Daily Technical Analysis FXOpen

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Win up to $5,000 in "Money Managers", a contest for real PAMM accounts

FXOpen and ForexCup are launching "Money Managers", a competition on real PAMM accounts, and inviting traders to take part in the competition. Become a winner of huge money prizes for a total of $10,000. The competition starts on June 1st, 2020. The registration will be open another month after the start of the competition until June 30th.

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NEGATIVE OIL PRICE SHOCK KEEPS HAUNTING ECONOMIC RECOVERY

The coronavirus pandemic shocked the financial world in ways no one thought possible. Fiscal and monetary policy stimulus from governments and central banks helped ease the economic pain, but everyone agrees more is needed on the medium and long term.

The economic crisis that unfolded exceeds a mere contraction. It even goes beyond recessionary concepts and into economic depression. More precisely – long-lasting economic recession with negative consequences on the medium to long-term economic growth.

Only in the United States, 38 million people lost their jobs in the last nine weeks. If we use the number as a benchmark for the developed world, other economies suffered similarly high unemployment rates.

On top of high unemployment and lockdown economies, the price of oil delivered another blow. Economic growth spurs demand for oil, so the price of oil acts as a bellwether for economic performance. The coronavirus disruption of oil demand led to the price of oil turning negative.

Read more on #FXOpen blog: https://bit.ly/3bUKT3W

#forextrading #forexmarket #Stayhomeandtrade #financialnews #OIL #OILprice

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BTC AND XRP – HAS THE DOWNTURN STARTED?

BTC/USD

From last Monday when the price of Bitcoin was sitting at $9925 at its highest point we have seen a decrease of 12.61% measured to yesterday’s low which is the lowest point of the week so far and was at $8673. Since then we have seen a slight increase with the price currently being traded at $8897.

XRP/USD

The price of Ripple has decreased by 8.92% from last Monday when it was sitting on $0.207 level measured to the at $0.189 level made on last

Thursday but was retested again yesterday. At the moment the price is being traded at $0.19422 and is in an upward trajectory.

This movement is most likely the 4th wave out of the five-wave impulse to the downside with the currently seen upward one being a corrective sub-wave of the lower degree count. It could exceed the prior high by a little but it cannot go above the 1.272

Fibonacci level or it would invalidate the count. If this is true, then we are going to potentially see another retest of the Fib level’s resistance followed by another rejection which is set to lead the price of Bitcoin to the lower Fib level at around $0.18.

Read more on #FXOpen blog: https://bit.ly/2X3yJ4E

#Stayhomeandtrade #BTCUSD #XRPUSD #blockchain #forex #crypto #XRP #BTC

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EUR/USD TURNS GREEN, USD/JPY STUCK IN CRUCIAL RANGE

EUR/USD started a fresh increase above the 1.0900 and 1.0920 resistance levels. USD/JPY is currently trading in a crucial range above the key 107.35 support zone.

Important Takeaways for EUR/USD and USD/JPY

• The Euro started a steady rise from the 1.0870 low and settled above 1.0920.
  
• There is a key bullish trend line forming with support near 1.0945 on the hourly chart of EUR/USD.
  
• USD/JPY is facing a lot of hurdles on the upside near the 107.90 and 108.00 levels.
  
• There is a short term declining channel forming with resistance near 107.55 on the hourly chart.

Read more on #FXOpen blog: https://bit.ly/2TMdBhg

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FXOpen Launches AstroPay Payments

FXOpen is delighted to announce a brand new, cutting-edge payment method for our clients, via AstroPay Card.

AstroPay Card is a virtual prepaid card accepted in thousands of online sites across the globe and sites affiliated with the AstroPay system. AstroPay Card is available in USD or in any other currency from the list of payment methods per country.

AstroPay issues cards with the following prepaid values: $10, $25, $50, $100, $500, $1,000 (or equivalent in a local currency). Deposit fee: from 2.7%; withdrawal fee: 0.5%. To celebrate the launch, clients can deposit for free, paying 0% commission.

More details:

• Currencies: USD, EUR + local currencies;
• Minimum deposit: USD 10 (or currency equivalent);
• Maximum deposit: USD 1,000 (or currency equivalent);
• Withdrawal processing time: during 1 day;
• Minimum withdrawal: USD 10.00 (or currency equivalent).

