USD/JPY Threatens Daily Triangle After Upbeat BoJ

The US Dollar (USD) fell broadly against the Japanese Yen (JPY) on Friday, dragging the price of USD/JPY to less than 101.30 following the release of the Bank of Japan (BoJ) monetary policy minutes. The sentiment remains bearish due to Lower Low and Lower High in the recent waves. The pair will remain directionless as far as the descending triangle formation is intact.

Technical Analysis

As of this writing, the pair is being traded near 101.32. A hurdle may be seen around 101.54, the 76.4% fib level ahead of 101.81, the trendline resistance as demonstrated in the following chart. A break and daily closing above the trendline resistance area could spur a renewed buying interest, validating fresh rallies above the 103.00 handle.

USD/JPY- Daily Chart

usdjpy-d1-

On the downside, the pair is expected to find a support near 100.82, the swing low of the recent correction wave as well as trendline support. A daily closing below the trendline support will open doors for a deeper correction below the 100.00 milestone.

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GBP/USD Plunges As US Data Exceeds Expectations

The Great Britain Pound (GBP) extended downside movement against the US Dollar (USD) on Thursday, dragging the price of GBP/USD to less than 1.7092. The sentiment however remains bullish due to Higher High and Higher Low on the daily chart.

Technical Analysis

As of this writing, the pair is being traded near 1.7090. A support can be noted around 1.7059, the intraday low of Tuesday ahead of 1.7000, the psychological number & 38.2% fib level and then 1.6940, the 50% fib level.

gbp today

On the upside, the pair is likely to face a hurdle near 1.7191, the intraday high of Tuesday as demonstrated in the above chart. A break and daily closing above the 1.7191 resistance area could spur a renewed bullish momentum in the long run, validating a fresh rally towards the 1.7300 milestone.

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A Technical Look at Altcoins

My last article on altcoins called ‘’Bitcoin Feeds on the Tears of Altcoins’’ (http://blog.fxopen.com/bitcoin-feeds-on-the-tears-of-altcoins/) tried to make the case that despite the large gains seen in BTC in May, altcoins will not be coming for the ride this time. A month and a half later and a lot has changed in Altcoinia. The Ripple fiasco decimated confidence in alternative currencies. Bitcoin’s silver, Litecoin, lost over 50% since May of this year, with most of the losses transpiring in June after my article was written.

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Interview with Forex Article Contest Winner – CryptoTrading

FXOpen would like to congratulate all of the winners and participants of the recently held Forex Article Contest. The topic of this summer tournament—CryptoTrading—was a real challenge. The organizers were pleased to see that it drew a response from the trading community despite the fact that it is a relatively new trend in Forex. There were numerous interesting articles submitted but only the top 7 were awarded money prizes

An article by Rina Kustina won the 1st prize. The leader has already participated in the Forex Article Contest before but “CryptoTrading” has become her lucky topic.     

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Bitcoin at a Crucial Crossroad

Bitcoin prices are at a crucial crossroad. During the past week and a half, BTC/USD has been stuck between a high of $630 and a low of $600. Moving in a tight 5 % range is unusual for a high volatility asset class like bitcoin. We think that this will soon change and this may be a crucial juncture for BTC.

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NZD/USD Slides Down As Kiwi Inflation Report Looms

The New Zealand Dollar (NZD) extended downside movement against the US Dollar (USD) on Tuesday, dragging the price of NZD/USD to less than 0.8800 ahead of the inflation report. The sentiment remains bullish due to Higher High and Higher Low in the recent wave.

Technical Analysis

As of this writing, the pair is being traded near 0.8793. A hurdle may be noted around 0.8835, the swing high of the recent upside rally as demonstrated in the following chart. A break and daily closing above the 0.8835 resistance area could spur a renewed buying interest, validating a fresh rally towards the 0.8900 handle.

nzdusd-d1-capital-trust-markets-2[2]

On the downside, the pair is expected to find a support around 0.8733, the 23.6% fib level ahead of 0.8670, the 38.2% fib level and then 0.8618, the 50% fib level. The sentiment will remain bullish as far as the 0.8402 support area is intact.

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FXOpen Invites to Attend Forex Training Course in Cairo for Free

FXOpen has recently launched a series of Forex trading seminars in Cairo. Two of the modules have already been successfully conducted and the company is pleased to announce that for August, it is offering multilevel Forex training courses.

For newcomers who missed the previous seminars, the company offers an opportunity to take the primary-level course for free. Here’s a chance to get valuable Forex-related information and to put it into practice.

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AUD/USD Remains Directionless As Bears Gain Momentum

The Australian Dollar (AUD) rose moderately against the US Dollar (USD) on Friday, increasing the price of AUD/USD to more than 1.9400 following the release of Australia’s home loans report. The sentiment still remains bullish due to Higher High and Higher Low in the recent wave.

Technical Analysis

As of this writing, the pair is being traded near 0.9401. A hurdle may be noted around 0.9433, the 23.6% fib level ahead of 0.9455, the intraday high of yesterday and then 0.9504, the swing high of the last major upside rally as demonstrated in the following chart. A break and daily closing above the 0.9500 handle could spur a renewed buying interest, opening doors for the 0.9600 milestone.

aud usd

On the downside, the pair is likely to find a support near 0.9361, the intraday low of yesterday ahead of 0.9328, the swing low of the recent correction wave and then 0.9300, the psychological level. The sentiment will remain bullish as far as the 0.9328 support area is intact.

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Gold Rallies on China Imports, FOMC Minutes

Gold extended upside movement on Thursday, increasing the price of yellow metal to more than $1340, the highest level since March 18 following the release of Federal Open Market Committee (FOMC) monetary policy minutes and increase in the China imports. The long term sentiment remains bullish due to Higher High and Higher Low in the recent wave.

Technical Analysis

As of this writing, the precious metal is being traded near $1341 an ounce. A hurdle may be seen around $1342, the 23.6% fib level ahead of $1392, the swing high of the recent upside move and then the $1400 milestone. A break above the $1392 resistance area will print a Higher High on the daily chart, hence confirming the bullish momentum in the long run.

xauusd-d1-capital-trust-markets

On the downside, the precious metal is expected to find a support around $1312, the 38.2% fib level ahead of $1304, the 100 Simple Moving Average (SMA) and then $1287, the 50% fib level as demonstrated in the above chart.

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Forex Article Contest on CryptoTrading is Over – FXOpen Announces Results

FXOpen is pleased to announce the results of the recently concluded Forex Article Contest. This summer competition’s topic was “CryptoCurrency Trading” and was open to everyone willing to share their knowledge of e-money trades and their specifics.

The Top 7 authors whose articles were deemed exemplary by the expert judges are: 

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