Daily Technical Analysis FXOpen

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EOS/USD


Similarly, as in the case of Litecoin, the price of EOS has also formed an ascending triangle after an impulsive increase and after reaching $3.61 on Sunday it started declining. The price decreased by 7.44% from there to the lowest point today at $3.34 around which the price is currently being traded and consequently made a breakout to the downside from the triangle.

the $3.27 horizontal level. Inside the triangle, we have seen two corrective structures developing which is why the current one is considered the final one after which the uptrend should continue, but if the price continues moving below the $3.2 level we could see further depreciation before the expected uptrend continuation starts.

The lower horizontal support level on which the corrective depreciation could end is the resistance from the consolidative horizontal range at $3, but the one at $2.8 which served as support in the mentioned range is a more significant one and its retest before the uptrend continuation would look reasonable in the price progression.

In either way, after the downfall ends I will be expecting another increase from which we are to see if this is the start of the higher degree uptrend or not.


Read more at https://blog.fxopen.com/ltc-and-eos-breakout-seen-but-increase-soon-expected/

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NZD/USD Technical Analysis

The New Zealand Dollar remained well bid above the 0.6340 support area against the US Dollar. The NZD/USD pair started a decent increase above the 0.6400 level.

However, the pair failed to climb above the 0.6420 resistance and recently corrected lower below the 50 hourly simple moving average. The pair declined below the 0.6400 level and tested the 0.6360 support area.

A low was formed near the 0.6358 level and the pair is currently climbing higher. It broke the 0.6380 resistance area and the 50 hourly simple moving average.

Besides, the pair is now trading just above the 50% Fib retracement level of the recent decline from the 0.6418 high to 0.6358 low. On the upside, there are many resistances, starting with the 0.6400 area.

Moreover, the 61.8% Fib retracement level of the recent decline from the 0.6418 high to 0.6358 low might also act as a resistance.

The main resistance is near the 0.6420 level, above which NZD/USD is likely to climb towards the 0.6450 and 0.6460 levels. On the downside, there is a strong support forming near the 0.6370 level.

More importantly, there is a key bullish trend line forming with support near 0.6370 on the hourly chart of NZD/USD. Therefore, only a close below 0.6360 could start a major decline towards 0.6320.


Read more at https://blog.fxopen.com/aud-usd-is-tumbling-while-nzd-usd-is-recovering/

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HOW MUCH MONEY DO I NEED TO START TRADING FOREX

Articcle Contents

*Minimum Investment for Forex Trading – Why Is It Important?
*Start Forex Without Sufficient Capital
*Forex Trading – How Much Money to Start With?
*What Makes a Good Risk Management System?
*Conclusion

One of the biggest problems facing the Forex retail trader relates to how much money needed for Forex trading. A proper answer to this question is not an easy one – it deserves special attention.

Different factors come to the equation. For instance, the trading strategy involved. Or, the expectations from Forex trading.

Some traders prefer to jump in and out of a trade quickly. Called scalpers, they aim to trade each single market move. For them, small amounts of money to “play” the market are enough. However, being consistently profitable using such strategies is a challenge.

Other traders prefer to keep positions open for a more extended period. Swing traders, as they’re referred to, they need more capital for available margin because the swing strategies used to require a wider stop.

Investors, on the other hand, tend to keep a position open for a longer time. Often, they trade ahead of the curve, right at the peak of the business cycle or before contraction ends. To sustain such long periods until the market turns, investors require large amounts of capital sitting idle in the trading account.


Read more at https://blog.fxopen.com/how-much-money-do-i-need-to-start-trading-forex/

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USD/CAD Technical Analysis


The US Dollar made a couple of attempts to surpass the 1.3270 resistance area against the Canadian Dollar. However, the USD/CAD pair failed to continue above 1.3270 and started a fresh decrease.

It broke a couple of important supports near the 1.3250 level. Additionally, there was a break below a major bullish trend line with support near 1.3255 on the hourly chart.