Learn how to deposit and withdraw via AstroPay Card in our knowledge base.

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GOLD PRICE AND CRUDE OIL PRICE FACING KEY HURDLES

Gold price remained in a strong uptrend and traded above the $1,750 level before correcting lower. Similarly, crude oil price started a strong increase and climbed above $30.00.

️Important Takeaways for Gold and Oil️

• Gold price traded as high as $1,764 before correcting lower against the US Dollar.
  
• There is a key resistance trend line forming with the current hurdle at $1,775 on the daily chart of gold.
  
• Crude oil price followed a strong bullish path and traded above $25.00 and $30.00.
  
• There was a break above a key bearish trend line with resistance near $26.50 on the daily chart of XTI/USD.

Read more on #FXOpen blog: https://bit.ly/3gyOaJL

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Win up to $5,000 in "Money Managers", a contest for real PAMM accounts

FXOpen and ForexCup are launching "Money Managers", a competition on real PAMM accounts, and inviting traders to take part in the competition. Become a winner of huge money prizes for a total of $10,000. The competition starts on June 1st, 2020. The registration will be open another month after the start of the competition until June 30th.

Join Now​

Read more...

Follow the updates on Facebook, Twitter dan Telegram.

FXOpen Customer Service
E-mail: [email protected]
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FXOpen
FXOpen - one of the most successful and fastest-growing Forex brokers.
UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.
Open account//Join FXOpen

 

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ECB EXPECTED TO TAKE FURTHER ACTION THIS WEEK

Thursday’s ECB monetary policy decision is closely watched by all market participants. Central banks around the world strongly reacted to the coronavirus health crisis by adding liquidity to a gripped financial system. This week the ECB is expected to go one step further.

Last week’s announcement that the European Union will issue common debt sent the Euro higher across the board. The recovery fund proposal raises EUR 750 billion from financial markets over a thirty-year period, starting with 2028. The triple-

A-rated bonds are the first issuance of joint common debt in the Euro area and set the stage for further fiscal integration.

The move was welcomed by European institutions and investors alike. Suddenly, Europe has a strong international financial presence backed by common debt – Never before such a thing existed since the European Union’s creation.

Read more on #FXOpen blog: https://bit.ly/2MiDj8R

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BTC AND XRP – MORE UPSIDE EXPECTED

BTC/USD

From yesterday’s open when the price of Bitcoin was sitting at $9402, we have seen an increase of 10.44% measured to the highest point the price has been today which is at $10383. Since then we have seen a minor retracement with the price currently being traded at $10137. A retest of its upper resistance level could be expected as we are most likely seeing the development of another five-wave impulse to the upside which if corrective in nature should be the end of this increase and would be expected to reach $10500-10700 area. If the price continues moving for another upward move then this would be the start of the 5th wave of a higher degree count.

XRP/USD

The price of Ripple has increased by 7.1% from yesterday’s low $0.2 measured to today’s high at $0.2154. It’s still being traded unlike in the case of Bitcoin. If however the price exceeds this level and makes a minor retracement before continuing to move further to the upside it could indicate that we are seeing the development of a new uptrend altogether with the current ascending move being the 3rd wave out of the five-wave impulse instead of the now presumed C wave.

Read more on FXOpen blog: https://bit.ly/3cvpRsS

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EUR/USD AND EUR/JPY SIGNALING BULLISH CONTINUATION

EUR/USD is rising steadily and trading nicely above the 1.1180 level. EUR/JPY is also gaining bullish momentum and it is likely to continue higher above 121.80.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro is trading in a positive zone above the 1.1100 and 1.1150 resistance levels.
  
• There is a major bullish trend line forming with support near 1.1140 on the hourly chart of EUR/USD.
  
• EUR/JPY surged higher and broke many key hurdles near the 121.00 resistance.
  
• There is a key bullish trend line forming with support near 120.60 on the hourly chart.

Read more on #FXOpen blog: https://bit.ly/2zUMaLe

#forextrading #forexmarket #Stayhomeandtrade #financialnews #EURUSD #EURJPY #USD #EUR #JPY

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