Silver Threatens Downward Slope Channel Before US Durable Goods News

Silver nosedived broadly yesterday by more than 60 cents to less than $20.30 an ounce. The precious metal however found a major support around the key level on Friday ahead of US Durable Goods Orders news. The long-term sentiment remains bullish due to higher high in the recent upside rally.

Technical Analysis

As of this writing, the white metal is being traded around $20.43 an ounce. A huge support can be noted around $20.30, the confluence of 38.2% fib level, lower trendline and 200 Simple Moving Average (SMA) as demonstrated in the following chart. A break and daily closing below the $20.30 support area could incite a renewed selling pressure, validating a dip below the $20.00 handle.

xagusd-d1-capital-trust-markets-2[1]

On the upside, the precious metal is expected to face a hurdle near $20.86, the confluence of trendline resistance as well as 50% fib level. A break and daily closing above the channel resistance could push the white metal into stronger bullish momentum, opening doors for the $21.57 resistance area.

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Bitcoin Breaks $600, Peercoin Moves Below $1.30

A lot has happened in the last few days since my last article. Both cryptocurrencies we focused on in that piece have finally made their move. After three weeks spent in congestion, BTC/USD broke below the important $600 figure today. The move lower exacerbated losses and the crypto soon found itself trading at $578. We are currently quoted at $590 per coin, as the chart below shows.

btcusddaily

Going forward, bitcoin will likely continue to lose ground from $590. The next significant level of support stands at $550. After that, the round psychological figure at $500 will provide support to falling prices.

 

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GBP/USD Plunges As Downbeat UK Retail Sales Weigh

The Great Britain Pound (GBP) extended downside movement against the US Dollar (USD) on Thursday, for the seventh day in a row, dragging the price of GBP/USD to less than 1.7015 following the retail sales news. The sentiment however remains bullish due to Higher High in the recent upside rally.

Technical Analysis

As of this writing, the pair is being traded near 1.7013. A support may be noted around the current level, the 23.6% fib level ahead of 1.6950, the 55 Simple Moving Average (SMA) and then 1.6913, the 38.2% fib level as demonstrated in the following chart.  

GBPUSDDaily

On the upside, the pair is likely to face a hurdle near 1.7095, the intraday high of yesterday ahead of 1.7191, the swing high of the last major rally. A break and daily closing above the 1.7191 resistance area could spur a renewed buying interest, validating a fresh rally towards the 1.7300 milestone.

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USD/CAD Gains Momentum Ahead of US Inflation News

The US Dollar (USD) extended upside movement against the Canadian Dollar (CAD) on Tuesday, increasing the price of USD/CAD to more than 1.0740 ahead of US inflation report. The sentiment remains bearish due to Lower Low and Lower High in the recent wave.

Technical Analysis

As of this writing, the pair is being traded near 1.0743. A hurdle may be noted around 1.0791, the 50% fib level ahead of 1.0820-35 which is the confluence of 200 Simple Moving Average (SMA) and 61.8% fib level as demonstrated in the following chart. A break and daily closing above the 1.0820-35 resistance area could spur a renewed buying interest, validating a fresh rally above the 1.0900 handle.

usdcad-d1

On the downside, the pair is expected to find a support around 1.0700 handle, the 23.6% fib level and psychological number ahead of 1.0620, the swing low of the recent correction wave. The sentiment will remain bearish as far as the 1.0794 resistance area is intact.

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Bitcoin Goes Nowhere, Peercoin Closer to Breakdown

Bitcoin has continued to range as prices have been stuck between a high of $633 and a low of $600 per coin. During the last 7 days, BTC/USD has remained locked in an even tighter range of $623 to $606. The longer we remain in this range, the more we increase the likelihood for a breakout in either direction. What are the possible scenarios?

On the top side, a breakout above $633 will expose BTC to $650 (a small resistance level) and further up to $667. The June 3rd swing high at $667 remains a key milestone, going above may induce a new rally in bitcoin. Below, a breakdown past $600 may lead to quick losses toward $550. Beyond this, the round psychological level at $500 will also provide support. All in all, until we get a decisive breakout in either direction, stay out of bitcoin. For easier viewing, we marked the congestion area with yellow on the chart below. The technical levels mentioned above are also displayed on the daily chart.

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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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