The pair even broke the 1.3240 support and the 50 hourly simple moving average. It is now trading near the last swing low at 1.3218. An immediate support is near the 1.3210 level.

Besides, the 1.236 Fib extension level of the upward move from the 1.3218 low to 1.3251 high is also near the 1.3211 level. If there is a downside break below the 1.3210 support, the pair could decline further towards the 1.3200 support.

The 1.3200 support holds a lot of importance since it is close to the 1.618 Fib extension level of the upward move from the 1.3218 low to 1.3251 high.

Therefore, a downside break below the 1.3200 support area might start a major decline. The next major support is near the 1.3160 level.

Conversely, if there is an upward move, USD/CAD might face resistance near the 1.3240 and 1.3250 levels. The main resistance is near 1.3250 since it coincides with the 50 hourly SMA.

Read more at https://blog.fxopen.com/gbp-usd-rising-while-usd-cad-is-correcting-gains/

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XRP/USD analysis


From yesterday’s high at $0.266 the price of Ripple decreased by 8.27% as it fell to $0.24407 at its lowest point today around which it is currently being traded. The price fell sharply to the 0.786 Fibonacci level and found support above the ending point of the previous 2nd wave

Looking at the hourly chart, we can see that after the five-wave move to the upside ended we have seen two ABC corrections with the decrease from the 7th of November being its third one. If this third ABC correction ended and it looks like it could have, now we are to see the start of the next five-wave move to the upside.

Although this will be evaluated from the momentum behind the increase we could see the price going above the previous high. In that case, the expected move would be the 3rd of the higher degree count but like in the case of Bitcoin it also can be the C wave from yet another corrective structure.

Read more at https://blog.fxopen.com/btc-and-xrp-has-the-correction-ended/

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The winners of The Lord of the Crypto 5 Contest Announced


The Forex contest for crypto fans "The Lord of the Crypto" ended on November 15. For four weeks, more than 600 participants were deeply involved in the competition for the prize money of 3,000 USD.

So, we are happy to announce the contest winners:

1 Pablo (Ukraine): account number – 3043116; balance – $13937.65; prize – $525 (can be withdrawn) + $525 as a bonus;

2 Salimjon Abdurazakov (Uzbekistan): account number – 3042398; balance – $13603.78; prize – $375 + 375 as a bonus;

3 gladkiyya (Russia): account number – 3042605; balance – $13490.26; prize – $150 + $150 as a bonus;

4 Vasyl Nosal (Ukraine): account number – 3042535; balance – $12065.75; prize – $120 + $120 as a bonus;

5 Aleksandr Sasyuk (Ukraine): account number – 3042851; balance – $11408.83; prize – $90 + $90 as a bonus;

6 Captiva (Uzbekistan): account number – 3042947; balance – $11377.88; prize – $75 + $75 as a bonus;

7 MD Ziaul Haque (Bangladesh): account number – 3042282; balance – $10632.47; prize – $60 + $60 as a bonus;

8 Denis Dydzik (Belarus): account number – 3042572; balance – $10534.11; prize – $45 + $45 as a bonus;

9 Ihar Toupik (Belarus): account number – 3043127; balance – $10438.55; prize – $30 + $30 as a bonus;

10 Khaled Saad (Lebanon): account number – 3043117; balance – $10238.4; prize – $30 + $30 as a bonus.


We congratulate the winners of "The Lord of the Crypto"! The prize money will be added to the participants' accounts in any cryptocurrency available with FXOpen at the exchange rate at the moment of prize crediting or in USD.

Please note that 50% of prize cannot be withdrawn and is intended only for trading on Crypto accounts. To get the money, you will have to open a Crypto account by yourself and email us its number at [email protected]. The profit from trading can be withdrawn at any time via any payment system available with FXOpen.

