Get started

Octafx

GBPUSD lacking convictionThe British pound has moved above the pivotal 1.2850 level against the US dollar, following news that the European Union has granted the UK a Brexit extension. The upside move above the 1.2850 is lacking conviction and could soon start to stall. Overall, a confirmed bearish rejection back under the 1.2850 level could prompt a strong decline towards the 1.2720 support level. • If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2900 and 1.2920 levels. • If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2770 and 1.2720 levels.
by OctaFX_Official
ETHUSD $198.00 breakout neededEthereum is trading above the $180.00 level as the recent rally in the cryptocurrency market has helped return the ETHUSD pair's short-term bullish status. The four-hour time frame shows that a breakout above the $198.00 level could propel the ETHUSD pair towards the $240.00 level. Only a sustained move below the $170.00 level will negate the ETHUSD pair bullish outlook. • If the ETHUSD pair trades above the $198.00 level, key resistance is found at the $210.00 and $240.00 levels. • If the ETHUSD pair trades below the $198.00 level, key support is found at the $180.00 and $170.00 levels.
BITSTAMP:ETHUSD
by OctaFX_Official
USDJPY 109.30 neededThe US dollar is trading around the 109.00 level against the Japanese yen as overall market sentiment towards the pair increases. The USDJPY pair now needs to rally above the 109.30 resistance level to encourage a major upside technical breakout towards the 110.00 level. Caution is still advised when trading the USDJPY pair until a breakout above the 109.30 level takes place. • The USDJPY pair is only bullish while trading above the 108.60 level, key resistance is found at the 109.30 and 110.00 levels. • The USDJPY pair is only bearish while trading below the 108.60 level, key technical support is found at the 108.25 and 107.90 levels.
by OctaFX_Official
BTCUSD $9,100 breakthroughBitcoin is trading around the $9,600 level is early week trading, after the first cryptocurrency staged a major double-digit rally over the weekend. The BTCUSD pair has a strong bullish bias while trading above the $9,100 level, although bulls need to move price above the $9,800 to secure further medium-term gains. Overall, the short and medium-term outlook for the BTCUSD pair has now changed to bullish. • The BTCUSD pair is only bullish while trading above the $9,100 level, key resistance is located at the $9,800 and $10,600 levels. • If the BTCUSD pair trades under the $9,100 level, sellers may test towards the $8,800 and $8,200 support levels.
BITSTAMP:BTCUSD
by OctaFX_Official
EURUSD FOMC to decideThe euro continues to hold below the 1.1100 level against the US dollar as traders look to a busy week ahead of market action. The direction of the EURUSD pair is likely to be decided by the outcome of the FOMC rate decision later this week. A rate cut could push the EURUSD towards the 1.1200 level, while a more hawkish FOMC decision could see sellers forcing the pair back towards the 1.1000 level. • The EURUSD pair is only bearish while trading below the 1.1110 level, key support is found at the 1.1050 and 1.1010 levels. • The EURUSD pair is only bullish while trading above the 1.1110 level, key resistance is found at the 1.1180 and 1.1220 levels.
by OctaFX_Official
USDJPY data to decideThe US dollar is trading sideways against the Japanese yen, as traders and investors await a slew of US economic data releases this week. The USDJPY pair could become extremely volatile to trade, leading to plenty of two-way trading opportunities. Traders are likely to continue to buy any dips in the USDJPY pair while the price continues to trade above the pivotal 107.90 technical level. • The USDJPY pair is only bullish while trading above the 108.60 level, key resistance is found at the 109.00 and 109.30 levels. • The USDJPY pair is only bearish while trading below the 108.60 level, key technical support is found at the 108.25 and 107.90 levels.
by OctaFX_Official
GBPUSD turning bearishThe British pound has slumped to a fresh weekly trading low against the US dollar as reports surface that British Prime Minister Boris Johnson may call for a UK General Election next week. The GBPUSD pair has a negative intraday bias while trading below the 1.2850 level. The GBPUSD pair is likely to be sold heavily on any rallies back towards the 1.2890 resistance level. • If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2890 and 1.2920 levels. • If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2770 and 1.2720 levels
by OctaFX_Official
EURUSD 1.1044 now possibleThe euro is trading below the key 1.1110 level against the US dollar, following more dovish commentary from outgoing ECB President Mario Draghi on Thursday. A sustained loss of the 1.1110 level may encourage sellers to push the price back towards the 1.1044 level. Overall, the EURUSD pair could be a strong dip-buying opportunity if a deeper correction towards the 1.1044 area occurs. • The EURUSD pair is only bearish while trading below the 1.1110 level, key support is found at the 1.1080 and 1.1044 levels. • The EURUSD pair is only bullish while trading above the 1.1110 level, key resistance is found at the 1.1180 and 1.1220 levels.
by OctaFX_Official
BTCUSD $6,600 major supportBitcoin remains under heavy bearish price on Friday, as the number one cryptocurrency fails to attract buying interest from depressed trading levels. The BTCUSD pair could extend its decline towards the $6,600 level before short and medium-term buyers return. Overall, BTCUSD sellers are increasingly likely to fade any moves back towards the $8,000 resistance level later today. • The BTCUSD pair is only bullish while trading above the $8,000 level, key resistance is located at the $8,360 and $8,500 levels. • If the BTCUSD pair trades under the $8,000 level, sellers may test towards the $7,000 and $6,600 support levels.
