Pin Bar Signals Potential Bearish Reversal In GBP/USD

GBP/USD closed yesterday with a bearish pin bar candle, showing considerable weakness in the price action. The pair is expected to test the long term channel support in the short to medium term before resuming further upside rallies. The market sentiment remains very bullish due to repeated Higher Highs and Higher Lows in the recent moves.

Technical Analysis

As of this writing, the pair is being traded near 1.6775. A hurdle may be seen around 1.6822, the swing high of the previous rally, ahead of 1.6841 that is the intraday high of yesterday. A break above 1.6841 will incite renewed buying interest, threatening the 1.7000 handle.

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On the downside, the pair is expected to find a support near 1.6689, the 23.6% fib level, ahead of the 1.6600 handle that is the 38.2% fib level. A break and daily closing below the long term channel support will push the pair into bearish territory, opening doors for a deeper correction towards the 1.6250 area.

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FXOpen Informs about Changes to Metals Trading over Easter

Dear Clients,

Please note that due to Easter Holidays, markets and exchanges around the world may not be available on Friday, April 18th, 2014.  You can experience low liquidity hours for the metals. Please, take this fact into account in your trading.

FXOpen team would like to thank you for your support and to wish you a happy Easter!

NZD/USD: Hammer Hints At Strong Bullish Presence

NZD/USD yesterday retraced the losses and closed above the trendline support, leaving a hammer candle on the daily chart which shows some real strength in the price action. The pair might resume the upside movement today, exposing the channel resistance on the daily timeframe.

Technical Analysis

As of this writing, the pair is being traded near 0.8623. A hurdle may be noted around 0.8629 that is the channel support and 50% fib level. A break and daily close above the channel support will confirm the bullish bias, opening doors for 0.8745, the swing high of the previous wave as demonstrated in the following chart.

nzdusd-d1-capital-trust-markets

On the downside, the pair is expected to find support near 0.8578, the intraday low of yesterday, ahead of 0.8568, the 76.4% fib level and then 0.8514, the swing low of the previous wave. The long term sentiment remains bullish as far as the 0.8514 support area is intact

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Gold Prints Worst Plummet Of 2014 after Upbeat US Inflation

Gold plunged $45 an ounce yesterday to $1283, the biggest plummet of the year as US inflation rose more than expectations, showing faster than expected recovery in the world’s largest economy. The precious metal however closed the day above the $1300 handle, showing sound presence of buyers.

Technical Analysis

As of this writing the yellow metal is being traded near $1300. Support may be seen around $1292, the channel support as demonstrated in the following chart ahead of $1283, the low of yesterday, and then $1277 that is the swing low of the previous wave. A break and daily close below the long term trendline support will be seen as very bearish, opening doors for a dip below the $1200 handle.

xauusd-d1-capital-trust-markets[4]

On the upside, the precious metal is likely to face a hurdle near $1304, the 200 Simple Moving Average (SMA) and 23.6% fib level ahead of $1321, the 38.2% fib level resistance. The market sentiment is still very positive due to Higher High (HH) and Higher Low (HL) in the recent move.

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USD/CHF Heads to 0.8850 Before Yellen Speech

USD/CHF extended upside movement on Tuesday after bottoming near 0.8743 last week. The pair is expected to print a Higher High (HH) above the 0.8952 resistance area. The speech by Fed chair which is due today will provide more clear direction to the pair.

Technical Analysis

As of this writing, USD/CHF is being traded near 0.8804. A support can be noted near 0.8726, the 161.8% fib level, ahead of 0.8698 that is the low of the previous wave. A break and daily closing below the 0.8700 handle will turn the sentiment to bearish, exposing further dips below the 0.8650 level.

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On the upside, the pair is expected to face a hurdle near 0.8813, the low of the previous wave, before 0.8846 which is the confluence of 76.4% fib level, and 55 & 100 MA on the four-hour chart.

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USD/JPY To Find Major Support At 101.00, Bullish Reversal Likely

USD/JPY held off the channel support on Thursday after the upbeat US job reports and minutes from the Bank of Japan (BoJ) monetary policy meeting. The pair is expected to pull back from the 101.00 support area, targeting the 103.30 resistance.

Technical Analysis

As of this writing, the pair is being traded near 101.58. Support may be seen around 101.33, the low of yesterday ahead of the 101.00 handle that is the 50% fib level as well as long term trendline support. A break and daily closing below the 101.00 support will push the pair into stronger bearish territory, opening doors for further dips below the 100.00 handle.

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On the upside, the pair is likely to face hurdle around 102.03 that is the 38.2% fib level resistance before 102.35, 55 Daily Moving Average (DMA). The short term sentiment is bullish and will remain bullish as far as 101.20 support remains intact as per swing analysis.

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USD/CAD Poised For More Correction After FOMC Minutes

USD/CAD extended downside movement yesterday after dovish FOMC minutes. The pair is headed towards the long term channel support around 1.0750.

Technical Analysis

As of this writing, USD/CAD is being traded near 1.0884. Resistance may be seen around 1.0906, the 100 Daily Moving Average (DMA) ahead of 1.1016, the 23.6% fib level. The pair turned the sentiment to bearish last week after a long time by breaking the multi-month trendline support.

usdcad-d1-capital-trust-markets

On the downside, the pair is expected to find support around 1.0857, the 38.2% fib level before 1.0740 that is the channel support as demonstrated in the above chart. A break and daily closing below the channel support could push the pair into much stronger bearish trend, targeting new multi-month lows around the 1.0400 handle.

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FXOpen Introduces Partnership Program for Crypto Accounts

FXOpen introduces a new referral program for Crypto accounts. With the new program, the company's partners can expand their revenues by attracting new clients to cryptocurrency trading and receiving a minimum of 15 % of FXOpen’s commission commission from each trade they close. 

What ar the main benefits of the partnership program for Crypto accounts?

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GBP/USD threatens rising wedge formation before major releases

GBP/USD extended upside movement on Tuesday ahead of some major economic releases. The pair is expected to break the channel resistance before launching an assault on the double top resistance area.

Technical Analysis

As of this writing, the pair is being traded near 1.6627. Resistance may be seen at 1.6640 that is the upper trendline channel ahead of 1.6686 i.e. the 23.6% fib level. A daily closing above the channel resistance will result in the renewed buying pressure, threatening the double top resistance area.

gbpusd-d1-capital-trust-markets

On the downside, the pair is likely to find support near the 1.6600 handle which is the psychological level as well as 38.2% fib level before the 55 Daily Moving Average (DMA). Since the rising wedge formation on the daily chart has become too squeezed, so a bearish breakout might also be a possibility however it is a less likely scenario.

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CAD/JPY: Shooting Star Shows Potential Bearish Reversal

Canadian Dollar/Japanese Yen (CAD/JPY) closed last week with a classic shooting start candle on the daily chart, indicating potential bearish reversal.

Technical Analysis

The pair closed last week at 94.02, well below the 50% fib level resistance, 100 Daily Moving Average (DMA) and 200 DMA. The price is expected to face huge hurdle near the 94.80-95.00 resistance area, a break and daily closing above the 95.00 handle could push the pair again into stronger bullish momentum, validating a rally above the 98.00 milestone in medium term.

cadjpy-d1-capital-trust-markets

On the downside, the pair is likely to find support around 93.83, the 38.2% fib level, ahead of 92.57 that is the 55 DMA and 23.6% fib level. The short term bias will remain bullish as far as the price remains above 90.60 as per swing analysis.

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