSD pair remains strongly bearish while trading below the $290.00 level and continues to trade inside a bearish head and shoulders pattern. Ethereum also looks set to close the month of August with a trading loss of over thirty percent. The ETHUSD pair is strongly bearish while trading below the $260.00 level, further losses towards the $250.00 and $240.00 levels appears likely. If the ETHUSD pair moves above the $290.00 level, buyers will likely test towards the $300.00 and $312.00 resistance levels.
BITFINEX:ETHUSD
by OctaFX_Official
USDJPY STRONGLY BULLISH ABOVE 111.39 LEVELThe US dollar has finally broken away from range-bound trading conditions against the Japanese yen currency, with the USDJPY pair hitting 111.80 after a strong technical breakout from a bullish descending triangle pattern. The short-term trend has now turned bullish, and further upside is expected in the USDJPY pair while price continues to trade above the 111.39 support level. The USDJPY pair is intraday bullish while trading above the 111.39 level, key resistance is found at the 111.80 and 112.05 levels. If the USDJPY pair moves below the 111.39 level, sellers may test towards the 111.20 and 110.90 support levels.
by OctaFX_Official
GBPUSD RISES SHARPLY OVER BREXIT OPTIMISMThe British pound has moved sharply higher against the US dollar after EU chief negotiator Michel Barnier said that the EU was prepared to offer the United Kingdom a ‘deal like no other’. Short and medium-term buyers are likely to remain in control while price trades above the 1.2930 support level, the GBPUSD pair is also supported by bullish momentum on the four-hour time frame. The GBPUSD pair is strongly bullish while trading above the 1.2930 level, key resistance is found at the 1.3030 and 1.3080 levels. If the GBPUSD pair moves below the 1.2930 level, key support is found at the 1.2900 and 1.2848 levels.
by OctaFX_Official
LTCUSD STARTING TO LOSE BULLISH MOMENTUMLitecoin has found strong resistance from just above the $62.00 level, after performing a bullish technical break higher in early week trade. If buyers fail at current levels the LTC/USD pair may start to decline towards the breakout area, which is located around the $58.00 level. Traders should also note that the LTC/USD pair may be forming a bearish head and shoulders pattern across the four-hour time frame. The LTCUSD pair is only intraday bullish while trading above the $58.00 level, key resistance is found at the $62.00 and $65.00 levels. If the LTCUSD pair moves below the $58.00 level, sellers may test towards the $56.20 and $55.00 support levels.
BITFINEX:LTCUSD
by OctaFX_Official
BTCUSD INTRADAY BULLISH ABOVE $6,800The BTCUSD pair has briefly moved above the $7,000 level as the number one digital currency continues to move higher alongside the broader cryptocurrency market. Bitcoin remains bearish in the medium-term while trading below the $8,300 level. In the short-term, the bullish sentiment surrounding the BTCUSD pair is likely to remain while price trades above the $6,800 level. The BTCUSD pair is bullish while trading above the $6,800 level, key resistance is now found at the $7,050 and $7,200 levels. If the BTCUSD pair trades below the $6,800 level, key support is located at the $6,550 and $6,399 levels.
BITFINEX:BTCUSD
by OctaFX_Official
EURUSD BULLS NEED TO BREAK 1.1750The euro continues to trade close to the 1.1700 resistance level against the greenback, as the US dollar remains under heavy selling pressure. The EURUSD pair will soon need to break above the 1.1750 resistance or risk losing short-term positive trading momentum. A bullish inverted head and shoulders pattern is now clearly visible on the EURUSD pair across the lower time frames. The EURUSD pair remains intraday bullish while trading above the 1.1681 level, key resistance is found at the 1.1750 and 1.1800 levels. If the EURUSD pair moves under the 1.1681 level, sellers will likely target the 1.1650 and 1.1630 support levels.
by OctaFX_Official
GBPUSD FINDS STRONG TECHNICAL RESISTANCEThe British pound has started to trade lower against the US dollar, after finding strong technical resistance from the 1.2930 level on Tuesday. The GBPUSD pair may start to attract selling interest if buyers fail to push price back above the 1.2900 resistance level. The MACD and RSI indicators across the four-hour time frame are all starting to turn lower. The GBPUSD pair is only bullish while trading above the 1.29000 level, key resistance is found at the 1.2930 and 1.2958 levels. If the GBPUSD pair fails around the 1.2900 level, it is increasingly likely price may correct back towards the 1.2850 and 1.2828 levels.
by OctaFX_Official
EURUSD TESTS KEY RESISTANCEThe euro currency continues to advance against the greenback, due to improving market sentiment and broad-based weakness in the US dollar. The EURUSD pair is only intraday bullish while trading above the key 1.1681 level, it also worth noting that the pair may be creating a bullish inverted head and shoulders pattern across various time frames. The EURUSD pair is strongly bullish while trading above the 1.1681 level, key resistance is found at the 1.1700 and 1.1740 levels. If the EURUSD pair trades below the 1.1650 level, sellers will likely target the 1.1630 and 1.1600 support levels.
by OctaFX_Official
GBPUSD AWAITS UK INFLATION REPORTThe British pound has reversed direction and moved higher against the greenback, due to improving market sentiment and overall US dollar weakness. GBPUSD traders now await the Bank of England this morning, who are set to release the UK Inflation Report. A bullish cup and handle pattern may be forming if price stabilizes above the 1.2900 level. The GBPUSD pair is bullish while trading below the 1.2850 level, key resistance is now found at the 1.2910 and 1.2958 levels. If the GBPUSD pair fails around the 1.2900 level, sellers may test towards the 1.2850 and 1.2828 levels.
by OctaFX_Official
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LTCUSD INTRADAY BULLISH ABOVE $58.00Litecoin, the seventh largest cryptocurrency by market capitalization has turned intraday bullish after breaking higher alongside the broader cryptocurrency market. The bullish move above the $58.00 level has negated the bearish head and shoulders pattern that formerly in place. The MACD indicator across the four-hour time frame has also moved into positive territory. The LTCUSD pair is bullish while trading above the $58.00 level, key resistance is found at the $65.00 and $69.00 levels. If the LTCUSD pair moves below the $58.00 level, price may fall towards the $55.00 and $52.00 levels.
BITFINEX:LTCUSD
by OctaFX_Official