Useful links:

1 "The Lord of the Crypto" thread in forum ForexCup;

2 Faq;

3 AFXOpen crypto account.

Source https://www.forexcup.com/results/the-winners-of-the-lord-of-the-crypto-5-contest/

FXOpen
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UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.
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EOS/USD analysis


At the start of the week, the price of EOS was sitting at $3.425 at its open. From there we have seen a decrease of 13,45% measured to its lowest point today at $2.964 around which it is currently being traded.

Looking at the hourly chart, you can see a similar pattern developing like in the case of Litecoin as a breakout from the ascending triangle has been made. Unlike in the case of Litecoin, the price of EOS hasn’t reached its lower horizontal support level but the resistance point of the horizontal range prior to the spike to the downside on the 24th of October. This is why we could see further depreciation to the lower horizontal level at $2.86

This could still be an ABC correction after the five-wave impulse wave to the upside after which another increase would be seen. But we could be seeing another corrective increase after which would end this move on the third wave and lead the price of EOS for a lower low.


Read more at https://blog.fxopen.com/ltc-and-eos-breakout-momentum-still-strong-but-recovery-expected-soon/

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Changes to CFD Trading Hours on Thanksgiving 2019

Dear Traders,

Please be aware of the Trading Hour Schedule for the Thanksgiving Holiday from 28th November 2019 to 29th November:

Thursday, November 28th, 2019

Forex pairs - normal trading hours;
Metals - trading ends at 20:00 (GMT+2);
Oil and Gas - trading ends at 19:45 (GMT+2);
Crypto pairs - normal trading hours;

Indices:

• 
  
  Japan 225 – trading ends at 20:00 (GMT+2);
  US SPX 500 – trading ends at 20:00 (GMT+2);
  US SPX 500 (Mini) – trading ends at 20:00 (GMT+2);
  US Tech 100 – trading ends at 20:00 (GMT+2);
  US Tech 100 (Mini) – trading ends at 20:00 (GMT+2);
  Wall Street 30 – trading ends at 20:00 (GMT+2);
  Wall Street 30 (Mini) – trading ends at 20:00 (GMT+2);

All other financial instruments will be traded as usual.

Read more at https://www.fxopen.com/en/about-us/news/trading-hours-on-thanksgiving-2019

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UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.
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Gold Price Technical Analysis


Recently, gold price failed the break the $1,478 and $1,480 resistance levels against the US Dollar. It failed to continue higher and started a renewed bearish wave below the $1,470 level.

Moreover, there was a break below the $1,468 support and 50 hourly simple moving average. Finally, there was a break below a major bullish trend line with support near $1,465 on the hourly chart of gold.

The price traded close to the $1,460 support area and a low was formed near $1,462. At the moment, the price is consolidating losses above $1,460. An immediate resistance is near the 23.6% Fib retracement level of the recent decline from the $1,475 high to $1,462 low.

On the upside, there are many resistances on the upside near the $1,468 and $1,470 levels. There is also a connecting bearish trend line forming with resistance near the $1,468 level on the same chart.

Read more at https://blog.fxopen.com/gold-price-under-pressure-while-crude-oil-price-is-rising/

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EUR/GBP Technical Analysis

The Euro started a decent upward move from the 0.8520 support area against the British Pound. The EUR/GBP pair broke a few key resistances near the 0.8550 level to move into a positive zone.

Moreover, there was a close above the 0.8560 level and the 50 hourly simple moving average. The increase was such that the pair tested the 0.8600 resistance.

A high was formed near 0.8604 and the pair recently started a downside correction. It tested the 0.8570 support and it is trading nicely above the 50 hourly simple moving average.

An immediate resistance is near the 0.8580 level. The first key resistance is near the 0.8585 level since it is near the 50% Fib retracement level of the recent drop from the 0.8604 high to 0.8568 low.


Read more at https://blog.fxopen.com/gbp-usd-and-eur-gbp-british-pound-trimming-gains/

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