BITSTAMP:BTCUSD
by OctaFX_Official
EURUSD awaiting ECB decisionThe euro currency is advancing back towards the 1.1145 level against the US dollar, as traders await the ECB monetary policy decision later today. The EURUSD pair could rally towards the 1.1255 level if bulls continue to defend the 1.1110 level. A sustained loss of the 1.1110 support level could prompt a much larger decline in the EURUSD pair back towards the 1.1045 level. • The EURUSD pair is only bearish while trading below the 1.1110 level, key support is found at the 1.1090 and 1.1044 levels. • The EURUSD pair is only bullish while trading above the 1.1110 level, key resistance is found at the 1.1180 and 1.1255 levels.
by OctaFX_Official
GBPUSD holding supportThe British pound is attempting to stage a recovery against the US dollar on Thursday after bulls continued to defend the important 1.2850 support level. Buyers must still remain cautious as a loss of the 1.2850 level could spark a strong decline in the GBPUSD pair. A sustained breakout above the 1.2900 level could cause the GBPUSD pair to rally back towards the 1.3000 level. • If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2900 and 1.3000 levels. • If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2720 and 1.2500 levels
by OctaFX_Official
1
LTCUSD $36.00 in focusLitecoin has come under heavy downside pressure below the $50.00 after the broader cryptocurrency market suffered a major sell-off on Wednesday. According to the downside projection of multiple bearish head and shoulders pattern on the daily time frame, the LTCUSD pair could fall towards the $36.00 level. Only a sustained move above the $60.00 level can change the LTCUSD pair's negative outlook. • If the LTCUSD pair trades below the $50.00 level, key support is found at the $44.00 and $36.00 levels. • If the LTCUSD pair trades above the $50.00 level, key resistance is found at the $60.00 and $66.00 levels.
BITSTAMP:LTCUSD
by OctaFX_Official
BTCUSD upside failureBitcoin is building bearish momentum on Wednesday, after bulls struggled to break past the pivotal $8,300 resistance level. BTCUSD sellers now need to move price under the $7,800 level in order to encourage a much stronger down move. Failure to hold the pair below the $7,800 level could result in fresh BTCUSD buying back towards the $8,300 support level. • The BTCUSD pair is only bullish while trading above the $8,300 level, key resistance is located at the $8,500 and $8,810 levels. • If the BTCUSD pair trades under the $8,300 level, sellers may test towards the $7,800 and $7,400 support levels.
BITSTAMP:BTCUSD
by OctaFX_Official
EURUSD bearish correctionThe euro has moved below the pivotal 1.1145 level against the US dollar, placing the focus on emphasis on further short-term selling. If an interim high is in place, the bearish correction in the EURUSD pair could extend losses towards the 1.1044 support level. A sustained break below the 1.1110 support level should confirm that the EURUSD pair can start to trade much lower this week. • The EURUSD pair is bearish while trading below the 1.1145 level, key support is found at the 1.1110 and 1.1044 levels. • The EURUSD pair is only bullish while trading above the 1.1145 level, key resistance is found at the 1.1180 and 1.1220 levels.
by OctaFX_Official
GBPUSD selling preferredThe British pound has slipped below the 1.2900 level against the US dollar as bearish Brexit news weighs on the pairs trading sentiment. Selling any moves above the 1.2900 resistance level is now the preferred intraday strategy when trading the GBPUSD pair. More cautious traders may weight for a sustained breakout below the 1.2850 support level to initiate a GBPUSD short position. • If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2900 and 1.2950 levels. • If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2720 and 1.2500 levels.
by OctaFX_Official
ETHUSD awaiting reversalEthereum is still trading on the defensive on Tuesday, as the pair awaits the next directional move in the broader cryptocurrency market. If bulls can keep price above the $168.00 level, the ETHUSD pair can form a strong reversal pattern. According to the size of the pattern, a move above the $188.00 level this week would take the ETHUSD pair towards the $208.00 level. • If the ETHUSD pair trades above the $188.00 level, key resistance is found at the $197.00 and $208.00 levels. • If the ETHUSD pair trades below the $188.00 level, key support is found at the $168.00 and $150.00 levels.
BITSTAMP:ETHUSD
by OctaFX_Official
EURUSD 1.1200 still possibleThe euro currency has staged a minor technical correction lower against the US dollar after the pair found technical resistance from just below the 1.1180 level. EURUSD bulls still have time to advance towards the 1.1200 level ahead of Thursday’s key ECB policy meeting. A sustained loss of the 1.1145 level could push the EURUSD pair towards the 1.1125 support level. • The EURUSD pair is only bearish while trading below the 1.1145 level, key support is found at the 1.1125 and 1.1090 levels. • The EURUSD pair is bullish while trading above the 1.1145 level, key resistance is found at the 1.1180 and 1.1200 levels.
by OctaFX_Official
USDJPY bearish patternThe US dollar is struggling to move above the 108.80 level against the Japanese yen, leaving the pair under pressure going into the European trading session. The four-hour time frame is currently showing that a bearish head and shoulders pattern has formed. A sustained break under the 108.55 level will trigger the bearish pattern, with the 108.10 level the overall target. • The USDJPY pair is only bullish while trading above the 108.55 level, key resistance is found at the 108.80 and 109.30 levels. • The USDJPY pair is only bearish while trading below the 108.55 level, key technical support remains at the 108.10 and 107.90 levels
by OctaFX_Official